Wealth Index
Wealthier than 74% of counties in Virginia
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | King William County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $85,778 | $91,409 | $78,145 |
| Median Personal Income | $61,361 | $68,517 | $61,726 |
| Average income growth | 3.8% | 4.6% | 5.1% |
| Six-Figure Earners | 11.2% | 17.6% | 13.2% |
The median household income in King William County is about 6% lower than in Virginia. Income has been growing slower in King William County (3.8%/yr) than in Virginia (4.6%/yr).
About 11% of adults in King William County earn six figures ($100,000 or more) a year, lower than the Virginia average of 18%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in King William County, Virginia grew by 32.4% from 2009 to 2023, reaching $85,778 in 2023. That's an average of about 3.8% per year.
Economic Inequality in King William County | Gender Pay Gap | Gini Coefficient
| Metric | King William County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.523 | 0.565 | 0.570 |
| Male Median Income | $70,220 | $76,014 | $67,746 |
| Female Median Income | $52,192 | $60,748 | $54,793 |
| Gender Pay Gap | 25.7% | 20.1% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In King William County, it is 0.523, lower than Virginia's 0.565, so income is more evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 35% more than women's income in King William County, Virginia. Over a 35-year career, a 35% wage gap accumulates to roughly $630,980 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in King William County, Virginia has widened from about 24% to 26% in 2023. In dollar terms, the gap has widened by $6,026 since 2009.
Employment
| Metric | King William County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.5% | 4.2% | 5.2% |
| Working from Home | 11.9% | 16.2% | 13.4% |
| Commute time (minutes) | 37 | 23 | 22 |
Approximately 351 people are unemployed in King William County, Virginia.
The average commute time in King William County is 37 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in King William County, Virginia has fallen from 6.6% to 3.5% in 2023.
Conclusion
Considering all these factors, King William County, Virginia has an overall wealth index grade of B, making it about on par with Virginia, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in King William County, Virginia.
How Rich Is King William County, Virginia?
King William County has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $85,778, about 6% lower than the Virginia average of $91,409.
What is the current median household income in King William County, Virginia?
As of 2023, the median household income in King William County, Virginia is $85,778.
What was the median household income in King William County in 2023?
In 2023, the median household income in King William County, Virginia was $85,778.
What was the median household income in King William County in 2020?
In 2020, the median household income in King William County, Virginia was $73,028.
What is the Gini coefficient in King William County, Virginia?
The Gini coefficient in King William County is 0.523. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in King William County, Virginia?
Since 2009, the income gap between men and women in King William County, Virginia has widened from about 24% to 26% in 2023. In dollar terms, the gap has widened by $6,026 since 2009.