Wealth Index
Least wealthy county 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 | Lexington city | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $87,664 | $91,409 | $78,145 |
| Median Personal Income | $61,585 | $68,517 | $61,726 |
| Average income growth | 14.7% | 4.6% | 5.1% |
| Six-Figure Earners | 9.7% | 17.6% | 13.2% |
The median household income in Lexington city is about 4% lower than in Virginia. Income has been growing faster in Lexington city (14.7%/yr) than in Virginia (4.6%/yr).
About 10% of adults in Lexington city 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 Lexington city, Virginia grew by 158.9% from 2009 to 2023, reaching $87,664 in 2023. That's an average of about 14.7% per year.
Economic Inequality in Lexington city | Gender Pay Gap | Gini Coefficient
| Metric | Lexington city | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.718 | 0.565 | 0.570 |
| Male Median Income | $75,284 | $76,014 | $67,746 |
| Female Median Income | $56,278 | $60,748 | $54,793 |
| Gender Pay Gap | 25.2% | 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 Lexington city, it is 0.718, higher than Virginia's 0.565, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 34% more than women's income in Lexington city, Virginia. Over a 35-year career, a 34% wage gap accumulates to roughly $665,210 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lexington city, Virginia has narrowed from about 44% to 25% in 2023. In dollar terms, the gap has narrowed by $8,067 since 2009.
Employment
| Metric | Lexington city | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.0% | 4.2% | 5.2% |
| Working from Home | 13.4% | 16.2% | 13.4% |
| Commute time (minutes) | 8 | 23 | 22 |
Approximately 19 people are unemployed in Lexington city, Virginia.
The average commute time in Lexington city is 8 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lexington city, Virginia has fallen from 1.6% to 1.0% in 2023.
Conclusion
Considering all these factors, Lexington city, Virginia has an overall wealth index grade of F, making it worse than Virginia, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lexington city, Virginia.
How Rich Is Lexington city, Virginia?
Lexington city has a wealth index grade of F. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an F grade means residents are well below the U.S. average. The median household income is $87,664, about 4% lower than the Virginia average of $91,409.
What is the current median household income in Lexington city, Virginia?
As of 2023, the median household income in Lexington city, Virginia is $87,664.
What was the median household income in Lexington city in 2023?
In 2023, the median household income in Lexington city, Virginia was $87,664.
What was the median household income in Lexington city in 2020?
In 2020, the median household income in Lexington city, Virginia was $51,071.
What is the Gini coefficient in Lexington city, Virginia?
The Gini coefficient in Lexington city is 0.718. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Lexington city, Virginia?
Since 2009, the income gap between men and women in Lexington city, Virginia has narrowed from about 44% to 25% in 2023. In dollar terms, the gap has narrowed by $8,067 since 2009.