Wealth Index
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 | Louisa County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $81,593 | $91,409 | $78,145 |
| Median Personal Income | $57,830 | $68,517 | $61,726 |
| Average income growth | 5.7% | 4.6% | 5.1% |
| Six-Figure Earners | 11.1% | 17.6% | 13.2% |
The median household income in Louisa County is about 11% lower than in Virginia. Income has been growing faster in Louisa County (5.7%/yr) than in Virginia (4.6%/yr).
About 11% of adults in Louisa 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 Louisa County, Virginia grew by 58.3% from 2009 to 2023, reaching $81,593 in 2023. That's an average of about 5.7% per year.
Economic Inequality in Louisa County | Gender Pay Gap | Gini Coefficient
| Metric | Louisa County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.529 | 0.565 | 0.570 |
| Male Median Income | $61,458 | $76,014 | $67,746 |
| Female Median Income | $52,864 | $60,748 | $54,793 |
| Gender Pay Gap | 14.0% | 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 Louisa County, it is 0.529, 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 16% more than women's income in Louisa County, Virginia. Over a 35-year career, a 16% wage gap accumulates to roughly $300,790 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Louisa County, Virginia has narrowed from about 24% to 14% in 2023. In dollar terms, the gap has narrowed by $2,093 since 2009.
Employment
| Metric | Louisa County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.7% | 4.2% | 5.2% |
| Working from Home | 10.4% | 16.2% | 13.4% |
| Commute time (minutes) | 33 | 23 | 22 |
Approximately 1,143 people are unemployed in Louisa County, Virginia.
The average commute time in Louisa County is 33 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Louisa County, Virginia has risen from 5.5% to 5.7% in 2023.
Conclusion
Considering all these factors, Louisa 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 Louisa County, Virginia.
How Rich Is Louisa County, Virginia?
Louisa 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 $81,593, about 11% lower than the Virginia average of $91,409.
What is the current median household income in Louisa County, Virginia?
As of 2023, the median household income in Louisa County, Virginia is $81,593.
What was the median household income in Louisa County in 2023?
In 2023, the median household income in Louisa County, Virginia was $81,593.
What was the median household income in Louisa County in 2020?
In 2020, the median household income in Louisa County, Virginia was $66,177.
What is the Gini coefficient in Louisa County, Virginia?
The Gini coefficient in Louisa County is 0.529. 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 Louisa County, Virginia?
Since 2009, the income gap between men and women in Louisa County, Virginia has narrowed from about 24% to 14% in 2023. In dollar terms, the gap has narrowed by $2,093 since 2009.