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 | Madison County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $85,811 | $91,409 | $78,145 |
| Median Personal Income | $56,388 | $68,517 | $61,726 |
| Average income growth | 8.6% | 4.6% | 5.1% |
| Six-Figure Earners | 12.2% | 17.6% | 13.2% |
The median household income in Madison County is about 6% lower than in Virginia. Income has been growing faster in Madison County (8.6%/yr) than in Virginia (4.6%/yr).
About 12% of adults in Madison 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 Madison County, Virginia grew by 64.3% from 2009 to 2023, reaching $85,811 in 2023. That's an average of about 8.6% per year.
Economic Inequality in Madison County | Gender Pay Gap | Gini Coefficient
| Metric | Madison County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.537 | 0.565 | 0.570 |
| Male Median Income | $59,118 | $76,014 | $67,746 |
| Female Median Income | $54,514 | $60,748 | $54,793 |
| Gender Pay Gap | 7.8% | 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 Madison County, it is 0.537, 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 8% more than women's income in Madison County, Virginia. Over a 35-year career, a 8% wage gap accumulates to roughly $161,140 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Madison County, Virginia has narrowed from about 19% to 8% in 2023. In dollar terms, the gap has narrowed by $3,143 since 2009.
Employment
| Metric | Madison County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.2% | 4.2% | 5.2% |
| Working from Home | 13.4% | 16.2% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 299 people are unemployed in Madison County, Virginia.
The average commute time in Madison County is 23 minutes, about the same as in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Madison County, Virginia has fallen from 5.9% to 4.2% in 2023.
Conclusion
Considering all these factors, Madison County, Virginia has an overall wealth index grade of C, making it about on par with Virginia, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Madison County, Virginia.
How Rich Is Madison County, Virginia?
Madison County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $85,811, about 6% lower than the Virginia average of $91,409.
What is the current median household income in Madison County, Virginia?
As of 2023, the median household income in Madison County, Virginia is $85,811.
What was the median household income in Madison County in 2023?
In 2023, the median household income in Madison County, Virginia was $85,811.
What was the median household income in Madison County in 2020?
In 2020, the median household income in Madison County, Virginia was $62,894.
What is the Gini coefficient in Madison County, Virginia?
The Gini coefficient in Madison County is 0.537. 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 Madison County, Virginia?
Since 2009, the income gap between men and women in Madison County, Virginia has narrowed from about 19% to 8% in 2023. In dollar terms, the gap has narrowed by $3,143 since 2009.