Wealth Index
Less wealthy than 73% 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 | Montgomery County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $69,143 | $91,409 | $78,145 |
| Median Personal Income | $59,374 | $68,517 | $61,726 |
| Average income growth | 4.9% | 4.6% | 5.1% |
| Six-Figure Earners | 10.3% | 17.6% | 13.2% |
The median household income in Montgomery County is about 24% lower than in Virginia. Income has been growing faster in Montgomery County (4.9%/yr) than in Virginia (4.6%/yr).
About 10% of adults in Montgomery 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 Montgomery County, Virginia grew by 64.1% from 2009 to 2023, reaching $69,143 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Montgomery County | Gender Pay Gap | Gini Coefficient
| Metric | Montgomery County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.624 | 0.565 | 0.570 |
| Male Median Income | $64,157 | $76,014 | $67,746 |
| Female Median Income | $53,747 | $60,748 | $54,793 |
| Gender Pay Gap | 16.2% | 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 Montgomery County, it is 0.624, 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 19% more than women's income in Montgomery County, Virginia. Over a 35-year career, a 19% wage gap accumulates to roughly $364,350 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Montgomery County, Virginia has narrowed from about 24% to 16% in 2023. In dollar terms, the gap has narrowed by $258 since 2009.
Employment
| Metric | Montgomery County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.3% | 4.2% | 5.2% |
| Working from Home | 12.4% | 16.2% | 13.4% |
| Commute time (minutes) | 16 | 23 | 22 |
Approximately 1,626 people are unemployed in Montgomery County, Virginia.
The average commute time in Montgomery County is 16 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Montgomery County, Virginia has fallen from 6.4% to 3.3% in 2023.
Conclusion
Considering all these factors, Montgomery County, Virginia has an overall wealth index grade of D, making it somewhat worse than Virginia, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Montgomery County, Virginia.
How Rich Is Montgomery County, Virginia?
Montgomery County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $69,143, about 24% lower than the Virginia average of $91,409.
What is the current median household income in Montgomery County, Virginia?
As of 2023, the median household income in Montgomery County, Virginia is $69,143.
What was the median household income in Montgomery County in 2023?
In 2023, the median household income in Montgomery County, Virginia was $69,143.
What was the median household income in Montgomery County in 2020?
In 2020, the median household income in Montgomery County, Virginia was $59,117.
What is the Gini coefficient in Montgomery County, Virginia?
The Gini coefficient in Montgomery County is 0.624. 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 Montgomery County, Virginia?
Since 2009, the income gap between men and women in Montgomery County, Virginia has narrowed from about 24% to 16% in 2023. In dollar terms, the gap has narrowed by $258 since 2009.