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 | Nelson County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $71,389 | $91,409 | $78,145 |
| Median Personal Income | $64,351 | $68,517 | $61,726 |
| Average income growth | 4.9% | 4.6% | 5.1% |
| Six-Figure Earners | 13.6% | 17.6% | 13.2% |
The median household income in Nelson County is about 22% lower than in Virginia. Income has been growing faster in Nelson County (4.9%/yr) than in Virginia (4.6%/yr).
About 14% of adults in Nelson 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 Nelson County, Virginia grew by 60.7% from 2009 to 2023, reaching $71,389 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Nelson County | Gender Pay Gap | Gini Coefficient
| Metric | Nelson County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.540 | 0.565 | 0.570 |
| Male Median Income | $66,841 | $76,014 | $67,746 |
| Female Median Income | $61,908 | $60,748 | $54,793 |
| Gender Pay Gap | 7.4% | 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 Nelson County, it is 0.540, 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 Nelson County, Virginia. Over a 35-year career, a 8% wage gap accumulates to roughly $172,655 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Nelson County, Virginia has narrowed from about 27% to 7% in 2023. In dollar terms, the gap has narrowed by $7,267 since 2009.
Employment
| Metric | Nelson County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.3% | 4.2% | 5.2% |
| Working from Home | 22.7% | 16.2% | 13.4% |
| Commute time (minutes) | 31 | 23 | 22 |
Approximately 228 people are unemployed in Nelson County, Virginia.
The average commute time in Nelson County is 31 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Nelson County, Virginia has fallen from 5.7% to 3.3% in 2023.
Conclusion
Considering all these factors, Nelson 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 Nelson County, Virginia.
How Rich Is Nelson County, Virginia?
Nelson 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 $71,389, about 22% lower than the Virginia average of $91,409.
What is the current median household income in Nelson County, Virginia?
As of 2023, the median household income in Nelson County, Virginia is $71,389.
What was the median household income in Nelson County in 2023?
In 2023, the median household income in Nelson County, Virginia was $71,389.
What was the median household income in Nelson County in 2020?
In 2020, the median household income in Nelson County, Virginia was $61,981.
What is the Gini coefficient in Nelson County, Virginia?
The Gini coefficient in Nelson County is 0.540. 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 Nelson County, Virginia?
Since 2009, the income gap between men and women in Nelson County, Virginia has narrowed from about 27% to 7% in 2023. In dollar terms, the gap has narrowed by $7,267 since 2009.