Wealth Index
Less wealthy than 87% 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 | Norton city | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $38,475 | $91,409 | $78,145 |
| Median Personal Income | $41,303 | $68,517 | $61,726 |
| Average income growth | 5.5% | 4.6% | 5.1% |
| Six-Figure Earners | 4.0% | 17.6% | 13.2% |
The median household income in Norton city is about 58% lower than in Virginia. Income has been growing faster in Norton city (5.5%/yr) than in Virginia (4.6%/yr).
About 4% of adults in Norton 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 Norton city, Virginia grew by 21.2% from 2009 to 2023, reaching $38,475 in 2023. That's an average of about 5.5% per year.
Economic Inequality in Norton city | Gender Pay Gap | Gini Coefficient
| Metric | Norton city | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.529 | 0.565 | 0.570 |
| Male Median Income | $58,022 | $76,014 | $67,746 |
| Female Median Income | $36,808 | $60,748 | $54,793 |
| Gender Pay Gap | 36.6% | 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 Norton city, 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 58% more than women's income in Norton city, Virginia. Over a 35-year career, a 58% wage gap accumulates to roughly $742,490 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Norton city, Virginia has widened from about 22% to 37% in 2023. In dollar terms, the gap has widened by $12,939 since 2009.
Employment
| Metric | Norton city | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.4% | 4.2% | 5.2% |
| Working from Home | 15.6% | 16.2% | 13.4% |
| Commute time (minutes) | 11 | 23 | 22 |
Approximately 84 people are unemployed in Norton city, Virginia.
The average commute time in Norton city is 11 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Norton city, Virginia has fallen from 5.5% to 5.4% in 2023.
Conclusion
Considering all these factors, Norton city, 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 Norton city, Virginia.
How Rich Is Norton city, Virginia?
Norton city 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 $38,475, about 58% lower than the Virginia average of $91,409.
What is the current median household income in Norton city, Virginia?
As of 2023, the median household income in Norton city, Virginia is $38,475.
What was the median household income in Norton city in 2023?
In 2023, the median household income in Norton city, Virginia was $38,475.
What was the median household income in Norton city in 2020?
In 2020, the median household income in Norton city, Virginia was $30,628.
What is the Gini coefficient in Norton city, Virginia?
The Gini coefficient in Norton city 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 Norton city, Virginia?
Since 2009, the income gap between men and women in Norton city, Virginia has widened from about 22% to 37% in 2023. In dollar terms, the gap has widened by $12,939 since 2009.