Wealth Index
Less wealthy than 70% 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 | Patrick County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $51,323 | $91,409 | $78,145 |
| Median Personal Income | $48,778 | $68,517 | $61,726 |
| Average income growth | 5.2% | 4.6% | 5.1% |
| Six-Figure Earners | 7.6% | 17.6% | 13.2% |
The median household income in Patrick County is about 44% lower than in Virginia. Income has been growing faster in Patrick County (5.2%/yr) than in Virginia (4.6%/yr).
About 8% of adults in Patrick 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 Patrick County, Virginia grew by 43.1% from 2009 to 2023, reaching $51,323 in 2023. That's an average of about 5.2% per year.
Economic Inequality in Patrick County | Gender Pay Gap | Gini Coefficient
| Metric | Patrick County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.507 | 0.565 | 0.570 |
| Male Median Income | $50,564 | $76,014 | $67,746 |
| Female Median Income | $45,833 | $60,748 | $54,793 |
| Gender Pay Gap | 9.4% | 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 Patrick County, it is 0.507, 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 10% more than women's income in Patrick County, Virginia. Over a 35-year career, a 10% wage gap accumulates to roughly $165,585 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Patrick County, Virginia has narrowed from about 16% to 9% in 2023. In dollar terms, the gap has narrowed by $360 since 2009.
Employment
| Metric | Patrick County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.0% | 4.2% | 5.2% |
| Working from Home | 11.1% | 16.2% | 13.4% |
| Commute time (minutes) | 30 | 23 | 22 |
Approximately 155 people are unemployed in Patrick County, Virginia.
The average commute time in Patrick County is 30 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Patrick County, Virginia has fallen from 11.4% to 2.0% in 2023.
Conclusion
Considering all these factors, Patrick 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 Patrick County, Virginia.
How Rich Is Patrick County, Virginia?
Patrick 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 $51,323, about 44% lower than the Virginia average of $91,409.
What is the current median household income in Patrick County, Virginia?
As of 2023, the median household income in Patrick County, Virginia is $51,323.
What was the median household income in Patrick County in 2023?
In 2023, the median household income in Patrick County, Virginia was $51,323.
What was the median household income in Patrick County in 2020?
In 2020, the median household income in Patrick County, Virginia was $47,283.
What is the Gini coefficient in Patrick County, Virginia?
The Gini coefficient in Patrick County is 0.507. 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 Patrick County, Virginia?
Since 2009, the income gap between men and women in Patrick County, Virginia has narrowed from about 16% to 9% in 2023. In dollar terms, the gap has narrowed by $360 since 2009.