Wealth Index
Wealthier than 80% 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 | Powhatan County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $110,759 | $91,409 | $78,145 |
| Median Personal Income | $71,643 | $68,517 | $61,726 |
| Average income growth | 5.0% | 4.6% | 5.1% |
| Six-Figure Earners | 16.0% | 17.6% | 13.2% |
The median household income in Powhatan County is about 21% higher than in Virginia. Income has been growing faster in Powhatan County (5.0%/yr) than in Virginia (4.6%/yr).
About 16% of adults in Powhatan 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 Powhatan County, Virginia grew by 47.4% from 2009 to 2023, reaching $110,759 in 2023. That's an average of about 5.0% per year.
Economic Inequality in Powhatan County | Gender Pay Gap | Gini Coefficient
| Metric | Powhatan County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.576 | 0.565 | 0.570 |
| Male Median Income | $78,308 | $76,014 | $67,746 |
| Female Median Income | $63,029 | $60,748 | $54,793 |
| Gender Pay Gap | 19.5% | 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 Powhatan County, it is 0.576, 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 24% more than women's income in Powhatan County, Virginia. Over a 35-year career, a 24% wage gap accumulates to roughly $534,765 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Powhatan County, Virginia has narrowed from about 26% to 20% in 2023. In dollar terms, the gap has narrowed by $1,220 since 2009.
Employment
| Metric | Powhatan County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.1% | 4.2% | 5.2% |
| Working from Home | 19.4% | 16.2% | 13.4% |
| Commute time (minutes) | 32 | 23 | 22 |
Approximately 510 people are unemployed in Powhatan County, Virginia.
The average commute time in Powhatan County is 32 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Powhatan County, Virginia has fallen from 4.2% to 3.1% in 2023.
Conclusion
Considering all these factors, Powhatan County, Virginia has an overall wealth index grade of B, making it somewhat better than Virginia, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Powhatan County, Virginia.
How Rich Is Powhatan County, Virginia?
Powhatan 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 $110,759, about 21% higher than the Virginia average of $91,409.
What is the current median household income in Powhatan County, Virginia?
As of 2023, the median household income in Powhatan County, Virginia is $110,759.
What was the median household income in Powhatan County in 2023?
In 2023, the median household income in Powhatan County, Virginia was $110,759.
What was the median household income in Powhatan County in 2020?
In 2020, the median household income in Powhatan County, Virginia was $94,720.
What is the Gini coefficient in Powhatan County, Virginia?
The Gini coefficient in Powhatan County is 0.576. 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 Powhatan County, Virginia?
Since 2009, the income gap between men and women in Powhatan County, Virginia has narrowed from about 26% to 20% in 2023. In dollar terms, the gap has narrowed by $1,220 since 2009.