Wealth Index
Less wealthy than 95% 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 | Prince Edward County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $54,695 | $91,409 | $78,145 |
| Median Personal Income | $51,036 | $68,517 | $61,726 |
| Average income growth | 4.0% | 4.6% | 5.1% |
| Six-Figure Earners | 6.1% | 17.6% | 13.2% |
The median household income in Prince Edward County is about 40% lower than in Virginia. Income has been growing slower in Prince Edward County (4.0%/yr) than in Virginia (4.6%/yr).
About 6% of adults in Prince Edward 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 Prince Edward County, Virginia grew by 51.1% from 2009 to 2023, reaching $54,695 in 2023. That's an average of about 4.0% per year.
Economic Inequality in Prince Edward County | Gender Pay Gap | Gini Coefficient
| Metric | Prince Edward County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.641 | 0.565 | 0.570 |
| Male Median Income | $52,878 | $76,014 | $67,746 |
| Female Median Income | $48,422 | $60,748 | $54,793 |
| Gender Pay Gap | 8.4% | 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 Prince Edward County, it is 0.641, 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 9% more than women's income in Prince Edward County, Virginia. Over a 35-year career, a 9% wage gap accumulates to roughly $155,960 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Prince Edward County, Virginia has narrowed from about 23% to 8% in 2023. In dollar terms, the gap has narrowed by $3,833 since 2009.
Employment
| Metric | Prince Edward County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.2% | 4.2% | 5.2% |
| Working from Home | 6.6% | 16.2% | 13.4% |
| Commute time (minutes) | 20 | 23 | 22 |
Approximately 193 people are unemployed in Prince Edward County, Virginia.
The average commute time in Prince Edward County is 20 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Prince Edward County, Virginia has fallen from 7.6% to 2.2% in 2023.
Conclusion
Considering all these factors, Prince Edward County, Virginia has an overall wealth index grade of D, making it worse than Virginia, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Prince Edward County, Virginia.
How Rich Is Prince Edward County, Virginia?
Prince Edward 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 $54,695, about 40% lower than the Virginia average of $91,409.
What is the current median household income in Prince Edward County, Virginia?
As of 2023, the median household income in Prince Edward County, Virginia is $54,695.
What was the median household income in Prince Edward County in 2023?
In 2023, the median household income in Prince Edward County, Virginia was $54,695.
What was the median household income in Prince Edward County in 2020?
In 2020, the median household income in Prince Edward County, Virginia was $44,683.
What is the Gini coefficient in Prince Edward County, Virginia?
The Gini coefficient in Prince Edward County is 0.641. 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 Prince Edward County, Virginia?
Since 2009, the income gap between men and women in Prince Edward County, Virginia has narrowed from about 23% to 8% in 2023. In dollar terms, the gap has narrowed by $3,833 since 2009.