Wealth Index
Among the 3 least wealthy 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 | Radford city | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $50,918 | $91,409 | $78,145 |
| Median Personal Income | $50,353 | $68,517 | $61,726 |
| Average income growth | 7.5% | 4.6% | 5.1% |
| Six-Figure Earners | 5.2% | 17.6% | 13.2% |
The median household income in Radford city is about 44% lower than in Virginia. Income has been growing faster in Radford city (7.5%/yr) than in Virginia (4.6%/yr).
About 5% of adults in Radford 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 Radford city, Virginia grew by 71.5% from 2009 to 2023, reaching $50,918 in 2023. That's an average of about 7.5% per year.
Economic Inequality in Radford city | Gender Pay Gap | Gini Coefficient
| Metric | Radford city | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.639 | 0.565 | 0.570 |
| Male Median Income | $52,221 | $76,014 | $67,746 |
| Female Median Income | $43,667 | $60,748 | $54,793 |
| Gender Pay Gap | 16.4% | 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 Radford city, it is 0.639, 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 20% more than women's income in Radford city, Virginia. Over a 35-year career, a 20% wage gap accumulates to roughly $299,390 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Radford city, Virginia has narrowed from about 23% to 16% in 2023. In dollar terms, the gap has narrowed by $326 since 2009.
Employment
| Metric | Radford city | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.5% | 4.2% | 5.2% |
| Working from Home | 5.0% | 16.2% | 13.4% |
| Commute time (minutes) | 16 | 23 | 22 |
Approximately 659 people are unemployed in Radford city, Virginia.
The average commute time in Radford city is 16 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Radford city, Virginia has fallen from 9.8% to 7.5% in 2023.
Conclusion
Considering all these factors, Radford city, Virginia has an overall wealth index grade of F, making it worse than Virginia, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Radford city, Virginia.
How Rich Is Radford city, Virginia?
Radford city has a wealth index grade of F. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an F grade means residents are well below the U.S. average. The median household income is $50,918, about 44% lower than the Virginia average of $91,409.
What is the current median household income in Radford city, Virginia?
As of 2023, the median household income in Radford city, Virginia is $50,918.
What was the median household income in Radford city in 2023?
In 2023, the median household income in Radford city, Virginia was $50,918.
What was the median household income in Radford city in 2020?
In 2020, the median household income in Radford city, Virginia was $34,594.
What is the Gini coefficient in Radford city, Virginia?
The Gini coefficient in Radford city is 0.639. 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 Radford city, Virginia?
Since 2009, the income gap between men and women in Radford city, Virginia has narrowed from about 23% to 16% in 2023. In dollar terms, the gap has narrowed by $326 since 2009.