Wealth Index
Wealthier than 73% 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 | Roanoke County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $82,442 | $91,409 | $78,145 |
| Median Personal Income | $63,414 | $68,517 | $61,726 |
| Average income growth | 4.6% | 4.6% | 5.1% |
| Six-Figure Earners | 13.5% | 17.6% | 13.2% |
The median household income in Roanoke County is about 10% lower than in Virginia. Income has been growing slower in Roanoke County (4.6%/yr) than in Virginia (4.6%/yr).
About 13% of adults in Roanoke 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 Roanoke County, Virginia grew by 41.1% from 2009 to 2023, reaching $82,442 in 2023. That's an average of about 4.6% per year.
Economic Inequality in Roanoke County | Gender Pay Gap | Gini Coefficient
| Metric | Roanoke County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.525 | 0.565 | 0.570 |
| Male Median Income | $70,809 | $76,014 | $67,746 |
| Female Median Income | $57,008 | $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 Roanoke County, it is 0.525, 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 24% more than women's income in Roanoke County, Virginia. Over a 35-year career, a 24% wage gap accumulates to roughly $483,035 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Roanoke County, Virginia has narrowed from about 29% to 19% in 2023. In dollar terms, the gap has narrowed by $1,004 since 2009.
Employment
| Metric | Roanoke County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.9% | 4.2% | 5.2% |
| Working from Home | 14.1% | 16.2% | 13.4% |
| Commute time (minutes) | 20 | 23 | 22 |
Approximately 1,410 people are unemployed in Roanoke County, Virginia.
The average commute time in Roanoke County is 20 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Roanoke County, Virginia has fallen from 4.6% to 2.9% in 2023.
Conclusion
Considering all these factors, Roanoke County, Virginia has an overall wealth index grade of B, making it about on par with Virginia, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Roanoke County, Virginia.
How Rich Is Roanoke County, Virginia?
Roanoke 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 $82,442, about 10% lower than the Virginia average of $91,409.
What is the current median household income in Roanoke County, Virginia?
As of 2023, the median household income in Roanoke County, Virginia is $82,442.
What was the median household income in Roanoke County in 2023?
In 2023, the median household income in Roanoke County, Virginia was $82,442.
What was the median household income in Roanoke County in 2020?
In 2020, the median household income in Roanoke County, Virginia was $69,492.
What is the Gini coefficient in Roanoke County, Virginia?
The Gini coefficient in Roanoke County is 0.525. 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 Roanoke County, Virginia?
Since 2009, the income gap between men and women in Roanoke County, Virginia has narrowed from about 29% to 19% in 2023. In dollar terms, the gap has narrowed by $1,004 since 2009.