Wealth Index
Less wealthy than 89% 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 | Russell County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $49,073 | $91,409 | $78,145 |
| Median Personal Income | $51,184 | $68,517 | $61,726 |
| Average income growth | 3.8% | 4.6% | 5.1% |
| Six-Figure Earners | 5.2% | 17.6% | 13.2% |
The median household income in Russell County is about 46% lower than in Virginia. Income has been growing slower in Russell County (3.8%/yr) than in Virginia (4.6%/yr).
About 5% of adults in Russell 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 Russell County, Virginia grew by 53.1% from 2009 to 2023, reaching $49,073 in 2023. That's an average of about 3.8% per year.
Economic Inequality in Russell County | Gender Pay Gap | Gini Coefficient
| Metric | Russell County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.549 | 0.565 | 0.570 |
| Male Median Income | $56,040 | $76,014 | $67,746 |
| Female Median Income | $43,395 | $60,748 | $54,793 |
| Gender Pay Gap | 22.6% | 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 Russell County, it is 0.549, 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 29% more than women's income in Russell County, Virginia. Over a 35-year career, a 29% wage gap accumulates to roughly $442,575 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Russell County, Virginia has narrowed from about 24% to 23% in 2023. In dollar terms, the gap has widened by $4,329 since 2009.
Employment
| Metric | Russell County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.4% | 4.2% | 5.2% |
| Working from Home | 3.8% | 16.2% | 13.4% |
| Commute time (minutes) | 25 | 23 | 22 |
Approximately 413 people are unemployed in Russell County, Virginia.
The average commute time in Russell County is 25 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Russell County, Virginia has fallen from 7.6% to 4.4% in 2023.
Conclusion
Considering all these factors, Russell 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 Russell County, Virginia.
How Rich Is Russell County, Virginia?
Russell 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 $49,073, about 46% lower than the Virginia average of $91,409.
What is the current median household income in Russell County, Virginia?
As of 2023, the median household income in Russell County, Virginia is $49,073.
What was the median household income in Russell County in 2023?
In 2023, the median household income in Russell County, Virginia was $49,073.
What was the median household income in Russell County in 2020?
In 2020, the median household income in Russell County, Virginia was $38,386.
What is the Gini coefficient in Russell County, Virginia?
The Gini coefficient in Russell County is 0.549. 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 Russell County, Virginia?
Since 2009, the income gap between men and women in Russell County, Virginia has narrowed from about 24% to 23% in 2023. In dollar terms, the gap has widened by $4,329 since 2009.