Wealth Index
Wealthier than 88% 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 | Spotsylvania County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $109,998 | $91,409 | $78,145 |
| Median Personal Income | $70,855 | $68,517 | $61,726 |
| Average income growth | 4.8% | 4.6% | 5.1% |
| Six-Figure Earners | 17.6% | 17.6% | 13.2% |
The median household income in Spotsylvania County is about 20% higher than in Virginia. Income has been growing faster in Spotsylvania County (4.8%/yr) than in Virginia (4.6%/yr).
About 18% of adults in Spotsylvania County earn six figures ($100,000 or more) a year, about the same as the Virginia average of 18%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Spotsylvania County, Virginia grew by 42.9% from 2009 to 2023, reaching $109,998 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Spotsylvania County | Gender Pay Gap | Gini Coefficient
| Metric | Spotsylvania County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.558 | 0.565 | 0.570 |
| Male Median Income | $81,308 | $76,014 | $67,746 |
| Female Median Income | $59,750 | $60,748 | $54,793 |
| Gender Pay Gap | 26.5% | 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 Spotsylvania County, it is 0.558, 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 36% more than women's income in Spotsylvania County, Virginia. Over a 35-year career, a 36% wage gap accumulates to roughly $754,530 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Spotsylvania County, Virginia has narrowed from about 35% to 27% in 2023. In dollar terms, the gap has narrowed by $659 since 2009.
Employment
| Metric | Spotsylvania County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.2% | 4.2% | 5.2% |
| Working from Home | 15.1% | 16.2% | 13.4% |
| Commute time (minutes) | 30 | 23 | 22 |
Approximately 3,940 people are unemployed in Spotsylvania County, Virginia.
The average commute time in Spotsylvania County is 30 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Spotsylvania County, Virginia has fallen from 6.8% to 5.2% in 2023.
Conclusion
Considering all these factors, Spotsylvania 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 Spotsylvania County, Virginia.
How Rich Is Spotsylvania County, Virginia?
Spotsylvania 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 $109,998, about 20% higher than the Virginia average of $91,409.
What is the current median household income in Spotsylvania County, Virginia?
As of 2023, the median household income in Spotsylvania County, Virginia is $109,998.
What was the median household income in Spotsylvania County in 2023?
In 2023, the median household income in Spotsylvania County, Virginia was $109,998.
What was the median household income in Spotsylvania County in 2020?
In 2020, the median household income in Spotsylvania County, Virginia was $92,460.
What is the Gini coefficient in Spotsylvania County, Virginia?
The Gini coefficient in Spotsylvania County is 0.558. 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 Spotsylvania County, Virginia?
Since 2009, the income gap between men and women in Spotsylvania County, Virginia has narrowed from about 35% to 27% in 2023. In dollar terms, the gap has narrowed by $659 since 2009.