Wealth Index
Wealthier than 82% of states in US
The wealth index reflects the overall economic prosperity and financial well-being of a state's residents based on income levels, employment rates, and income inequality metrics.
Wealthiest and Least Wealthy Counties in Virginia
- Falls Church city (149% of U.S. avg)
- Arlington County (148% of U.S. avg)
- Loudoun County (145% of U.S. avg)
- Lexington city (61% of U.S. avg)
- Radford city (69% of U.S. avg)
- Emporia city (70% of U.S. avg)
Ranked by the Map AI Wealth Index, which combines income, employment, and income inequality metrics.
Income Statistics Overview
| Metric | Virginia | US Average |
|---|---|---|
| Median Household Income | $91,409 | $78,145 |
| Median Personal Income | $68,517 | $61,726 |
| Average income growth | 4.6% | 5.1% |
| Six-Figure Earners | 17.6% | 13.2% |
The median household income in Virginia is about 17% higher than in US. Income has been growing slower in Virginia (4.6%/yr) than in US (5.1%/yr).
About 18% of adults in Virginia earn six figures ($100,000 or more) a year, higher than the US average of 13%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Virginia grew by 51.5% from 2009 to 2023, reaching $91,409 in 2023. That's an average of about 4.6% per year.
Economic Inequality in Virginia | Gender Pay Gap | Gini Coefficient
| Metric | Virginia | US Average |
|---|---|---|
| Gini Coefficient | 0.565 | 0.570 |
| Male Median Income | $76,014 | $67,746 |
| Female Median Income | $60,748 | $54,793 |
| Gender Pay Gap | 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 Virginia, it is 0.565, about the same as US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 25% more than women's income in Virginia. Over a 35-year career, a 25% wage gap accumulates to roughly $534,310 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Virginia has narrowed from about 24% to 20% in 2023. In dollar terms, the gap has widened by $3,099 since 2009.
Employment
| Metric | Virginia | US Average |
|---|---|---|
| Unemployment Rate | 4.2% | 5.2% |
| Working from Home | 16.2% | 13.4% |
| Commute time (minutes) | 23 | 22 |
Approximately 191,377 people are unemployed in Virginia.
The average commute time in Virginia is 23 minutes, longer than the 22 minutes in US.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Virginia has fallen from 6.3% to 4.2% in 2023.
Conclusion
Considering all these factors, Virginia has an overall wealth index grade of B, making it somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Virginia.
How Rich Is Virginia?
Virginia 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 $91,409, about 17% higher than the US average of $78,145.
What is the current median household income in Virginia?
As of 2023, the median household income in Virginia is $91,409.
What was the median household income in Virginia in 2023?
In 2023, the median household income in Virginia was $91,409.
What was the median household income in Virginia in 2020?
In 2020, the median household income in Virginia was $76,613.
What is the Gini coefficient in Virginia?
The Gini coefficient in Virginia is 0.565. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Virginia?
Since 2009, the income gap between men and women in Virginia has narrowed from about 24% to 20% in 2023. In dollar terms, the gap has widened by $3,099 since 2009.