Wealth Index
Less wealthy than 93% 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 | Wise County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $51,312 | $91,409 | $78,145 |
| Median Personal Income | $46,572 | $68,517 | $61,726 |
| Average income growth | 5.1% | 4.6% | 5.1% |
| Six-Figure Earners | 3.4% | 17.6% | 13.2% |
The median household income in Wise County is about 44% lower than in Virginia. Income has been growing faster in Wise County (5.1%/yr) than in Virginia (4.6%/yr).
About 3% of adults in Wise 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 Wise County, Virginia grew by 59.8% from 2009 to 2023, reaching $51,312 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Wise County | Gender Pay Gap | Gini Coefficient
| Metric | Wise County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.571 | 0.565 | 0.570 |
| Male Median Income | $51,550 | $76,014 | $67,746 |
| Female Median Income | $39,633 | $60,748 | $54,793 |
| Gender Pay Gap | 23.1% | 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 Wise County, it is 0.571, higher than Virginia's 0.565, so income is less evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 30% more than women's income in Wise County, Virginia. Over a 35-year career, a 30% wage gap accumulates to roughly $417,095 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Wise County, Virginia has narrowed from about 31% to 23% in 2023. In dollar terms, the gap has narrowed by $387 since 2009.
Employment
| Metric | Wise County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.4% | 4.2% | 5.2% |
| Working from Home | 8.7% | 16.2% | 13.4% |
| Commute time (minutes) | 18 | 23 | 22 |
Approximately 1,165 people are unemployed in Wise County, Virginia.
The average commute time in Wise County is 18 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Wise County, Virginia has fallen from 8.5% to 8.4% in 2023.
Conclusion
Considering all these factors, Wise County, Virginia has an overall wealth index grade of D, making it worse than Virginia, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Wise County, Virginia.
How Rich Is Wise County, Virginia?
Wise 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 $51,312, about 44% lower than the Virginia average of $91,409.
What is the current median household income in Wise County, Virginia?
As of 2023, the median household income in Wise County, Virginia is $51,312.
What was the median household income in Wise County in 2023?
In 2023, the median household income in Wise County, Virginia was $51,312.
What was the median household income in Wise County in 2020?
In 2020, the median household income in Wise County, Virginia was $40,895.
What is the Gini coefficient in Wise County, Virginia?
The Gini coefficient in Wise County is 0.571. 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 Wise County, Virginia?
Since 2009, the income gap between men and women in Wise County, Virginia has narrowed from about 31% to 23% in 2023. In dollar terms, the gap has narrowed by $387 since 2009.