Wealth Index
Less wealthy than 74% of counties in West 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 | Fayette County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $52,939 | $57,886 | $78,145 |
| Median Personal Income | $49,177 | $52,671 | $61,726 |
| Average income growth | 4.9% | 4.4% | 5.1% |
| Six-Figure Earners | 4.2% | 7.5% | 13.2% |
The median household income in Fayette County is about 9% lower than in West Virginia. Income has been growing faster in Fayette County (4.9%/yr) than in West Virginia (4.4%/yr).
About 4% of adults in Fayette County earn six figures ($100,000 or more) a year, lower than the West Virginia average of 7%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Fayette County, West Virginia grew by 63.6% from 2009 to 2023, reaching $52,939 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Fayette County | Gender Pay Gap | Gini Coefficient
| Metric | Fayette County | West Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.555 | 0.560 | 0.570 |
| Male Median Income | $55,771 | $59,493 | $67,746 |
| Female Median Income | $43,047 | $45,763 | $54,793 |
| Gender Pay Gap | 22.8% | 23.1% | 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 Fayette County, it is 0.555, lower than West Virginia's 0.560, 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 30% more than women's income in Fayette County, West Virginia. Over a 35-year career, a 30% wage gap accumulates to roughly $445,340 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Fayette County, West Virginia has narrowed from about 34% to 23% in 2023. In dollar terms, the gap has narrowed by $894 since 2009.
Employment
| Metric | Fayette County | West Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.1% | 5.7% | 5.2% |
| Working from Home | 6.1% | 8.0% | 13.4% |
| Commute time (minutes) | 23 | 21 | 22 |
Approximately 1,113 people are unemployed in Fayette County, West Virginia.
The average commute time in Fayette County is 23 minutes, longer than the 21 minutes in West Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Fayette County, West Virginia has fallen from 8.1% to 7.1% in 2023.
Conclusion
Considering all these factors, Fayette County, West Virginia has an overall wealth index grade of D, making it about on par with West Virginia, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Fayette County, West Virginia.
How Rich Is Fayette County, West Virginia?
Fayette 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 $52,939, about 9% lower than the West Virginia average of $57,886.
What is the current median household income in Fayette County, West Virginia?
As of 2023, the median household income in Fayette County, West Virginia is $52,939.
What was the median household income in Fayette County in 2023?
In 2023, the median household income in Fayette County, West Virginia was $52,939.
What was the median household income in Fayette County in 2020?
In 2020, the median household income in Fayette County, West Virginia was $43,696.
What is the Gini coefficient in Fayette County, West Virginia?
The Gini coefficient in Fayette County is 0.555. 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 Fayette County, West Virginia?
Since 2009, the income gap between men and women in Fayette County, West Virginia has narrowed from about 34% to 23% in 2023. In dollar terms, the gap has narrowed by $894 since 2009.