Wealth Index
Wealthier than 76% 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 | Hancock County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $61,778 | $57,886 | $78,145 |
| Median Personal Income | $52,218 | $52,671 | $61,726 |
| Average income growth | 6.4% | 4.4% | 5.1% |
| Six-Figure Earners | 7.3% | 7.5% | 13.2% |
The median household income in Hancock County is about 7% higher than in West Virginia. Income has been growing faster in Hancock County (6.4%/yr) than in West Virginia (4.4%/yr).
About 7% of adults in Hancock County earn six figures ($100,000 or more) a year, about the same as the West Virginia average of 7%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Hancock County, West Virginia grew by 60.6% from 2009 to 2023, reaching $61,778 in 2023. That's an average of about 6.4% per year.
Economic Inequality in Hancock County | Gender Pay Gap | Gini Coefficient
| Metric | Hancock County | West Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.517 | 0.560 | 0.570 |
| Male Median Income | $60,316 | $59,493 | $67,746 |
| Female Median Income | $44,558 | $45,763 | $54,793 |
| Gender Pay Gap | 26.1% | 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 Hancock County, it is 0.517, 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 35% more than women's income in Hancock County, West Virginia. Over a 35-year career, a 35% wage gap accumulates to roughly $551,530 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Hancock County, West Virginia has narrowed from about 34% to 26% in 2023. In dollar terms, the gap has widened by $1,741 since 2009.
Employment
| Metric | Hancock County | West Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.2% | 5.7% | 5.2% |
| Working from Home | 8.6% | 8.0% | 13.4% |
| Commute time (minutes) | 20 | 21 | 22 |
Approximately 1,130 people are unemployed in Hancock County, West Virginia.
The average commute time in Hancock County is 20 minutes, shorter than the 21 minutes in West Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hancock County, West Virginia has fallen from 9.8% to 8.2% in 2023.
Conclusion
Considering all these factors, Hancock County, West Virginia has an overall wealth index grade of D, making it somewhat better than West Virginia, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Hancock County, West Virginia.
How Rich Is Hancock County, West Virginia?
Hancock 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 $61,778, about 7% higher than the West Virginia average of $57,886.
What is the current median household income in Hancock County, West Virginia?
As of 2023, the median household income in Hancock County, West Virginia is $61,778.
What was the median household income in Hancock County in 2023?
In 2023, the median household income in Hancock County, West Virginia was $61,778.
What was the median household income in Hancock County in 2020?
In 2020, the median household income in Hancock County, West Virginia was $48,052.
What is the Gini coefficient in Hancock County, West Virginia?
The Gini coefficient in Hancock County is 0.517. 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 Hancock County, West Virginia?
Since 2009, the income gap between men and women in Hancock County, West Virginia has narrowed from about 34% to 26% in 2023. In dollar terms, the gap has widened by $1,741 since 2009.