Wealth Index
Wealthier than 70% 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 | Preston County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $61,375 | $57,886 | $78,145 |
| Median Personal Income | $50,519 | $52,671 | $61,726 |
| Average income growth | 4.5% | 4.4% | 5.1% |
| Six-Figure Earners | 5.5% | 7.5% | 13.2% |
The median household income in Preston County is about 6% higher than in West Virginia. Income has been growing faster in Preston County (4.5%/yr) than in West Virginia (4.4%/yr).
About 5% of adults in Preston 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 Preston County, West Virginia grew by 66.1% from 2009 to 2023, reaching $61,375 in 2023. That's an average of about 4.5% per year.
Economic Inequality in Preston County | Gender Pay Gap | Gini Coefficient
| Metric | Preston County | West Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.571 | 0.560 | 0.570 |
| Male Median Income | $52,694 | $59,493 | $67,746 |
| Female Median Income | $46,749 | $45,763 | $54,793 |
| Gender Pay Gap | 11.3% | 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 Preston County, it is 0.571, higher than West Virginia's 0.560, 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 13% more than women's income in Preston County, West Virginia. Over a 35-year career, a 13% wage gap accumulates to roughly $208,075 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Preston County, West Virginia has narrowed from about 31% to 11% in 2023. In dollar terms, the gap has narrowed by $5,397 since 2009.
Employment
| Metric | Preston County | West Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.2% | 5.7% | 5.2% |
| Working from Home | 7.2% | 8.0% | 13.4% |
| Commute time (minutes) | 28 | 21 | 22 |
Approximately 892 people are unemployed in Preston County, West Virginia.
The average commute time in Preston County is 28 minutes, longer than the 21 minutes in West Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Preston County, West Virginia has fallen from 6.8% to 6.2% in 2023.
Conclusion
Considering all these factors, Preston 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 Preston County, West Virginia.
How Rich Is Preston County, West Virginia?
Preston 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 $61,375, about 6% higher than the West Virginia average of $57,886.
What is the current median household income in Preston County, West Virginia?
As of 2023, the median household income in Preston County, West Virginia is $61,375.
What was the median household income in Preston County in 2023?
In 2023, the median household income in Preston County, West Virginia was $61,375.
What was the median household income in Preston County in 2020?
In 2020, the median household income in Preston County, West Virginia was $51,462.
What is the Gini coefficient in Preston County, West Virginia?
The Gini coefficient in Preston 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 Preston County, West Virginia?
Since 2009, the income gap between men and women in Preston County, West Virginia has narrowed from about 31% to 11% in 2023. In dollar terms, the gap has narrowed by $5,397 since 2009.