Wealth Index
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 | Ritchie County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $50,414 | $57,886 | $78,145 |
| Median Personal Income | $46,657 | $52,671 | $61,726 |
| Average income growth | 3.1% | 4.4% | 5.1% |
| Six-Figure Earners | 4.7% | 7.5% | 13.2% |
The median household income in Ritchie County is about 13% lower than in West Virginia. Income has been growing slower in Ritchie County (3.1%/yr) than in West Virginia (4.4%/yr).
About 5% of adults in Ritchie 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 Ritchie County, West Virginia grew by 43.2% from 2009 to 2023, reaching $50,414 in 2023. That's an average of about 3.1% per year.
Economic Inequality in Ritchie County | Gender Pay Gap | Gini Coefficient
| Metric | Ritchie County | West Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.536 | 0.560 | 0.570 |
| Male Median Income | $54,944 | $59,493 | $67,746 |
| Female Median Income | $39,885 | $45,763 | $54,793 |
| Gender Pay Gap | 27.4% | 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 Ritchie County, it is 0.536, 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 38% more than women's income in Ritchie County, West Virginia. Over a 35-year career, a 38% wage gap accumulates to roughly $527,065 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Ritchie County, West Virginia has narrowed from about 30% to 27% in 2023. In dollar terms, the gap has widened by $4,907 since 2009.
Employment
| Metric | Ritchie County | West Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.7% | 5.7% | 5.2% |
| Working from Home | 7.9% | 8.0% | 13.4% |
| Commute time (minutes) | 28 | 21 | 22 |
Approximately 51 people are unemployed in Ritchie County, West Virginia.
The average commute time in Ritchie County is 28 minutes, longer than the 21 minutes in West Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Ritchie County, West Virginia has fallen from 9.7% to 1.7% in 2023.
Conclusion
Considering all these factors, Ritchie 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 Ritchie County, West Virginia.
How Rich Is Ritchie County, West Virginia?
Ritchie 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 $50,414, about 13% lower than the West Virginia average of $57,886.
What is the current median household income in Ritchie County, West Virginia?
As of 2023, the median household income in Ritchie County, West Virginia is $50,414.
What was the median household income in Ritchie County in 2023?
In 2023, the median household income in Ritchie County, West Virginia was $50,414.
What was the median household income in Ritchie County in 2020?
In 2020, the median household income in Ritchie County, West Virginia was $44,423.
What is the Gini coefficient in Ritchie County, West Virginia?
The Gini coefficient in Ritchie County is 0.536. 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 Ritchie County, West Virginia?
Since 2009, the income gap between men and women in Ritchie County, West Virginia has narrowed from about 30% to 27% in 2023. In dollar terms, the gap has widened by $4,907 since 2009.