What is the median income in Virginia?
The median household income in Virginia was $87,138 in 2021, which was 116.8% of the U.S.
median household income of $74,606 (in 2022 inflation-adjusted dollars).
Across different household sizes in Virginia, the mean income is $107,800 with a standard deviation of $30,631, indicating a high relative variability in incomes across households.
From 2010 to 2021, the median household income for Virginia increased by 5.17%, which is lower than the 6.51% increase for the United States during the same period.
The county with the highest median household income in Virginia in 2022 was Loudoun County at $170,463, followed by Falls Church city at $164,536 and Fairfax County at $145,165.
In 2022, the median household income in Virginia amounted to $85,170, an increase from the previous year when it was $80,268.
The median household income in Virginia varies significantly by age, with households headed by individuals aged 45-54 having the highest median income at $116,700 in 2021.
Household incomes in Virginia are highly correlated with educational attainment, with households headed by individuals with a bachelor's degree or higher having a median income of $120,000 in 2021.
The median household income in Virginia is also influenced by the state's industrial composition, with sectors like professional services, technology, and government employment driving higher incomes.
Regional differences within Virginia are stark, with the Northern Virginia region (including Fairfax, Loudoun, and Prince William counties) having a median household income of $126,046 in 2021, compared to $56,822 in Southside Virginia.
The cost of living in Virginia, particularly in the Northern Virginia region, is significantly higher than the national average, which can impact the purchasing power of household incomes.
The distribution of household incomes in Virginia follows a bimodal pattern, with a large middle-class segment and a significant upper-income group, as well as a smaller lower-income segment.
Virginia's median household income has been relatively resilient during economic downturns, with the state experiencing a smaller decline in incomes during the Great Recession compared to the national average.
The growth in Virginia's median household income has been driven in part by the state's strong job market, with low unemployment rates and a diversified economy attracting high-skilled, high-earning workers.
The median household income in Virginia varies significantly by race and ethnicity, with Asian households having the highest median income at $125,000 in 2021, followed by white households at $95,000 and Black households at $65,000.
Virginia's median household income is influenced by the state's industry mix, with a strong presence of high-paying sectors like technology, defense, and professional services, as well as the concentration of these industries in the Northern Virginia region.
The median household income in Virginia has been steadily increasing over the past decade, reflecting the state's economic growth and the rising cost of living, particularly in the more affluent regions.
Virginia's median household income is also influenced by the state's demographic changes, such as the influx of highly educated, high-earning individuals from other parts of the country and the world, contributing to the state's economic prosperity.
The distribution of household incomes in Virginia is also shaped by the state's policies and investments in areas like education, infrastructure, and economic development, which can impact the earning potential of its residents.
The COVID-19 pandemic had a significant impact on household incomes in Virginia, with some sectors and regions experiencing greater economic disruptions, leading to changes in the state's income distribution.
Researchers and policymakers in Virginia continue to study the factors influencing the state's median household income, as understanding these dynamics can inform policies and initiatives aimed at promoting economic equity and opportunity across the state.