Income

Household Income (HHI)

Median HHI - $89,859

With a Median Household Income of $89,859 the Richmond-Charlottesville, VA Market ranks 34th across STI Markets.

Average HHI - $122,120

The Average Household Income is $122,120 for which this market ranks 34th.

Income Distribution

Figure 37: Income Distribution

Income Distribtuion Line

Below the multi-colored line represents the same data for household income in the Richmond-Charlottesville, VA market, but more equally lays out the distribution of population versus the income level, correcting for differences in size of income ranges. You will also notice that after 200k the income ranges are scaled down so the focus is more centered on the more numerous Households making under 200k. The black line represents the National Income Distribution for comparison.

Figure 38: Income Distribution Line

Income Inequality - Moderate

The distribution of Household Income in the Richmond-Charlottesville, VA market can be considered Moderate with a Gini coefficient of 0.443. This market ranks 86th in Household Income Inequality across all STI Markets.

Average Household Income by Census Tract

The interquartile range of Average Household Income across the market’s Census Tracts, that is its 25th percentile and 75th percentile values, are $83,640 and $138,402, respectively.

Figure 39: Household Income Thematic

HH Income by Age of Head of Householder

Distribtion Comaprison

Figure 40: Income Distribution Line

HHI Age under 25 - $72,459

With an Average Household Income for those head of householders aged under 25 of $72,459 the Richmond-Charlottesville, VA market ranks 46th across STI Markets.

Figure 41: HHI 00to25 Thematic

HHI Age 25 to 45 - $127,840

With an Average Household Income for those head of householders aged 25 to 45 of $127,840 the Richmond-Charlottesville, VA market ranks 37th across STI Markets.

Figure 42: HHI 25to45 Thematic

HHI Age 45 to 65 - $139,285

With an Average Household Income for those head of householders aged 45 to 65 of $139,285 the Richmond-Charlottesville, VA market ranks 32nd across STI Markets.

Figure 43: HHI 45to65 Thematic

HHI Age 65 plus - $99,603

With an Average Household Income for those head of householders aged 65 and over of $99,603 the Richmond-Charlottesville, VA market ranks 31st across STI Markets.

Figure 44: HHI 65over Thematic

HH Income by Age of Head of Householder

Distribtion Comaprison

Figure 45: Income Distribution Line

HHI White - $133,961

With an Average Household Income for those head of householders Non-Hispanic White of $133,961 the Richmond-Charlottesville, VA market ranks 27th across STI Markets.

Figure 46: HHI white Thematic

HHI Black - $91,156

With an Average Household Income for those head of householders identifying as Non-Hispanic Black of $91,156 the Richmond-Charlottesville, VA market ranks 51st across STI Markets.

Figure 47: HHI black Thematic

HHI Asian - $153,178

With an Average Household Income for those head of householders identifying as Non-Hispanic Asian of $153,178 the Richmond-Charlottesville, VA market ranks 22nd across STI Markets.

Figure 48: HHI asian Thematic

HHI Other - $119,933

With an Average Household Income for those head of householders identifying as Non-Hispanic Other of $119,933 the Richmond-Charlottesville, VA market ranks 30th across STI Markets.

Figure 49: HHI other Thematic

HHI Hispanic - $115,287

With an Average Household Income for those head of householders identifying as Hispanic of $115,287 the Richmond-Charlottesville, VA market ranks 29th across STI Markets.

Figure 50: HHI hispanic Thematic

Disposible Income - $91,518

Disposable income is defined here as Household Income after accounting for Federal, State, and Local taxes. The Average Household Disposable Income is $91,518 which ranks 35th across STI Markets.

This is a drop of $30,602, or 25.06%, overall this percentage drop ranks 25th across STI Markets.

Figure 51: Disposible Income VS HH Income

Purple = 15% decrease, Blue = 25% decrease, Green = 35% decrease, Orange = 45% decrease, Red = 55% decrease

Discretionary Income - $66,461

Discretionary income goes a step further. It takes Disposable Income, which already accounts for taxes, and accounts for the typical cost of Food, Housing, and Clothing. The Average Household Discretionary Income is $66,461 which ranks 29th across STI Markets.

This is a drop of $55,659, or 45.58%, overall this percentage drop ranks 41st across STI Markets.

Figure 52: Discretionary Income VS HH Income

Purple = 15% decrease, Blue = 25% decrease, Green = 35% decrease, Orange = 45% decrease, Red = 55% decrease

Labor

Housing