Median Household Income in Boones Mill, VA (2010-2023, in 2023 inflation-adjusted dollars)
Below, you will find a table illustrating the median household income in Boones Mill, spanning the years from 2010 to 2023, with all figures adjusted to 2023 inflation-adjusted dollars.
| Year | Median Household Income | YOY Change($) | YOY Change(%) |
|---|---|---|---|
| 2010 | 61,843 | - | - |
| 2011 | 81,691 | 19,848 | 32.09% |
| 2012 | 91,687 | 9,996 | 12.24% |
| 2013 | 69,793 | -21,894 | -23.88% |
| 2014 | 71,071 | 1,278 | 1.83% |
| 2015 | 67,401 | -3,670 | -5.16% |
| 2016 | 64,075 | -3,326 | -4.93% |
| 2017 | 47,542 | -16,533 | -25.80% |
| 2018 | 60,864 | 13,322 | 28.02% |
| 2019 | 63,515 | 2,651 | 4.36% |
| 2020 | 64,894 | 1,379 | 2.17% |
| 2021 | 67,811 | 2,917 | 4.50% |
| 2022 | 69,850 | 2,039 | 3.01% |
| 2023 | 74,625 | 4,775 | 6.84% |
TABLE OF CONTENTS
Boones Mill, VA median household income trends: 2010 to 2023
From 2010 to 2023, the median household income for Boones Mill increased by $12,782 (20.67%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $5,602 (7.68%) between 2010 and 2023.
Analyzing the trend in median household income between the years 2010 and 2023, spanning 13 annual cycles, we observed that median household income, when adjusted for 2023 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 9 years and declined for 4 years.
The most significant year-by-year growth occured from 2010 to 2011, when the median household income increased by 19,848 (from $61,843 to $81,691). Similarly the most substantial year-by-year decline occured from 2012 to 2013, when the median household income decreased by 21,894 (from $91,687 to $69,793).
In Virginia, among cities with populations of fewer than 5,000 residents, Boones Mill ranks 27th out of 159 for median household income. This rank highlight its position as one of the top-earning small cities within the state of Virginia.
Median household income in Boones Mill, VA by household size
To gain deeper insights into the median household income for Boones Mill, we conducted an analysis of the most recent available data from the U.S. Census Bureau American Community Survey 5 year Estimates (the most recent data available).
Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, Boones Mill did not include 3, 5, 6, or 7-person households. Across the different household sizes in Boones Mill the mean income is $97,589, and the standard deviation is $53,541. The coefficient of variation (CV) is 54.86%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.
In the most recent year, 2023, The smallest household size for which the bureau reported a median household income was 1-person households, with an income of $57,500. It then further increased to $158,393 for 4-person households, the largest household size for which the bureau reported a median household income.
Boones Mill median household income by household size
The table below displays median household incomes for various household sizes, as reported by the U.S. Census Bureau. Explore how household income varies with the size of the family unit.
| Household Size | Median Household Income |
|---|---|
| 1-person households | 57,500 |
| 2-person households | 76,875 |
| 3-person households | 0 |
| 4-person households | 158,393 |
| 5-person households | 0 |
| 6-person households | 0 |
| 7-or-more-person households | 0 |
According to the Census Bureau data, the median household income reaches its peak among 4-person households, reaching $158,393 .
Boones Mill, VA income distribution and inequality
To gain a comprehensive understanding of income distribution in Boones Mill, we conducted an analysis of quintiles data from the U.S. Census Bureau. While the bureau does not categorize income into subjective classes like lower-income, middle-class, or upper-class, they instead divide the population into five quintiles, ensuring that each quintile represents nearly the same number of households. This classification allows us to analyze income levels across a spectrum from the lowest to the highest income groups.
Mean household income by quintile in Boones Mill
The table below presents the mean household income for each of the five quintiles in Boones Mill , offering valuable insights into income distribution and inequality.
| Income Level | Mean Household Income |
|---|---|
| Lowest Quintile | 29,871 |
| Second Quintile | 55,008 |
| Third Quintile | 77,031 |
| Fourth Quintile | 95,712 |
| Highest Quintile | 168,448 |
| Top 5 Percent | 191,604 |
Key findings:
- Income disparities: The mean income of the lowest quintile (20% of households with the lowest income) is 29,871, while the mean income for the highest quintile (20% of households with the highest income) is 168,448. This indicates that the top earners earn 6 times compared to the lowest earners.
- Top 5%: The mean household income for the wealthiest population (top 5%) is 191,604, which is 113.75% higher compared to the highest quintile, and 641.44% higher compared to the lowest quintile.
Furthermore, as per the Census Bureau, the Gini coefficient for Boones Mill is 0.3098. Gini coefficient is a numeric measure ranging from 0 to 1, where lower numbers indicate greater income equality (with 0 representing complete equality, where all households earn the same income) and higher values signify greater income inequality (with 1 being complete inequality where one household receives all income).
Sources: U.S. Census Bureau, American Community Survey (ACS)
With a Gini coefficient of 0.3098, it is evident that income distribution in Boones Mill, VA exihibits characterstics of moderate equality . This also implies that the majority of households in Boones Mill enjoy fairly equitable access to income resources, contributing to a reasonably fair and even economic landscape.
Median household income in Boones Mill, VA by family type, 2023
The Census Bureau classifies households into different categories, including total households, family households, and non-family households. Our analysis of U.S. Census Bureau American Community Survey data for Boones Mill reveals how household income distribution varies among these categories.
Interestingly, we found that the median household income did vary between family households and non-family households. In 2023, for Boones Mill, there were a total of 86 family households and 23 non-family households.
For the family households, the median income (in 2023 inflation-adjusted dollars) was $83,571. For the non-family households, the median income (in 2023 inflation-adjusted dollars) was $66,250.
Boones Mill, VA households by income brackets: family, non-family, and total, 2023, in 2022 inflation-adjusted dollars
The table below presents a breakdown of households across various income brackets in Boones Mill. The data in the table offers insights into the distribution of Boones Mill households based on income levels.
| Income Level | All Households | % All Households | Family Households | % Family Households | Non-Family Households | % Non-Family Households |
|---|---|---|---|---|---|---|
| Total: | 109 | 100.00% | 86 | 100.00% | 23 | 100.00% |
| Less than $10,000 | 1 | 0.92% | 1 | 1.16% | - | - |
| $10,000 to $14,999 | 1 | 0.92% | 1 | 1.16% | - | - |
| $15,000 to $19,999 | 5 | 4.59% | - | - | 5 | 21.74% |
| $20,000 to $24,999 | - | - | - | - | - | - |
| $25,000 to $29,999 | 1 | 0.92% | 1 | 1.16% | - | - |
| $30,000 to $34,999 | 7 | 6.42% | 7 | 8.14% | - | - |
| $35,000 to $39,999 | 4 | 3.67% | 2 | 2.33% | 2 | 8.70% |
| $40,000 to $44,999 | 4 | 3.67% | 4 | 4.65% | - | - |
| $45,000 to $49,999 | 9 | 8.26% | 6 | 6.98% | 3 | 13.04% |
| $50,000 to $59,999 | 8 | 7.34% | 8 | 9.30% | - | - |
| $60,000 to $74,999 | 18 | 16.51% | 8 | 9.30% | 10 | 43.48% |
| $75,000 to $99,999 | 32 | 29.36% | 30 | 34.88% | 2 | 8.70% |
| $100,000 to $124,999 | 4 | 3.67% | 4 | 4.65% | - | - |
| $125,000 to $149,999 | 2 | 1.83% | 1 | 1.16% | 1 | 4.35% |
| $150,000 to $199,999 | 12 | 11.01% | 12 | 13.95% | - | - |
| $200,000 or more | 1 | 0.92% | 1 | 1.16% | - | - |
Key findings:
- For Family Households: In Boones Mill, the majority of family households, representing 34.88%, earn $75,000 to $99,999, showcasing a substantial share of the community families falling within this income bracket. Conversely, the minority of family households, comprising 0.0%, have incomes falling Less than $10,000, representing a smaller but still significant segment of the community.
- For Non-Family Households: In Boones Mill, the majority of non-family households, accounting for 43.48%, have income $60,000 to $74,999, indicating that a substantial portion of non-family households falls within this income bracket. On the other hand, the minority of non-family households, comprising 0.0%, earn Less than $10,000, representing a smaller, yet notable, portion of non-family households in the community.
- For Total Households (Combining Family and Non-Family): When considering total households in Boones Mill, the majority, constituting 29.36%, earn $75,000 to $99,999, demonstrating that a significant portion of community households falls within this income bracket. Simultaneously, the minority of total households, representing 0.0%, have incomes $20,000 to $24,999, signifying a smaller segment of households in the community.
Things to know
What is the Gini index for Boones Mill, VA?
As per the Census Bureau, the Gini coefficient for Boones Mill is 0.3098. With this value of Gini coefficient, it is evident that income distribution in Boones Mill exihibits characterstics of moderate equality .
This also implies that the majority of households in Boones Mill enjoy fairly equitable access to income resources, contributing to a reasonably fair and even economic landscape.What is the median household income in Boones Mill, VA?
As per the latest data available from American Community Survey, the median household income for Boones Mill is $74,625 (in 2023 inflation-adjusted dollars). This income is 95.02% of the U.S. median household income of $78,538 (all incomes in 2023 inflation-adjusted dollars).
How does Boones Mill, VA median household income compare to the rest of the United States?
In Virginia, among cities with populations of fewer than 5,000 residents, Boones Mill ranks 27th out of 159 for median household income. This rank highlight its position as one of the top-earning small cities within the state of Virginia.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)
