Median Household Income in Franklin County, VA (2010-2021, in 2022 inflation-adjusted dollars)
Below, you will find a table illustrating the median household income in Franklin County, spanning the years from 2010 to 2021, with all figures adjusted to 2022 inflation-adjusted dollars.
Year | Median Household Income | YOY Change($) | YOY Change(%) |
---|---|---|---|
2010 | 61,466 | - | - |
2011 | 62,248 | 782 | 1.27% |
2012 | 57,699 | -4,549 | -7.31% |
2013 | 57,564 | -135 | -0.23% |
2014 | 55,631 | -1,933 | -3.36% |
2015 | 58,066 | 2,435 | 4.38% |
2016 | 59,588 | 1,522 | 2.62% |
2017 | 61,327 | 1,739 | 2.92% |
2018 | 61,538 | 211 | 0.34% |
2019 | 64,592 | 3,054 | 4.96% |
2020 | 64,339 | -253 | -0.39% |
2021 | 64,495 | 156 | 0.24% |
TABLE OF CONTENTS
Franklin County, VA median household income trends: 2010 to 2021
From 2010 to 2021, the median household income for Franklin County increased by $3,029 (4.93%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $4,559 (6.51%) between 2010 and 2021.
Analyzing the trend in median household income between the years 2010 and 2021, spanning 11 annual cycles, we observed that median household income, when adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 7 years and declined for 4 years.
![Franklin County, VA median household income trend (2010-2021, in 2022 inflation-adjusted dollars) The line chart shows Franklin County, VA median household income from 2010 to 2021. The orange line represents Census Bureau data for median household income (without adjusting for any inflation), while the blue line shows inflation-adjusted median household income for 2022.](https://i.neilsberg.com/ch/franklin-county-va-median-household-income-trend.jpeg)
The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 3,054 (from $61,538 to $64,592). Similarly the most substantial year-by-year decline occured from 2011 to 2012, when the median household income decreased by 4,549 (from $62,248 to $57,699).
When compared to all of the counties in the state of Virginia, Franklin County is ranked 67th among the 133 counties for its median household income. This ranking suggests that Franklin County falls in the middle range of counties in Virginia, in terms of median household income.
Median household income in Franklin County, VA by household size
To gain deeper insights into the median household income for Franklin County, 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, all of the household sizes were found in Franklin County. Across the different household sizes in Franklin County the mean income is $77,637, and the standard deviation is $23,381. The coefficient of variation (CV) is 30.12%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.
In the most recent year, 2021, The smallest household size for which the bureau reported a median household income was 1-person households, with an income of $33,622. It then further increased to $102,541 for 7-person households, the largest household size for which the bureau reported a median household income.
![Franklin County, VA median household income, by household size (in 2022 inflation-adjusted dollars) Bar chart showing Franklin County, VA median household income for different household sizes in 2021. The chart illustrates income trends for 1-person to 7-or-more person households, with values adjusted for inflation. It provides insights into income disparities and variations across household sizes, aiding in data analysis and decision-making.](https://i.neilsberg.com/ch/franklin-county-va-median-household-income-by-household-size.jpeg)
Franklin County 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 | 33,622 |
2-person households | 75,107 |
3-person households | 84,446 |
4-person households | 94,712 |
5-person households | 90,219 |
6-person households | 62,810 |
7-or-more-person households | 102,541 |
According to the Census Bureau data, the median household income reaches its peak among 7-or-more-person households, reaching $102,541 .
Franklin County, VA income distribution and inequality
To gain a comprehensive understanding of income distribution in Franklin County, 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 quintiles in Franklin County, VA (in 2022 inflation-adjusted dollars) Bar chart illustrating the Franklin County mean household income for different quintiles, plus the top 5%, with values adjusted for 2022 inflation using R-CPI-U-RS. The chart provides insights into income distribution, showcasing variations across quintiles and highlighting the income of the top 5%. Useful for analyzing income disparities and trends for Franklin County.](https://i.neilsberg.com/ch/franklin-county-va-mean-household-income-by-quintiles.jpeg)
Mean household income by quintile in Franklin County
The table below presents the mean household income for each of the five quintiles in Franklin County, offering valuable insights into income distribution and inequality.
Income Level | Mean Household Income |
---|---|
Lowest Quintile | 13,131 |
Second Quintile | 39,112 |
Third Quintile | 65,334 |
Fourth Quintile | 100,570 |
Highest Quintile | 218,238 |
Top 5 Percent | 389,074 |
Key findings:
- Income disparities: The mean income of the lowest quintile (20% of households with the lowest income) is 13,131, while the mean income for the highest quintile (20% of households with the highest income) is 218,238. This indicates that the top earners earn 17 times compared to the lowest earners.
- Top 5%: The mean household income for the wealthiest population (top 5%) is 389,074, which is 178.28% higher compared to the highest quintile, and 2963.02% higher compared to the lowest quintile.
Furthermore, as per the Census Bureau, the Gini coefficient for Franklin County is 0.4687. 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 0.4687, it is evident that income distribution in Franklin County, VA exihibits characterstics of moderate inequality .
This level of Gini coefficient suggests noticeable variations in income distribution across households, with certain segments of the population holding a larger share of income compared to others in Franklin County.
It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Franklin County
Median household income in Franklin County, VA by family type, 2021
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 Franklin County 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 2021, for Franklin County, there were a total of 15,107 family households and 6,926 non-family households.
For the family households, the median income (in 2022 inflation-adjusted dollars) was $79,459. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $35,122.
Franklin County, VA households by income brackets: family, non-family, and total, 2021, in 2022 inflation-adjusted dollars
The table below presents a breakdown of households across various income brackets in Franklin County. The data in the table offers insights into the distribution of Franklin County households based on income levels.
Income Level | All Households | % All Households | Family Households | % Family Households | Non-Family Households | % Non-Family Households |
---|---|---|---|---|---|---|
Total: | 22,033 | 100.00% | 15,107 | 100.00% | 6,926 | 100.00% |
Less than $10,000 | 1,422 | 6.45% | 604 | 4.00% | 818 | 11.81% |
$10,000 to $14,999 | 1,194 | 5.42% | 496 | 3.28% | 698 | 10.08% |
$15,000 to $19,999 | 1,189 | 5.40% | 531 | 3.51% | 658 | 9.50% |
$20,000 to $24,999 | 1,071 | 4.86% | 586 | 3.88% | 485 | 7.00% |
$25,000 to $29,999 | 710 | 3.22% | 286 | 1.89% | 424 | 6.12% |
$30,000 to $34,999 | 919 | 4.17% | 394 | 2.61% | 525 | 7.58% |
$35,000 to $39,999 | 1,164 | 5.28% | 680 | 4.50% | 484 | 6.99% |
$40,000 to $44,999 | 508 | 2.31% | 393 | 2.60% | 115 | 1.66% |
$45,000 to $49,999 | 1,305 | 5.92% | 695 | 4.60% | 610 | 8.81% |
$50,000 to $59,999 | 1,802 | 8.18% | 1,397 | 9.25% | 405 | 5.85% |
$60,000 to $74,999 | 2,329 | 10.57% | 1,694 | 11.21% | 635 | 9.17% |
$75,000 to $99,999 | 2,851 | 12.94% | 2,386 | 15.79% | 465 | 6.71% |
$100,000 to $124,999 | 2,029 | 9.21% | 1,814 | 12.01% | 215 | 3.10% |
$125,000 to $149,999 | 1,157 | 5.25% | 1,027 | 6.80% | 130 | 1.88% |
$150,000 to $199,999 | 1,178 | 5.35% | 1,064 | 7.04% | 114 | 1.65% |
$200,000 or more | 1,205 | 5.47% | 1,060 | 7.02% | 145 | 2.09% |
Key findings:
- For Family Households: In Franklin County, the majority of family households, representing 15.79%, 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 1.89%, have incomes falling $150,000 to $199,999, representing a smaller but still significant segment of the community.
- For Non-Family Households: In Franklin County, the majority of non-family households, accounting for 11.81%, have income Less than $10,000, 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 1.65%, earn $150,000 to $199,999, 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 Franklin County, the majority, constituting 12.94%, 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 2.31%, have incomes $40,000 to $44,999, signifying a smaller segment of households in the community.
Things to know
What is the Gini index for Franklin County, VA?
As per the Census Bureau, the Gini coefficient for Franklin County is 0.4687. With this value of Gini coefficient, it is evident that income distribution in Franklin County exihibits characterstics of moderate inequality .
This level of Gini coefficient suggests noticeable variations in income distribution across households, with certain segments of the population holding a larger share of income compared to others in Franklin County.
It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Franklin County
What is the median household income in Franklin County, VA?
As per the latest data available from American Community Survey, the median household income for Franklin County is $64,495 (in 2022 inflation-adjusted dollars). The next release from the Census is scheduled for Dec 7, 2023. This income is 86.45% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).
How does Franklin County, VA median household income compare to the rest of the United States?
When compared to all of the counties in the state of Virginia, Franklin County is ranked 67th among the 133 counties for its median household income. This ranking suggests that Franklin County falls in the middle range of counties in Virginia, in terms of median household income.
References
- U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)