County ranks in lowest earning localities
Published 8:30 am Friday, June 10, 2022
Stacker, the online site that analyzes public and private datasets, recently released its compiled list of the lowest earning localities in Virginia using data from the U.S. Census Bureau.
Charlotte County ranked number 14 on that list with a Median household income of $40,924 which is 46.4% below the state average and 37% below the national average.
Households in Charlotte earning over $100k sets at 16.1% while households earning less than $15k are reported to be 18.2%.
According to Stacker, In 2021, average hourly wages increased 4.7% while there was 7% inflation, meaning the worker’s purchasing power dropped by 2.4%.
Stacker analysts said Americans, on the whole, we’re doing well financially heading into 2020, with significant markers like unemployment reaching 50-year lows.
The pandemic changed all that.
“During the second quarter of the 2020 fiscal year, our nation’s real GDP, which measures the monetary value of final goods and services, fell by a whopping 31.4%, a number that hasn’t been seen since the Great Depression. Since then, the GDP has recovered; the first quarter of 2022 was 11% above the fourth quarter of 2019,” the release stated.