by Karen Briscoe
August 3, 2022
Virginia is one of ten states with the highest median household income. While many of the highest paying jobs tend to concentrate near large population centers, including the District of Columbia, suburban Maryland and Northern Virginia (DMV) area, there are also smaller towns that are very prosperous. In most states, the wealthiest town has a median household income that is two or three times higher than the median across the state as a whole.
Great Falls is a predominately professional town, with 95.61% of the workforce employed in high income positions, well above the national average. Overall, Great Falls is a town of attorneys, physicians, entrepreneurs, high level government officials and others in the profession including sales and technology workers. There are especially a lot of people living in Great Falls who work in management occupations (26.02%), business and financial occupations (15.85%), and sales jobs (10.03%).
Further, 81.72% of adults who are residents of Great Falls have earned a 4-year degree or graduate degree, whereas the national average for all cities and towns is just 21.84%.
The annual household income in Great Falls is currently over $300,000, which is wealthy relative to Virginia and the nation.
Virginia: Great Falls
• Median household income: $324,806 (state: $74,222)
• Poverty rate: 3.3% (state: 9.2%)
• Median home value: $1,700,000 (state: $338,000) in 2022
• Population: 14,872
Great Falls is the richest town in Virginia and one of the richest in the entire country. The median annual household income is now over $400,000 -- more than five times that of the state. Great Falls is just across the Potomac River from suburban Maryland and a short commute away from Washington, D.C., giving residents access to the many high-paying jobs available in the area in government and with government contractors. The largest companies in the area include government tech contractor Booz Allen Hamilton, Inova Health System, and government-sponsored finance giant Freddie Mac.
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