Wealth Index
Wealthier than 72% of counties in Alaska
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Fairbanks North Star Borough | Alaska Avg | US Average |
|---|---|---|---|
| Median Household Income | $87,664 | $90,338 | $78,145 |
| Median Personal Income | $66,583 | $69,250 | $61,726 |
| Average income growth | 2.6% | 2.8% | 5.1% |
| Six-Figure Earners | 15.0% | 15.9% | 13.2% |
The median household income in Fairbanks North Star Borough is about 3% lower than in Alaska. Income has been growing slower in Fairbanks North Star Borough (2.6%/yr) than in Alaska (2.8%/yr).
About 15% of adults in Fairbanks North Star Borough earn six figures ($100,000 or more) a year, lower than the Alaska average of 16%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Fairbanks North Star Borough, Alaska grew by 33.9% from 2009 to 2023, reaching $87,664 in 2023. That's an average of about 2.6% per year.
Economic Inequality in Fairbanks North Star Borough | Gender Pay Gap | Gini Coefficient
| Metric | Fairbanks North Star Borough | Alaska Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.527 | 0.540 | 0.570 |
| Male Median Income | $71,357 | $73,954 | $67,746 |
| Female Median Income | $60,454 | $63,633 | $54,793 |
| Gender Pay Gap | 15.3% | 14.0% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Fairbanks North Star Borough, it is 0.527, lower than Alaska's 0.540, so income is more evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 18% more than women's income in Fairbanks North Star Borough, Alaska. Over a 35-year career, a 18% wage gap accumulates to roughly $381,605 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Fairbanks North Star Borough, Alaska has narrowed from about 19% to 15% in 2023. In dollar terms, the gap has widened by $1,396 since 2009.
Employment
| Metric | Fairbanks North Star Borough | Alaska Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.1% | 5.4% | 5.2% |
| Working from Home | 6.4% | 8.8% | 13.4% |
| Commute time (minutes) | 17 | 16 | 22 |
Approximately 2,118 people are unemployed in Fairbanks North Star Borough, Alaska.
The average commute time in Fairbanks North Star Borough is 17 minutes, longer than the 16 minutes in Alaska.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Fairbanks North Star Borough, Alaska has fallen from 6.1% to 4.1% in 2023.
Conclusion
Considering all these factors, Fairbanks North Star Borough, Alaska has an overall wealth index grade of B, making it somewhat better than Alaska, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Fairbanks North Star Borough, Alaska.
How Rich Is Fairbanks North Star Borough, Alaska?
Fairbanks North Star Borough has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $87,664, about 3% lower than the Alaska average of $90,338.
What is the current median household income in Fairbanks North Star Borough, Alaska?
As of 2023, the median household income in Fairbanks North Star Borough, Alaska is $87,664.
What was the median household income in Fairbanks North Star Borough in 2023?
In 2023, the median household income in Fairbanks North Star Borough, Alaska was $87,664.
What was the median household income in Fairbanks North Star Borough in 2020?
In 2020, the median household income in Fairbanks North Star Borough, Alaska was $77,298.
What is the Gini coefficient in Fairbanks North Star Borough, Alaska?
The Gini coefficient in Fairbanks North Star Borough is 0.527. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Fairbanks North Star Borough, Alaska?
Since 2009, the income gap between men and women in Fairbanks North Star Borough, Alaska has narrowed from about 19% to 15% in 2023. In dollar terms, the gap has widened by $1,396 since 2009.