Wealth Index
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 | Kodiak Island Borough | Alaska Avg | US Average |
|---|---|---|---|
| Median Household Income | $83,560 | $90,338 | $78,145 |
| Median Personal Income | $56,895 | $69,250 | $61,726 |
| Average income growth | 1.9% | 2.8% | 5.1% |
| Six-Figure Earners | 16.0% | 15.9% | 13.2% |
The median household income in Kodiak Island Borough is about 8% lower than in Alaska. Income has been growing slower in Kodiak Island Borough (1.9%/yr) than in Alaska (2.8%/yr).
About 16% of adults in Kodiak Island Borough earn six figures ($100,000 or more) a year, about the same as the Alaska average of 16%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Kodiak Island Borough, Alaska grew by 40.6% from 2009 to 2023, reaching $83,560 in 2023. That's an average of about 1.9% per year.
Economic Inequality in Kodiak Island Borough | Gender Pay Gap | Gini Coefficient
| Metric | Kodiak Island Borough | Alaska Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.521 | 0.540 | 0.570 |
| Male Median Income | $62,784 | $73,954 | $67,746 |
| Female Median Income | $50,819 | $63,633 | $54,793 |
| Gender Pay Gap | 19.1% | 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 Kodiak Island Borough, it is 0.521, 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 24% more than women's income in Kodiak Island Borough, Alaska. Over a 35-year career, a 24% wage gap accumulates to roughly $418,775 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Kodiak Island Borough, Alaska has narrowed from about 30% to 19% in 2023. In dollar terms, the gap has narrowed by $1,469 since 2009.
Employment
| Metric | Kodiak Island Borough | Alaska Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.2% | 5.4% | 5.2% |
| Working from Home | 5.2% | 8.8% | 13.4% |
| Commute time (minutes) | 10 | 16 | 22 |
Approximately 306 people are unemployed in Kodiak Island Borough, Alaska.
The average commute time in Kodiak Island Borough is 10 minutes, shorter than the 16 minutes in Alaska.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Kodiak Island Borough, Alaska has fallen from 6.5% to 4.2% in 2023.
Conclusion
Considering all these factors, Kodiak Island Borough, Alaska has an overall wealth index grade of B, making it about on par with Alaska, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Kodiak Island Borough, Alaska.
How Rich Is Kodiak Island Borough, Alaska?
Kodiak Island 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 $83,560, about 8% lower than the Alaska average of $90,338.
What is the current median household income in Kodiak Island Borough, Alaska?
As of 2023, the median household income in Kodiak Island Borough, Alaska is $83,560.
What was the median household income in Kodiak Island Borough in 2023?
In 2023, the median household income in Kodiak Island Borough, Alaska was $83,560.
What was the median household income in Kodiak Island Borough in 2020?
In 2020, the median household income in Kodiak Island Borough, Alaska was $80,161.
What is the Gini coefficient in Kodiak Island Borough, Alaska?
The Gini coefficient in Kodiak Island Borough is 0.521. 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 Kodiak Island Borough, Alaska?
Since 2009, the income gap between men and women in Kodiak Island Borough, Alaska has narrowed from about 30% to 19% in 2023. In dollar terms, the gap has narrowed by $1,469 since 2009.