Wealth Index
Less wealthy than 83% 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 | Lake and Peninsula Borough | Alaska Avg | US Average |
|---|---|---|---|
| Median Household Income | $63,484 | $90,338 | $78,145 |
| Median Personal Income | $91,712 | $69,250 | $61,726 |
| Average income growth | 5.5% | 2.8% | 5.1% |
| Six-Figure Earners | 19.7% | 15.9% | 13.2% |
The median household income in Lake and Peninsula Borough is about 30% lower than in Alaska. Income has been growing faster in Lake and Peninsula Borough (5.5%/yr) than in Alaska (2.8%/yr).
About 20% of adults in Lake and Peninsula Borough earn six figures ($100,000 or more) a year, higher than the Alaska average of 16%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Lake and Peninsula Borough, Alaska grew by 52.6% from 2009 to 2023, reaching $63,484 in 2023. That's an average of about 5.5% per year.
Economic Inequality in Lake and Peninsula Borough | Gender Pay Gap | Gini Coefficient
| Metric | Lake and Peninsula Borough | Alaska Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.535 | 0.540 | 0.570 |
| Male Median Income | $113,312 | $73,954 | $67,746 |
| Female Median Income | $66,932 | $63,633 | $54,793 |
| Gender Pay Gap | 40.9% | 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 Lake and Peninsula Borough, it is 0.535, 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 69% more than women's income in Lake and Peninsula Borough, Alaska. Over a 35-year career, a 69% wage gap accumulates to roughly $1,623,300 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lake and Peninsula Borough, Alaska has widened from about 33% to 41% in 2023. In dollar terms, the gap has widened by $27,697 since 2009.
Employment
| Metric | Lake and Peninsula Borough | Alaska Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 9.4% | 5.4% | 5.2% |
| Working from Home | 5.0% | 8.8% | 13.4% |
| Commute time (minutes) | 7 | 16 | 22 |
Approximately 53 people are unemployed in Lake and Peninsula Borough, Alaska.
The average commute time in Lake and Peninsula Borough is 7 minutes, shorter than the 16 minutes in Alaska.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lake and Peninsula Borough, Alaska has fallen from 10.1% to 9.4% in 2023.
Conclusion
Considering all these factors, Lake and Peninsula Borough, Alaska has an overall wealth index grade of C, making it somewhat worse than Alaska, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lake and Peninsula Borough, Alaska.
How Rich Is Lake and Peninsula Borough, Alaska?
Lake and Peninsula Borough has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $63,484, about 30% lower than the Alaska average of $90,338.
What is the current median household income in Lake and Peninsula Borough, Alaska?
As of 2023, the median household income in Lake and Peninsula Borough, Alaska is $63,484.
What was the median household income in Lake and Peninsula Borough in 2023?
In 2023, the median household income in Lake and Peninsula Borough, Alaska was $63,484.
What was the median household income in Lake and Peninsula Borough in 2020?
In 2020, the median household income in Lake and Peninsula Borough, Alaska was $48,858.
What is the Gini coefficient in Lake and Peninsula Borough, Alaska?
The Gini coefficient in Lake and Peninsula Borough is 0.535. 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 Lake and Peninsula Borough, Alaska?
Since 2009, the income gap between men and women in Lake and Peninsula Borough, Alaska has widened from about 33% to 41% in 2023. In dollar terms, the gap has widened by $27,697 since 2009.