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 | Petersburg Borough | Alaska Avg | US Average |
|---|---|---|---|
| Median Household Income | $77,500 | $90,338 | $78,145 |
| Median Personal Income | $55,816 | $69,250 | $61,726 |
| Average income growth | 2.6% | 2.8% | 5.1% |
| Six-Figure Earners | 12.1% | 15.9% | 13.2% |
The median household income in Petersburg Borough is about 14% lower than in Alaska. Income has been growing slower in Petersburg Borough (2.6%/yr) than in Alaska (2.8%/yr).
About 12% of adults in Petersburg Borough earn six figures ($100,000 or more) a year, lower than the Alaska average of 16%.
Median Household Income 2010–2023 Trend
Median Household Income Over Time
Median household income in Petersburg Borough, Alaska grew by 15.3% from 2010 to 2023, reaching $77,500 in 2023. That's an average of about 2.6% per year.
Economic Inequality in Petersburg Borough | Gender Pay Gap | Gini Coefficient
| Metric | Petersburg Borough | Alaska Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.509 | 0.540 | 0.570 |
| Male Median Income | $55,749 | $73,954 | $67,746 |
| Female Median Income | $55,861 | $63,633 | $54,793 |
| Gender Pay Gap | -0.2% | 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 Petersburg Borough, it is 0.509, 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.
Women's income is about 0% more than men's income in Petersburg Borough, Alaska.
Income by Sex Over Time
Since 2010, the income gap between men and women in Petersburg Borough, Alaska has narrowed from about 35% to -0% in 2023. In dollar terms, the gap has narrowed by $19,428 since 2010.
Employment
| Metric | Petersburg Borough | Alaska Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.1% | 5.4% | 5.2% |
| Working from Home | 7.4% | 8.8% | 13.4% |
| Commute time (minutes) | 6 | 16 | 22 |
Approximately 76 people are unemployed in Petersburg Borough, Alaska.
The average commute time in Petersburg Borough is 6 minutes, shorter than the 16 minutes in Alaska.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Petersburg Borough, Alaska has fallen from 6.1% to 4.1% in 2023.
Conclusion
Considering all these factors, Petersburg 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 Petersburg Borough, Alaska.
How Rich Is Petersburg Borough, Alaska?
Petersburg 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 $77,500, about 14% lower than the Alaska average of $90,338.
What is the current median household income in Petersburg Borough, Alaska?
As of 2023, the median household income in Petersburg Borough, Alaska is $77,500.
What was the median household income in Petersburg Borough in 2023?
In 2023, the median household income in Petersburg Borough, Alaska was $77,500.
What was the median household income in Petersburg Borough in 2020?
In 2020, the median household income in Petersburg Borough, Alaska was $65,886.
What is the Gini coefficient in Petersburg Borough, Alaska?
The Gini coefficient in Petersburg Borough is 0.509. 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 Petersburg Borough, Alaska?
Since 2010, the income gap between men and women in Petersburg Borough, Alaska has narrowed from about 35% to -0% in 2023. In dollar terms, the gap has narrowed by $19,428 since 2010.