Wealth Index
Less wealthy than 79% 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 | Prince of Wales-Hyder Census Area | Alaska Avg | US Average |
|---|---|---|---|
| Median Household Income | $58,847 | $90,338 | $78,145 |
| Median Personal Income | $60,817 | $69,250 | $61,726 |
| Average income growth | 1.9% | 2.8% | 5.1% |
| Six-Figure Earners | 7.6% | 15.9% | 13.2% |
The median household income in Prince of Wales-Hyder Census Area is about 35% lower than in Alaska. Income has been growing slower in Prince of Wales-Hyder Census Area (1.9%/yr) than in Alaska (2.8%/yr).
About 8% of adults in Prince of Wales-Hyder Census Area 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 Prince of Wales-Hyder Census Area, Alaska fell by 17.2% from 2009 to 2023, reaching $58,847 in 2023. That's an average of about 1.9% per year.
Economic Inequality in Prince of Wales-Hyder Census Area | Gender Pay Gap | Gini Coefficient
| Metric | Prince of Wales-Hyder Census Area | Alaska Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.522 | 0.540 | 0.570 |
| Male Median Income | $64,746 | $73,954 | $67,746 |
| Female Median Income | $56,716 | $63,633 | $54,793 |
| Gender Pay Gap | 12.4% | 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 Prince of Wales-Hyder Census Area, it is 0.522, 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 14% more than women's income in Prince of Wales-Hyder Census Area, Alaska. Over a 35-year career, a 14% wage gap accumulates to roughly $281,050 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Prince of Wales-Hyder Census Area, Alaska has narrowed from about 24% to 12% in 2023. In dollar terms, the gap has narrowed by $4,954 since 2009.
Employment
| Metric | Prince of Wales-Hyder Census Area | Alaska Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.1% | 5.4% | 5.2% |
| Working from Home | 6.6% | 8.8% | 13.4% |
| Commute time (minutes) | 6 | 16 | 22 |
Approximately 233 people are unemployed in Prince of Wales-Hyder Census Area, Alaska.
The average commute time in Prince of Wales-Hyder Census Area is 6 minutes, shorter than the 16 minutes in Alaska.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Prince of Wales-Hyder Census Area, Alaska has fallen from 10.9% to 8.1% in 2023.
Conclusion
Considering all these factors, Prince of Wales-Hyder Census Area, 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 Prince of Wales-Hyder Census Area, Alaska.
How Rich Is Prince of Wales-Hyder Census Area, Alaska?
Prince of Wales-Hyder Census Area 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 $58,847, about 35% lower than the Alaska average of $90,338.
What is the current median household income in Prince of Wales-Hyder Census Area, Alaska?
As of 2023, the median household income in Prince of Wales-Hyder Census Area, Alaska is $58,847.
What was the median household income in Prince of Wales-Hyder Census Area in 2023?
In 2023, the median household income in Prince of Wales-Hyder Census Area, Alaska was $58,847.
What was the median household income in Prince of Wales-Hyder Census Area in 2020?
In 2020, the median household income in Prince of Wales-Hyder Census Area, Alaska was $53,622.
What is the Gini coefficient in Prince of Wales-Hyder Census Area, Alaska?
The Gini coefficient in Prince of Wales-Hyder Census Area is 0.522. 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 Prince of Wales-Hyder Census Area, Alaska?
Since 2009, the income gap between men and women in Prince of Wales-Hyder Census Area, Alaska has narrowed from about 24% to 12% in 2023. In dollar terms, the gap has narrowed by $4,954 since 2009.