Wealth Index
Among the top 5 wealthiest 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 | Skagway Municipality | Alaska Avg | US Average |
|---|---|---|---|
| Median Household Income | $78,024 | $90,338 | $78,145 |
| Median Personal Income | $73,749 | $69,250 | $61,726 |
| Average income growth | 2.5% | 2.8% | 5.1% |
| Six-Figure Earners | 19.2% | 15.9% | 13.2% |
The median household income in Skagway Municipality is about 14% lower than in Alaska. Income has been growing slower in Skagway Municipality (2.5%/yr) than in Alaska (2.8%/yr).
About 19% of adults in Skagway Municipality earn six figures ($100,000 or more) a year, higher than the Alaska average of 16%.
Median Household Income 2010–2023 Trend
Median Household Income Over Time
Median household income in Skagway Municipality, Alaska grew by 6.4% from 2010 to 2023, reaching $78,024 in 2023. That's an average of about 2.5% per year.
Economic Inequality in Skagway Municipality | Gender Pay Gap | Gini Coefficient
| Metric | Skagway Municipality | Alaska Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.432 | 0.540 | 0.570 |
| Male Median Income | $69,444 | $73,954 | $67,746 |
| Female Median Income | $75,675 | $63,633 | $54,793 |
| Gender Pay Gap | -9.0% | 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 Skagway Municipality, it is 0.432, 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 9% more than men's income in Skagway Municipality, Alaska. Over a 35-year career, a 9% wage gap accumulates to roughly $218,085 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2010, the income gap between men and women in Skagway Municipality, Alaska has narrowed from about 12% to -9% in 2023. In dollar terms, the gap has narrowed by $12,923 since 2010.
Employment
| Metric | Skagway Municipality | Alaska Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 9.5% | 5.4% | 5.2% |
| Working from Home | 3.2% | 8.8% | 13.4% |
| Commute time (minutes) | 5 | 16 | 22 |
Approximately 80 people are unemployed in Skagway Municipality, Alaska.
The average commute time in Skagway Municipality is 5 minutes, shorter than the 16 minutes in Alaska.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Skagway Municipality, Alaska has risen from 5.3% to 9.5% in 2023.
Conclusion
Considering all these factors, Skagway Municipality, 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 Skagway Municipality, Alaska.
How Rich Is Skagway Municipality, Alaska?
Skagway Municipality 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 $78,024, about 14% lower than the Alaska average of $90,338.
What is the current median household income in Skagway Municipality, Alaska?
As of 2023, the median household income in Skagway Municipality, Alaska is $78,024.
What was the median household income in Skagway Municipality in 2023?
In 2023, the median household income in Skagway Municipality, Alaska was $78,024.
What was the median household income in Skagway Municipality in 2020?
In 2020, the median household income in Skagway Municipality, Alaska was $71,730.
What is the Gini coefficient in Skagway Municipality, Alaska?
The Gini coefficient in Skagway Municipality is 0.432. 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 Skagway Municipality, Alaska?
Since 2010, the income gap between men and women in Skagway Municipality, Alaska has narrowed from about 12% to -9% in 2023. In dollar terms, the gap has narrowed by $12,923 since 2010.