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 | Wrangell | Alaska Avg | US Average |
|---|---|---|---|
| Median Household Income | $62,499 | $90,338 | $78,145 |
| Median Personal Income | $64,218 | $69,250 | $61,726 |
| Average income growth | 2.7% | 2.8% | 5.1% |
| Six-Figure Earners | 8.2% | 15.9% | 13.2% |
The median household income in Wrangell is about 31% lower than in Alaska. Income has been growing slower in Wrangell (2.7%/yr) than in Alaska (2.8%/yr).
About 8% of adults in Wrangell 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 Wrangell, Alaska grew by 23.6% from 2010 to 2023, reaching $62,499 in 2023. That's an average of about 2.7% per year.
Economic Inequality in Wrangell | Gender Pay Gap | Gini Coefficient
| Metric | Wrangell | Alaska Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.509 | 0.540 | 0.570 |
| Male Median Income | $66,457 | $73,954 | $67,746 |
| Female Median Income | $63,165 | $63,633 | $54,793 |
| Gender Pay Gap | 5.0% | 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 Wrangell, 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.
Men's income is about 5% more than women's income in Wrangell, Alaska. Over a 35-year career, a 5% wage gap accumulates to roughly $115,220 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Wrangell, Alaska has narrowed from about 24% to 5% in 2023. In dollar terms, the gap has narrowed by $9,704 since 2009.
Employment
| Metric | Wrangell | Alaska Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.5% | 5.4% | 5.2% |
| Working from Home | 9.9% | 8.8% | 13.4% |
| Commute time (minutes) | 5 | 16 | 22 |
Approximately 31 people are unemployed in Wrangell, Alaska.
The average commute time in Wrangell is 5 minutes, shorter than the 16 minutes in Alaska.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Wrangell, Alaska has fallen from 5.5% to 3.5% in 2023.
Conclusion
Considering all these factors, Wrangell, 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 Wrangell, Alaska.
How Rich Is Wrangell, Alaska?
Wrangell 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 $62,499, about 31% lower than the Alaska average of $90,338.
What is the current median household income in Wrangell, Alaska?
As of 2023, the median household income in Wrangell, Alaska is $62,499.
What was the median household income in Wrangell in 2023?
In 2023, the median household income in Wrangell, Alaska was $62,499.
What was the median household income in Wrangell in 2020?
In 2020, the median household income in Wrangell, Alaska was $59,156.
What is the Gini coefficient in Wrangell, Alaska?
The Gini coefficient in Wrangell 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 Wrangell, Alaska?
Since 2009, the income gap between men and women in Wrangell, Alaska has narrowed from about 24% to 5% in 2023. In dollar terms, the gap has narrowed by $9,704 since 2009.