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 | Alabaster | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $90,681 | $62,318 | $78,145 |
| Median Personal Income | $60,785 | $53,379 | $61,726 |
| Average income growth | 4.0% | 4.8% | 5.1% |
| Six-Figure Earners | 12.8% | 9.0% | 13.2% |
The median household income in Alabaster is about 46% higher than in Alabama. Income has been growing slower in Alabaster (4.0%/yr) than in Alabama (4.8%/yr).
About 13% of adults in Alabaster earn six figures ($100,000 or more) a year, higher than the Alabama average of 9%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Alabaster, Alabama grew by 33.0% from 2009 to 2023, reaching $90,681 in 2023. That's an average of about 4.0% per year.
Economic Inequality in Alabaster | Gender Pay Gap | Gini Coefficient
| Metric | Alabaster | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.530 | 0.572 | 0.570 |
| Male Median Income | $66,226 | $61,248 | $67,746 |
| Female Median Income | $53,470 | $45,616 | $54,793 |
| Gender Pay Gap | 19.3% | 25.5% | 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 Alabaster, it is 0.530, lower than Alabama's 0.572, 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 24% more than women's income in Alabaster, Alabama. Over a 35-year career, a 24% wage gap accumulates to roughly $446,460 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Alabaster, Alabama has narrowed from about 22% to 19% in 2023. In dollar terms, the gap has widened by $1,004 since 2009.
Employment
| Metric | Alabaster | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.0% | 4.8% | 5.2% |
| Working from Home | 14.3% | 7.8% | 13.4% |
| Commute time (minutes) | 30 | 22 | 22 |
Approximately 446 people are unemployed in Alabaster, Alabama.
The average commute time in Alabaster is 30 minutes, longer than the 22 minutes in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Alabaster, Alabama has fallen from 5.7% to 3.0% in 2023.
Conclusion
Considering all these factors, Alabaster, Alabama has an overall wealth index grade of B, making it notably better than Alabama, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Alabaster, Alabama.
How Wealthy Is Alabaster, Alabama?
Alabaster 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 $90,681, about 46% higher than the Alabama average of $62,318.
What is the current median household income in Alabaster, Alabama?
As of 2023, the median household income in Alabaster, Alabama is $90,681.
What was the median household income in Alabaster in 2023?
In 2023, the median household income in Alabaster, Alabama was $90,681.
What was the median household income in Alabaster in 2020?
In 2020, the median household income in Alabaster, Alabama was $76,806.
What is the Gini coefficient in Alabaster, Alabama?
The Gini coefficient in Alabaster is 0.530. 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 Alabaster, Alabama?
Since 2009, the income gap between men and women in Alabaster, Alabama has narrowed from about 22% to 19% in 2023. In dollar terms, the gap has widened by $1,004 since 2009.