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 | Bessemer | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $46,637 | $62,318 | $78,145 |
| Median Personal Income | $51,250 | $53,379 | $61,726 |
| Average income growth | 3.5% | 4.8% | 5.1% |
| Six-Figure Earners | 6.4% | 9.0% | 13.2% |
The median household income in Bessemer is about 25% lower than in Alabama. Income has been growing slower in Bessemer (3.5%/yr) than in Alabama (4.8%/yr).
About 6% of adults in Bessemer earn six figures ($100,000 or more) a year, lower than the Alabama average of 9%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Bessemer, Alabama grew by 45.0% from 2009 to 2023, reaching $46,637 in 2023. That's an average of about 3.5% per year.
Economic Inequality in Bessemer | Gender Pay Gap | Gini Coefficient
| Metric | Bessemer | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.566 | 0.572 | 0.570 |
| Male Median Income | $56,384 | $61,248 | $67,746 |
| Female Median Income | $48,174 | $45,616 | $54,793 |
| Gender Pay Gap | 14.6% | 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 Bessemer, it is 0.566, lower than Alabama's 0.572, so income is more evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 17% more than women's income in Bessemer, Alabama. Over a 35-year career, a 17% wage gap accumulates to roughly $287,350 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Bessemer, Alabama has narrowed from about 18% to 15% in 2023. In dollar terms, the gap has widened by $1,225 since 2009.
Employment
| Metric | Bessemer | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.3% | 4.8% | 5.2% |
| Working from Home | 9.1% | 7.8% | 13.4% |
| Commute time (minutes) | 25 | 22 | 22 |
Approximately 880 people are unemployed in Bessemer, Alabama.
The average commute time in Bessemer is 25 minutes, longer than the 22 minutes in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Bessemer, Alabama has fallen from 11.8% to 6.3% in 2023.
Conclusion
Considering all these factors, Bessemer, Alabama has an overall wealth index grade of D, making it about on par with Alabama, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Bessemer, Alabama.
How Rich Is Bessemer, Alabama?
Bessemer has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $46,637, about 25% lower than the Alabama average of $62,318.
What is the current median household income in Bessemer, Alabama?
As of 2023, the median household income in Bessemer, Alabama is $46,637.
What was the median household income in Bessemer in 2023?
In 2023, the median household income in Bessemer, Alabama was $46,637.
What was the median household income in Bessemer in 2020?
In 2020, the median household income in Bessemer, Alabama was $39,101.
What is the Gini coefficient in Bessemer, Alabama?
The Gini coefficient in Bessemer is 0.566. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Bessemer, Alabama?
Since 2009, the income gap between men and women in Bessemer, Alabama has narrowed from about 18% to 15% in 2023. In dollar terms, the gap has widened by $1,225 since 2009.