Wealth Index
Wealthier than 76% of counties in Alabama
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 | Colbert County | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $56,082 | $62,318 | $78,145 |
| Median Personal Income | $50,512 | $53,379 | $61,726 |
| Average income growth | 3.6% | 4.8% | 5.1% |
| Six-Figure Earners | 6.4% | 9.0% | 13.2% |
The median household income in Colbert County is about 10% lower than in Alabama. Income has been growing slower in Colbert County (3.6%/yr) than in Alabama (4.8%/yr).
About 6% of adults in Colbert County 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 Colbert County, Alabama grew by 43.6% from 2009 to 2023, reaching $56,082 in 2023. That's an average of about 3.6% per year.
Economic Inequality in Colbert County | Gender Pay Gap | Gini Coefficient
| Metric | Colbert County | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.535 | 0.572 | 0.570 |
| Male Median Income | $60,382 | $61,248 | $67,746 |
| Female Median Income | $42,766 | $45,616 | $54,793 |
| Gender Pay Gap | 29.2% | 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 Colbert County, it is 0.535, 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 41% more than women's income in Colbert County, Alabama. Over a 35-year career, a 41% wage gap accumulates to roughly $616,560 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Colbert County, Alabama has narrowed from about 31% to 29% in 2023. In dollar terms, the gap has widened by $4,954 since 2009.
Employment
| Metric | Colbert County | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.3% | 4.8% | 5.2% |
| Working from Home | 6.9% | 7.8% | 13.4% |
| Commute time (minutes) | 18 | 22 | 22 |
Approximately 884 people are unemployed in Colbert County, Alabama.
The average commute time in Colbert County is 18 minutes, shorter than the 22 minutes in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Colbert County, Alabama has fallen from 8.4% to 3.3% in 2023.
Conclusion
Considering all these factors, Colbert County, 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 Colbert County, Alabama.
How Rich Is Colbert County, Alabama?
Colbert County 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 $56,082, about 10% lower than the Alabama average of $62,318.
What is the current median household income in Colbert County, Alabama?
As of 2023, the median household income in Colbert County, Alabama is $56,082.
What was the median household income in Colbert County in 2023?
In 2023, the median household income in Colbert County, Alabama was $56,082.
What was the median household income in Colbert County in 2020?
In 2020, the median household income in Colbert County, Alabama was $48,103.
What is the Gini coefficient in Colbert County, Alabama?
The Gini coefficient in Colbert County is 0.535. 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 Colbert County, Alabama?
Since 2009, the income gap between men and women in Colbert County, Alabama has narrowed from about 31% to 29% in 2023. In dollar terms, the gap has widened by $4,954 since 2009.