Wealth Index
Wealthier than 89% 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 | Elmore County | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $75,680 | $62,318 | $78,145 |
| Median Personal Income | $53,479 | $53,379 | $61,726 |
| Average income growth | 5.0% | 4.8% | 5.1% |
| Six-Figure Earners | 9.4% | 9.0% | 13.2% |
The median household income in Elmore County is about 21% higher than in Alabama. Income has been growing faster in Elmore County (5.0%/yr) than in Alabama (4.8%/yr).
About 9% of adults in Elmore County earn six figures ($100,000 or more) a year, about the same as the Alabama average of 9%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Elmore County, Alabama grew by 44.2% from 2009 to 2023, reaching $75,680 in 2023. That's an average of about 5.0% per year.
Economic Inequality in Elmore County | Gender Pay Gap | Gini Coefficient
| Metric | Elmore County | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.570 | 0.572 | 0.570 |
| Male Median Income | $60,459 | $61,248 | $67,746 |
| Female Median Income | $50,142 | $45,616 | $54,793 |
| Gender Pay Gap | 17.1% | 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 Elmore County, it is 0.570, about the same as Alabama's 0.572, so income here is about as evenly distributed as 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 21% more than women's income in Elmore County, Alabama. Over a 35-year career, a 21% wage gap accumulates to roughly $361,095 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Elmore County, Alabama has narrowed from about 28% to 17% in 2023. In dollar terms, the gap has narrowed by $2,316 since 2009.
Employment
| Metric | Elmore County | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.8% | 4.8% | 5.2% |
| Working from Home | 7.8% | 7.8% | 13.4% |
| Commute time (minutes) | 27 | 22 | 22 |
Approximately 1,607 people are unemployed in Elmore County, Alabama.
The average commute time in Elmore County is 27 minutes, longer than the 22 minutes in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Elmore County, Alabama has fallen from 8.7% to 3.8% in 2023.
Conclusion
Considering all these factors, Elmore County, Alabama has an overall wealth index grade of C, making it somewhat better than Alabama, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Elmore County, Alabama.
How Wealthy Is Elmore County, Alabama?
Elmore County 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 $75,680, about 21% higher than the Alabama average of $62,318.
What is the current median household income in Elmore County, Alabama?
As of 2023, the median household income in Elmore County, Alabama is $75,680.
What was the median household income in Elmore County in 2023?
In 2023, the median household income in Elmore County, Alabama was $75,680.
What was the median household income in Elmore County in 2020?
In 2020, the median household income in Elmore County, Alabama was $62,607.
What is the Gini coefficient in Elmore County, Alabama?
The Gini coefficient in Elmore County is 0.570. 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 Elmore County, Alabama?
Since 2009, the income gap between men and women in Elmore County, Alabama has narrowed from about 28% to 17% in 2023. In dollar terms, the gap has narrowed by $2,316 since 2009.