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 | Gadsden | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $37,769 | $62,318 | $78,145 |
| Median Personal Income | $38,184 | $53,379 | $61,726 |
| Average income growth | 3.6% | 4.8% | 5.1% |
| Six-Figure Earners | 3.5% | 9.0% | 13.2% |
The median household income in Gadsden is about 39% lower than in Alabama. Income has been growing slower in Gadsden (3.6%/yr) than in Alabama (4.8%/yr).
About 3% of adults in Gadsden 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 Gadsden, Alabama grew by 36.8% from 2009 to 2023, reaching $37,769 in 2023. That's an average of about 3.6% per year.
Economic Inequality in Gadsden | Gender Pay Gap | Gini Coefficient
| Metric | Gadsden | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.530 | 0.572 | 0.570 |
| Male Median Income | $43,612 | $61,248 | $67,746 |
| Female Median Income | $34,973 | $45,616 | $54,793 |
| Gender Pay Gap | 19.8% | 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 Gadsden, 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 25% more than women's income in Gadsden, Alabama. Over a 35-year career, a 25% wage gap accumulates to roughly $302,365 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Gadsden, Alabama has stayed about the same since 2009, at around 20%. In dollar terms, the gap has widened by $2,124 since 2009.
Employment
| Metric | Gadsden | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.7% | 4.8% | 5.2% |
| Working from Home | 3.2% | 7.8% | 13.4% |
| Commute time (minutes) | 16 | 22 | 22 |
Approximately 1,081 people are unemployed in Gadsden, Alabama.
The average commute time in Gadsden is 16 minutes, shorter than the 22 minutes in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Gadsden, Alabama has fallen from 14.7% to 8.7% in 2023.
Conclusion
Considering all these factors, Gadsden, Alabama has an overall wealth index grade of D, making it somewhat worse than Alabama, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Gadsden, Alabama.
How Rich Is Gadsden, Alabama?
Gadsden 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 $37,769, about 39% lower than the Alabama average of $62,318.
What is the current median household income in Gadsden, Alabama?
As of 2023, the median household income in Gadsden, Alabama is $37,769.
What was the median household income in Gadsden in 2023?
In 2023, the median household income in Gadsden, Alabama was $37,769.
What was the median household income in Gadsden in 2020?
In 2020, the median household income in Gadsden, Alabama was $32,630.
What is the Gini coefficient in Gadsden, Alabama?
The Gini coefficient in Gadsden 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 Gadsden, Alabama?
The income gap between men and women in Gadsden, Alabama has stayed about the same since 2009, at around 20%. In dollar terms, the gap has widened by $2,124 since 2009.