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 | Homewood | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $94,304 | $62,318 | $78,145 |
| Median Personal Income | $78,343 | $53,379 | $61,726 |
| Average income growth | 5.4% | 4.8% | 5.1% |
| Six-Figure Earners | 20.2% | 9.0% | 13.2% |
The median household income in Homewood is about 51% higher than in Alabama. Income has been growing faster in Homewood (5.4%/yr) than in Alabama (4.8%/yr).
About 20% of adults in Homewood 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 Homewood, Alabama grew by 68.3% from 2009 to 2023, reaching $94,304 in 2023. That's an average of about 5.4% per year.
Economic Inequality in Homewood | Gender Pay Gap | Gini Coefficient
| Metric | Homewood | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.586 | 0.572 | 0.570 |
| Male Median Income | $96,020 | $61,248 | $67,746 |
| Female Median Income | $61,623 | $45,616 | $54,793 |
| Gender Pay Gap | 35.8% | 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 Homewood, it is 0.586, higher than Alabama's 0.572, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 56% more than women's income in Homewood, Alabama. Over a 35-year career, a 56% wage gap accumulates to roughly $1,203,895 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Homewood, Alabama has widened from about 19% to 36% in 2023. In dollar terms, the gap has widened by $24,509 since 2009.
Employment
| Metric | Homewood | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.1% | 4.8% | 5.2% |
| Working from Home | 11.3% | 7.8% | 13.4% |
| Commute time (minutes) | 16 | 22 | 22 |
Approximately 307 people are unemployed in Homewood, Alabama.
The average commute time in Homewood is 16 minutes, shorter than the 22 minutes in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Homewood, Alabama has fallen from 5.4% to 2.1% in 2023.
Conclusion
Considering all these factors, Homewood, 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 Homewood, Alabama.
How Rich Is Homewood, Alabama?
Homewood 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 $94,304, about 51% higher than the Alabama average of $62,318.
What is the current median household income in Homewood, Alabama?
As of 2023, the median household income in Homewood, Alabama is $94,304.
What was the median household income in Homewood in 2023?
In 2023, the median household income in Homewood, Alabama was $94,304.
What was the median household income in Homewood in 2020?
In 2020, the median household income in Homewood, Alabama was $80,771.
What is the Gini coefficient in Homewood, Alabama?
The Gini coefficient in Homewood is 0.586. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Homewood, Alabama?
Since 2009, the income gap between men and women in Homewood, Alabama has widened from about 19% to 36% in 2023. In dollar terms, the gap has widened by $24,509 since 2009.