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 | Hoover | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $96,628 | $62,318 | $78,145 |
| Median Personal Income | $71,951 | $53,379 | $61,726 |
| Average income growth | 4.3% | 4.8% | 5.1% |
| Six-Figure Earners | 19.1% | 9.0% | 13.2% |
The median household income in Hoover is about 55% higher than in Alabama. Income has been growing slower in Hoover (4.3%/yr) than in Alabama (4.8%/yr).
About 19% of adults in Hoover 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 Hoover, Alabama grew by 43.5% from 2009 to 2023, reaching $96,628 in 2023. That's an average of about 4.3% per year.
Economic Inequality in Hoover | Gender Pay Gap | Gini Coefficient
| Metric | Hoover | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.537 | 0.572 | 0.570 |
| Male Median Income | $83,718 | $61,248 | $67,746 |
| Female Median Income | $63,056 | $45,616 | $54,793 |
| Gender Pay Gap | 24.7% | 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 Hoover, it is 0.537, 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 33% more than women's income in Hoover, Alabama. Over a 35-year career, a 33% wage gap accumulates to roughly $723,170 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Hoover, Alabama has narrowed from about 27% to 25% in 2023. In dollar terms, the gap has widened by $4,280 since 2009.
Employment
| Metric | Hoover | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.8% | 4.8% | 5.2% |
| Working from Home | 13.7% | 7.8% | 13.4% |
| Commute time (minutes) | 22 | 22 | 22 |
Approximately 1,539 people are unemployed in Hoover, Alabama.
The average commute time in Hoover is 22 minutes, about the same as in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hoover, Alabama has fallen from 6.7% to 3.8% in 2023.
Conclusion
Considering all these factors, Hoover, Alabama has an overall wealth index grade of B, making it far better than Alabama, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Hoover, Alabama.
How Rich Is Hoover, Alabama?
Hoover 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 $96,628, about 55% higher than the Alabama average of $62,318.
What is the current median household income in Hoover, Alabama?
As of 2023, the median household income in Hoover, Alabama is $96,628.
What was the median household income in Hoover in 2023?
In 2023, the median household income in Hoover, Alabama was $96,628.
What was the median household income in Hoover in 2020?
In 2020, the median household income in Hoover, Alabama was $84,647.
What is the Gini coefficient in Hoover, Alabama?
The Gini coefficient in Hoover is 0.537. 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 Hoover, Alabama?
Since 2009, the income gap between men and women in Hoover, Alabama has narrowed from about 27% to 25% in 2023. In dollar terms, the gap has widened by $4,280 since 2009.