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 | Lamar County | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $47,578 | $62,318 | $78,145 |
| Median Personal Income | $41,845 | $53,379 | $61,726 |
| Average income growth | 4.9% | 4.8% | 5.1% |
| Six-Figure Earners | 3.7% | 9.0% | 13.2% |
The median household income in Lamar County is about 24% lower than in Alabama. Income has been growing faster in Lamar County (4.9%/yr) than in Alabama (4.8%/yr).
About 4% of adults in Lamar 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 Lamar County, Alabama grew by 53.1% from 2009 to 2023, reaching $47,578 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Lamar County | Gender Pay Gap | Gini Coefficient
| Metric | Lamar County | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.537 | 0.572 | 0.570 |
| Male Median Income | $44,499 | $61,248 | $67,746 |
| Female Median Income | $36,963 | $45,616 | $54,793 |
| Gender Pay Gap | 16.9% | 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 Lamar County, 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 20% more than women's income in Lamar County, Alabama. Over a 35-year career, a 20% wage gap accumulates to roughly $263,760 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lamar County, Alabama has narrowed from about 29% to 17% in 2023. In dollar terms, the gap has narrowed by $3,768 since 2009.
Employment
| Metric | Lamar County | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.4% | 4.8% | 5.2% |
| Working from Home | 5.8% | 7.8% | 13.4% |
| Commute time (minutes) | 21 | 22 | 22 |
Approximately 357 people are unemployed in Lamar County, Alabama.
The average commute time in Lamar County is 21 minutes, shorter than the 22 minutes in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lamar County, Alabama has fallen from 9.8% to 6.4% in 2023.
Conclusion
Considering all these factors, Lamar 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 Lamar County, Alabama.
How Rich Is Lamar County, Alabama?
Lamar 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 $47,578, about 24% lower than the Alabama average of $62,318.
What is the current median household income in Lamar County, Alabama?
As of 2023, the median household income in Lamar County, Alabama is $47,578.
What was the median household income in Lamar County in 2023?
In 2023, the median household income in Lamar County, Alabama was $47,578.
What was the median household income in Lamar County in 2020?
In 2020, the median household income in Lamar County, Alabama was $42,656.
What is the Gini coefficient in Lamar County, Alabama?
The Gini coefficient in Lamar County 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 Lamar County, Alabama?
Since 2009, the income gap between men and women in Lamar County, Alabama has narrowed from about 29% to 17% in 2023. In dollar terms, the gap has narrowed by $3,768 since 2009.