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 | Madison | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $120,618 | $62,318 | $78,145 |
| Median Personal Income | $97,800 | $53,379 | $61,726 |
| Average income growth | 4.6% | 4.8% | 5.1% |
| Six-Figure Earners | 27.5% | 9.0% | 13.2% |
The median household income in Madison is about 94% higher than in Alabama. Income has been growing slower in Madison (4.6%/yr) than in Alabama (4.8%/yr).
About 28% of adults in Madison 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 Madison, Alabama grew by 49.8% from 2009 to 2023, reaching $120,618 in 2023. That's an average of about 4.6% per year.
Economic Inequality in Madison | Gender Pay Gap | Gini Coefficient
| Metric | Madison | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.567 | 0.572 | 0.570 |
| Male Median Income | $117,601 | $61,248 | $67,746 |
| Female Median Income | $64,885 | $45,616 | $54,793 |
| Gender Pay Gap | 44.8% | 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 Madison, it is 0.567, lower than Alabama's 0.572, so income is more evenly distributed here than 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 81% more than women's income in Madison, Alabama. Over a 35-year career, a 81% wage gap accumulates to roughly $1,845,060 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Madison, Alabama has narrowed from about 53% to 45% in 2023. In dollar terms, the gap has widened by $8,591 since 2009.
Employment
| Metric | Madison | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.7% | 4.8% | 5.2% |
| Working from Home | 18.1% | 7.8% | 13.4% |
| Commute time (minutes) | 20 | 22 | 22 |
Approximately 685 people are unemployed in Madison, Alabama.
The average commute time in Madison is 20 minutes, shorter than the 22 minutes in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Madison, Alabama has fallen from 6.4% to 2.7% in 2023.
Conclusion
Considering all these factors, Madison, Alabama has an overall wealth index grade of A, making it far better than Alabama, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Madison, Alabama.
How Rich Is Madison, Alabama?
Madison has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $120,618, about 94% higher than the Alabama average of $62,318.
What is the current median household income in Madison, Alabama?
As of 2023, the median household income in Madison, Alabama is $120,618.
What was the median household income in Madison in 2023?
In 2023, the median household income in Madison, Alabama was $120,618.
What was the median household income in Madison in 2020?
In 2020, the median household income in Madison, Alabama was $90,612.
What is the Gini coefficient in Madison, Alabama?
The Gini coefficient in Madison is 0.567. 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 Madison, Alabama?
Since 2009, the income gap between men and women in Madison, Alabama has narrowed from about 53% to 45% in 2023. In dollar terms, the gap has widened by $8,591 since 2009.