Montgomery, Alabama Income Statistics
Montgomery Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
D
Montgomery Well below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Montgomery | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $56,058 | $64,544 | $80,455 |
| Median Personal Income | $49,029 | $52,756 | $60,758 |
| Average Yearly Income Growth | 3.4% | 4.7% | 4.8% |
| Six-Figure Earners | 8.3% | 9.6% | 13.9% |
| $200k+ Households | 5.7% | 7.8% | 13.2% |
The median household income in Montgomery is about 13% lower than in Alabama. Income has been growing slower in Montgomery (3.4%/yr) than in Alabama (4.7%/yr).
About 8% of adults in Montgomery earn six figures ($100,000 or more) a year, lower than the Alabama average of 10%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Montgomery, Alabama grew by 36.0% from 2009 to 2024, reaching $56,058 in 2024. That's an average of about 3.4% per year.
Income Inequality and the Gender Pay Gap in Montgomery
| Metric | Montgomery | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.560 | 0.560 | 0.552 |
| Male Median Income | $55,777 | $62,840 | $69,667 |
| Female Median Income | $46,123 | $47,036 | $56,850 |
| Gender Pay Gap | 17.3% | 25.1% | 18.4% |
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 Montgomery, it is 0.560, about the same as Alabama's 0.560, so income here is about as evenly distributed as there, and higher than the US's 0.552, so income is less evenly distributed here than there.
Men's income is about 21% more than women's income in Montgomery, Alabama. Over a 35-year career, a 21% wage gap accumulates to roughly $337,890 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Montgomery, Alabama has narrowed from about 25% to 17% in 2024. Over that period the gap was narrowest at 16% in 2023. In dollar terms, the gap has narrowed by $766 since 2009.
Employment
| Metric | Montgomery | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.5% | 4.7% | 5.2% |
| Working from Home | 7.8% | 8.8% | 15.0% |
| Commute time (minutes) | 18 | 22 | 22 |
Approximately 5,605 people are unemployed in Montgomery, Alabama.
The average commute time in Montgomery is 18 minutes, shorter than the 22 minutes in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Montgomery, Alabama has fallen from 8.8% to 6.5% in 2024. Over that period the rate peaked at 9.3% in 2014 and fell as low as 6.4% in 2023.
Conclusion
Considering all these factors, Montgomery, 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 Montgomery, Alabama.
How Rich Is Montgomery, Alabama?
Montgomery 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 $56,058, about 13% lower than the Alabama average of $64,544.
How has median household income changed in Montgomery, Alabama?
Between 2009 and 2024, the median household income in Montgomery, Alabama rose 36%, from $41,222 to $56,058. Over the same years, income here lagged behind Alabama as a whole: +36% against +56%.
What was the median household income in Montgomery in 2023?
In 2023, the median household income in Montgomery, Alabama was $54,904, up 4% from $52,926 in 2022. The Alabama median that year was $62,326.
What was the median household income in Montgomery in 2020?
In 2020, the median household income in Montgomery, Alabama was $48,721. By 2024 it had risen 15% to $56,058.
Is it hard to find a job in Montgomery, Alabama?
Unemployment in Montgomery, Alabama is 6.5%, well above the Alabama rate of 4.7%, so job seekers may face more competition than elsewhere.
What is the Gini coefficient in Montgomery, Alabama?
The Gini coefficient in Montgomery is 0.560. 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 0.552, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Montgomery, Alabama?
Since 2009, the income gap between men and women in Montgomery, Alabama has narrowed from about 25% to 17% in 2024. Over that period the gap was narrowest at 16% in 2023. In dollar terms, the gap has narrowed by $766 since 2009.
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