Wealth Index
Wealthier than 85% of counties in Alabama
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 | Montgomery County | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $58,231 | $62,318 | $78,145 |
| Median Personal Income | $50,915 | $53,379 | $61,726 |
| Average income growth | 3.6% | 4.8% | 5.1% |
| Six-Figure Earners | 8.3% | 9.0% | 13.2% |
The median household income in Montgomery County is about 7% lower than in Alabama. Income has been growing slower in Montgomery County (3.6%/yr) than in Alabama (4.8%/yr).
About 8% of adults in Montgomery 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 Montgomery County, Alabama grew by 34.9% from 2009 to 2023, reaching $58,231 in 2023. That's an average of about 3.6% per year.
Economic Inequality in Montgomery County | Gender Pay Gap | Gini Coefficient
| Metric | Montgomery County | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.573 | 0.572 | 0.570 |
| Male Median Income | $56,308 | $61,248 | $67,746 |
| Female Median Income | $46,384 | $45,616 | $54,793 |
| Gender Pay Gap | 17.6% | 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 Montgomery County, it is 0.573, about the same as Alabama's 0.572, so income here is about as evenly distributed as 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 21% more than women's income in Montgomery County, Alabama. Over a 35-year career, a 21% wage gap accumulates to roughly $347,340 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 County, Alabama has narrowed from about 24% to 18% in 2023. In dollar terms, the gap has narrowed by $550 since 2009.
Employment
| Metric | Montgomery County | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.9% | 4.8% | 5.2% |
| Working from Home | 7.3% | 7.8% | 13.4% |
| Commute time (minutes) | 18 | 22 | 22 |
Approximately 6,265 people are unemployed in Montgomery County, Alabama.
The average commute time in Montgomery County is 18 minutes, shorter than the 22 minutes in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Montgomery County, Alabama has fallen from 8.4% to 5.9% in 2023.
Conclusion
Considering all these factors, Montgomery County, Alabama has an overall wealth index grade of C, making it about on par with Alabama, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Montgomery County, Alabama.
How Rich Is Montgomery County, Alabama?
Montgomery County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $58,231, about 7% lower than the Alabama average of $62,318.
What is the current median household income in Montgomery County, Alabama?
As of 2023, the median household income in Montgomery County, Alabama is $58,231.
What was the median household income in Montgomery County in 2023?
In 2023, the median household income in Montgomery County, Alabama was $58,231.
What was the median household income in Montgomery County in 2020?
In 2020, the median household income in Montgomery County, Alabama was $51,735.
What is the Gini coefficient in Montgomery County, Alabama?
The Gini coefficient in Montgomery County is 0.573. 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 Montgomery County, Alabama?
Since 2009, the income gap between men and women in Montgomery County, Alabama has narrowed from about 24% to 18% in 2023. In dollar terms, the gap has narrowed by $550 since 2009.