Wealth Index
Wealthier than 86% 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 | Morgan County | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $64,873 | $62,318 | $78,145 |
| Median Personal Income | $51,938 | $53,379 | $61,726 |
| Average income growth | 4.8% | 4.8% | 5.1% |
| Six-Figure Earners | 9.6% | 9.0% | 13.2% |
The median household income in Morgan County is about 4% higher than in Alabama. Income has been growing slower in Morgan County (4.8%/yr) than in Alabama (4.8%/yr).
About 10% of adults in Morgan County 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 Morgan County, Alabama grew by 51.0% from 2009 to 2023, reaching $64,873 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Morgan County | Gender Pay Gap | Gini Coefficient
| Metric | Morgan County | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.556 | 0.572 | 0.570 |
| Male Median Income | $61,663 | $61,248 | $67,746 |
| Female Median Income | $42,040 | $45,616 | $54,793 |
| Gender Pay Gap | 31.8% | 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 Morgan County, it is 0.556, 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 47% more than women's income in Morgan County, Alabama. Over a 35-year career, a 47% wage gap accumulates to roughly $686,805 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Morgan County, Alabama has stayed about the same since 2009, at around 32%. In dollar terms, the gap has widened by $5,469 since 2009.
Employment
| Metric | Morgan County | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.0% | 4.8% | 5.2% |
| Working from Home | 5.6% | 7.8% | 13.4% |
| Commute time (minutes) | 22 | 22 | 22 |
Approximately 2,288 people are unemployed in Morgan County, Alabama.
The average commute time in Morgan County is 22 minutes, about the same as in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Morgan County, Alabama has fallen from 9.4% to 4.0% in 2023.
Conclusion
Considering all these factors, Morgan County, Alabama has an overall wealth index grade of C, making it somewhat better than Alabama, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Morgan County, Alabama.
How Rich Is Morgan County, Alabama?
Morgan 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 $64,873, about 4% higher than the Alabama average of $62,318.
What is the current median household income in Morgan County, Alabama?
As of 2023, the median household income in Morgan County, Alabama is $64,873.
What was the median household income in Morgan County in 2023?
In 2023, the median household income in Morgan County, Alabama was $64,873.
What was the median household income in Morgan County in 2020?
In 2020, the median household income in Morgan County, Alabama was $52,604.
What is the Gini coefficient in Morgan County, Alabama?
The Gini coefficient in Morgan County is 0.556. 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 Morgan County, Alabama?
The income gap between men and women in Morgan County, Alabama has stayed about the same since 2009, at around 32%. In dollar terms, the gap has widened by $5,469 since 2009.