Wealth Index
Less wealthy than 82% 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 | Pike County | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $47,509 | $62,318 | $78,145 |
| Median Personal Income | $40,247 | $53,379 | $61,726 |
| Average income growth | 5.3% | 4.8% | 5.1% |
| Six-Figure Earners | 5.2% | 9.0% | 13.2% |
The median household income in Pike County is about 24% lower than in Alabama. Income has been growing faster in Pike County (5.3%/yr) than in Alabama (4.8%/yr).
About 5% of adults in Pike 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 Pike County, Alabama grew by 68.9% from 2009 to 2023, reaching $47,509 in 2023. That's an average of about 5.3% per year.
Economic Inequality in Pike County | Gender Pay Gap | Gini Coefficient
| Metric | Pike County | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.607 | 0.572 | 0.570 |
| Male Median Income | $41,701 | $61,248 | $67,746 |
| Female Median Income | $39,151 | $45,616 | $54,793 |
| Gender Pay Gap | 6.1% | 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 Pike County, it is 0.607, higher than Alabama's 0.572, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 7% more than women's income in Pike County, Alabama. Over a 35-year career, a 7% wage gap accumulates to roughly $89,250 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Pike County, Alabama has narrowed from about 31% to 6% in 2023. In dollar terms, the gap has narrowed by $9,688 since 2009.
Employment
| Metric | Pike County | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.9% | 4.8% | 5.2% |
| Working from Home | 4.5% | 7.8% | 13.4% |
| Commute time (minutes) | 15 | 22 | 22 |
Approximately 592 people are unemployed in Pike County, Alabama.
The average commute time in Pike County is 15 minutes, shorter than the 22 minutes in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Pike County, Alabama has fallen from 9.7% to 3.9% in 2023.
Conclusion
Considering all these factors, Pike County, Alabama has an overall wealth index grade of D, making it somewhat worse than Alabama, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Pike County, Alabama.
How Rich Is Pike County, Alabama?
Pike 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 $47,509, about 24% lower than the Alabama average of $62,318.
What is the current median household income in Pike County, Alabama?
As of 2023, the median household income in Pike County, Alabama is $47,509.
What was the median household income in Pike County in 2023?
In 2023, the median household income in Pike County, Alabama was $47,509.
What was the median household income in Pike County in 2020?
In 2020, the median household income in Pike County, Alabama was $39,169.
What is the Gini coefficient in Pike County, Alabama?
The Gini coefficient in Pike County is 0.607. 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 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Pike County, Alabama?
Since 2009, the income gap between men and women in Pike County, Alabama has narrowed from about 31% to 6% in 2023. In dollar terms, the gap has narrowed by $9,688 since 2009.