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 | Russell County | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $50,068 | $62,318 | $78,145 |
| Median Personal Income | $47,762 | $53,379 | $61,726 |
| Average income growth | 3.9% | 4.8% | 5.1% |
| Six-Figure Earners | 5.5% | 9.0% | 13.2% |
The median household income in Russell County is about 20% lower than in Alabama. Income has been growing slower in Russell County (3.9%/yr) than in Alabama (4.8%/yr).
About 5% of adults in Russell 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 Russell County, Alabama grew by 56.6% from 2009 to 2023, reaching $50,068 in 2023. That's an average of about 3.9% per year.
Economic Inequality in Russell County | Gender Pay Gap | Gini Coefficient
| Metric | Russell County | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.569 | 0.572 | 0.570 |
| Male Median Income | $55,003 | $61,248 | $67,746 |
| Female Median Income | $38,565 | $45,616 | $54,793 |
| Gender Pay Gap | 29.9% | 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 Russell County, it is 0.569, 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 43% more than women's income in Russell County, Alabama. Over a 35-year career, a 43% wage gap accumulates to roughly $575,330 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Russell County, Alabama has widened from about 22% to 30% in 2023. In dollar terms, the gap has widened by $8,316 since 2009.
Employment
| Metric | Russell County | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.2% | 4.8% | 5.2% |
| Working from Home | 7.5% | 7.8% | 13.4% |
| Commute time (minutes) | 22 | 22 | 22 |
Approximately 1,599 people are unemployed in Russell County, Alabama.
The average commute time in Russell County is 22 minutes, about the same as in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Russell County, Alabama has fallen from 11.9% to 6.2% in 2023.
Conclusion
Considering all these factors, Russell County, 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 Russell County, Alabama.
How Rich Is Russell County, Alabama?
Russell 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 $50,068, about 20% lower than the Alabama average of $62,318.
What is the current median household income in Russell County, Alabama?
As of 2023, the median household income in Russell County, Alabama is $50,068.
What was the median household income in Russell County in 2023?
In 2023, the median household income in Russell County, Alabama was $50,068.
What was the median household income in Russell County in 2020?
In 2020, the median household income in Russell County, Alabama was $42,516.
What is the Gini coefficient in Russell County, Alabama?
The Gini coefficient in Russell County is 0.569. 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 Russell County, Alabama?
Since 2009, the income gap between men and women in Russell County, Alabama has widened from about 22% to 30% in 2023. In dollar terms, the gap has widened by $8,316 since 2009.