Wealth Index
Wealthiest county 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 | Shelby County | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $94,615 | $62,318 | $78,145 |
| Median Personal Income | $67,571 | $53,379 | $61,726 |
| Average income growth | 3.9% | 4.8% | 5.1% |
| Six-Figure Earners | 15.9% | 9.0% | 13.2% |
The median household income in Shelby County is about 52% higher than in Alabama. Income has been growing slower in Shelby County (3.9%/yr) than in Alabama (4.8%/yr).
About 16% of adults in Shelby 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 Shelby County, Alabama grew by 40.1% from 2009 to 2023, reaching $94,615 in 2023. That's an average of about 3.9% per year.
Economic Inequality in Shelby County | Gender Pay Gap | Gini Coefficient
| Metric | Shelby County | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.552 | 0.572 | 0.570 |
| Male Median Income | $76,963 | $61,248 | $67,746 |
| Female Median Income | $57,618 | $45,616 | $54,793 |
| Gender Pay Gap | 25.1% | 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 Shelby County, it is 0.552, 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 34% more than women's income in Shelby County, Alabama. Over a 35-year career, a 34% wage gap accumulates to roughly $677,075 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Shelby County, Alabama has narrowed from about 27% to 25% in 2023. In dollar terms, the gap has widened by $4,023 since 2009.
Employment
| Metric | Shelby County | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.9% | 4.8% | 5.2% |
| Working from Home | 15.2% | 7.8% | 13.4% |
| Commute time (minutes) | 30 | 22 | 22 |
Approximately 3,463 people are unemployed in Shelby County, Alabama.
The average commute time in Shelby County is 30 minutes, longer than the 22 minutes in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Shelby County, Alabama has fallen from 6.5% to 2.9% in 2023.
Conclusion
Considering all these factors, Shelby County, Alabama has an overall wealth index grade of B, making it notably better than Alabama, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Shelby County, Alabama.
How Rich Is Shelby County, Alabama?
Shelby County has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $94,615, about 52% higher than the Alabama average of $62,318.
What is the current median household income in Shelby County, Alabama?
As of 2023, the median household income in Shelby County, Alabama is $94,615.
What was the median household income in Shelby County in 2023?
In 2023, the median household income in Shelby County, Alabama was $94,615.
What was the median household income in Shelby County in 2020?
In 2020, the median household income in Shelby County, Alabama was $79,344.
What is the Gini coefficient in Shelby County, Alabama?
The Gini coefficient in Shelby County is 0.552. 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 Shelby County, Alabama?
Since 2009, the income gap between men and women in Shelby County, Alabama has narrowed from about 27% to 25% in 2023. In dollar terms, the gap has widened by $4,023 since 2009.