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 | Vestavia Hills | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $110,175 | $62,318 | $78,145 |
| Median Personal Income | $83,700 | $53,379 | $61,726 |
| Average income growth | 4.8% | 4.8% | 5.1% |
| Six-Figure Earners | 22.5% | 9.0% | 13.2% |
The median household income in Vestavia Hills is about 77% higher than in Alabama. Income has been growing slower in Vestavia Hills (4.8%/yr) than in Alabama (4.8%/yr).
About 22% of adults in Vestavia Hills 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 Vestavia Hills, Alabama grew by 51.2% from 2009 to 2023, reaching $110,175 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Vestavia Hills | Gender Pay Gap | Gini Coefficient
| Metric | Vestavia Hills | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.533 | 0.572 | 0.570 |
| Male Median Income | $100,959 | $61,248 | $67,746 |
| Female Median Income | $67,560 | $45,616 | $54,793 |
| Gender Pay Gap | 33.1% | 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 Vestavia Hills, it is 0.533, 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 49% more than women's income in Vestavia Hills, Alabama. Over a 35-year career, a 49% wage gap accumulates to roughly $1,168,965 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Vestavia Hills, Alabama has narrowed from about 37% to 33% in 2023. In dollar terms, the gap has widened by $6,701 since 2009.
Employment
| Metric | Vestavia Hills | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.7% | 4.8% | 5.2% |
| Working from Home | 15.4% | 7.8% | 13.4% |
| Commute time (minutes) | 18 | 22 | 22 |
Approximately 277 people are unemployed in Vestavia Hills, Alabama.
The average commute time in Vestavia Hills is 18 minutes, shorter than the 22 minutes in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Vestavia Hills, Alabama has fallen from 3.9% to 1.7% in 2023.
Conclusion
Considering all these factors, Vestavia Hills, Alabama has an overall wealth index grade of A, making it far better than Alabama, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Vestavia Hills, Alabama.
How Rich Is Vestavia Hills, Alabama?
Vestavia Hills has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $110,175, about 77% higher than the Alabama average of $62,318.
What is the current median household income in Vestavia Hills, Alabama?
As of 2023, the median household income in Vestavia Hills, Alabama is $110,175.
What was the median household income in Vestavia Hills in 2023?
In 2023, the median household income in Vestavia Hills, Alabama was $110,175.
What was the median household income in Vestavia Hills in 2020?
In 2020, the median household income in Vestavia Hills, Alabama was $94,406.
What is the Gini coefficient in Vestavia Hills, Alabama?
The Gini coefficient in Vestavia Hills is 0.533. 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 Vestavia Hills, Alabama?
Since 2009, the income gap between men and women in Vestavia Hills, Alabama has narrowed from about 37% to 33% in 2023. In dollar terms, the gap has widened by $6,701 since 2009.