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 | Florence | Arizona Avg | US Average |
|---|---|---|---|
| Median Household Income | $81,412 | $77,100 | $78,145 |
| Median Personal Income | $56,141 | $58,256 | $61,726 |
| Average income growth | 7.3% | 5.9% | 5.1% |
| Six-Figure Earners | 6.0% | 11.7% | 13.2% |
The median household income in Florence is about 6% higher than in Arizona. Income has been growing faster in Florence (7.3%/yr) than in Arizona (5.9%/yr).
About 6% of adults in Florence earn six figures ($100,000 or more) a year, lower than the Arizona average of 12%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Florence, Arizona grew by 69.7% from 2009 to 2023, reaching $81,412 in 2023. That's an average of about 7.3% per year.
Economic Inequality in Florence | Gender Pay Gap | Gini Coefficient
| Metric | Florence | Arizona Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.636 | 0.571 | 0.570 |
| Male Median Income | $63,353 | $63,179 | $67,746 |
| Female Median Income | $48,782 | $52,803 | $54,793 |
| Gender Pay Gap | 23.0% | 16.4% | 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 Florence, it is 0.636, higher than Arizona's 0.571, 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 30% more than women's income in Florence, Arizona. Over a 35-year career, a 30% wage gap accumulates to roughly $509,985 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Florence, Arizona has widened from about 12% to 23% in 2023. In dollar terms, the gap has widened by $9,822 since 2009.
Employment
| Metric | Florence | Arizona Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.3% | 5.1% | 5.2% |
| Working from Home | 19.4% | 16.5% | 13.4% |
| Commute time (minutes) | 26 | 22 | 22 |
Approximately 354 people are unemployed in Florence, Arizona.
The average commute time in Florence is 26 minutes, longer than the 22 minutes in Arizona.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Florence, Arizona has fallen from 8.9% to 5.3% in 2023.
Conclusion
Considering all these factors, Florence, Arizona has an overall wealth index grade of D, making it somewhat worse than Arizona, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Florence, Arizona.
How Rich Is Florence, Arizona?
Florence 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 $81,412, about 6% higher than the Arizona average of $77,100.
What is the current median household income in Florence, Arizona?
As of 2023, the median household income in Florence, Arizona is $81,412.
What was the median household income in Florence in 2023?
In 2023, the median household income in Florence, Arizona was $81,412.
What was the median household income in Florence in 2020?
In 2020, the median household income in Florence, Arizona was $60,438.
What is the Gini coefficient in Florence, Arizona?
The Gini coefficient in Florence is 0.636. 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 Florence, Arizona?
Since 2009, the income gap between men and women in Florence, Arizona has widened from about 12% to 23% in 2023. In dollar terms, the gap has widened by $9,822 since 2009.