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 | Altamonte Springs | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $66,585 | $71,865 | $78,145 |
| Median Personal Income | $50,547 | $53,537 | $61,726 |
| Average income growth | 3.9% | 5.7% | 5.1% |
| Six-Figure Earners | 10.3% | 10.9% | 13.2% |
The median household income in Altamonte Springs is about 7% lower than in Florida. Income has been growing slower in Altamonte Springs (3.9%/yr) than in Florida (5.7%/yr).
About 10% of adults in Altamonte Springs earn six figures ($100,000 or more) a year, lower than the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Altamonte Springs, Florida grew by 32.6% from 2009 to 2023, reaching $66,585 in 2023. That's an average of about 3.9% per year.
Economic Inequality in Altamonte Springs | Gender Pay Gap | Gini Coefficient
| Metric | Altamonte Springs | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.530 | 0.566 | 0.570 |
| Male Median Income | $52,269 | $58,426 | $67,746 |
| Female Median Income | $48,981 | $48,893 | $54,793 |
| Gender Pay Gap | 6.3% | 16.3% | 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 Altamonte Springs, it is 0.530, lower than Florida's 0.566, 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 7% more than women's income in Altamonte Springs, Florida. Over a 35-year career, a 7% wage gap accumulates to roughly $115,080 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Altamonte Springs, Florida has narrowed from about 10% to 6% in 2023. In dollar terms, the gap has narrowed by $511 since 2009.
Employment
| Metric | Altamonte Springs | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.1% | 4.8% | 5.2% |
| Working from Home | 14.7% | 13.9% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 1,279 people are unemployed in Altamonte Springs, Florida.
The average commute time in Altamonte Springs is 23 minutes, about the same as in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Altamonte Springs, Florida has fallen from 8.4% to 5.1% in 2023.
Conclusion
Considering all these factors, Altamonte Springs, Florida has an overall wealth index grade of C, making it somewhat better than Florida, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Altamonte Springs, Florida.
How Wealthy Is Altamonte Springs, Florida?
Altamonte Springs has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $66,585, about 7% lower than the Florida average of $71,865.
What is the current median household income in Altamonte Springs, Florida?
As of 2023, the median household income in Altamonte Springs, Florida is $66,585.
What was the median household income in Altamonte Springs in 2023?
In 2023, the median household income in Altamonte Springs, Florida was $66,585.
What was the median household income in Altamonte Springs in 2020?
In 2020, the median household income in Altamonte Springs, Florida was $57,319.
What is the Gini coefficient in Altamonte Springs, Florida?
The Gini coefficient in Altamonte Springs is 0.530. 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 Altamonte Springs, Florida?
Since 2009, the income gap between men and women in Altamonte Springs, Florida has narrowed from about 10% to 6% in 2023. In dollar terms, the gap has narrowed by $511 since 2009.