Wealth Index
Wealthier than 71% of counties in Florida
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 | Bay County | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $70,002 | $71,865 | $78,145 |
| Median Personal Income | $53,214 | $53,537 | $61,726 |
| Average income growth | 5.4% | 5.7% | 5.1% |
| Six-Figure Earners | 10.8% | 10.9% | 13.2% |
The median household income in Bay County is about 3% lower than in Florida. Income has been growing slower in Bay County (5.4%/yr) than in Florida (5.7%/yr).
About 11% of adults in Bay County earn six figures ($100,000 or more) a year, about the same as the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Bay County, Florida grew by 51.2% from 2009 to 2023, reaching $70,002 in 2023. That's an average of about 5.4% per year.
Economic Inequality in Bay County | Gender Pay Gap | Gini Coefficient
| Metric | Bay County | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.538 | 0.566 | 0.570 |
| Male Median Income | $59,184 | $58,426 | $67,746 |
| Female Median Income | $45,696 | $48,893 | $54,793 |
| Gender Pay Gap | 22.8% | 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 Bay County, it is 0.538, 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 30% more than women's income in Bay County, Florida. Over a 35-year career, a 30% wage gap accumulates to roughly $472,080 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Bay County, Florida has narrowed from about 24% to 23% in 2023. In dollar terms, the gap has widened by $3,695 since 2009.
Employment
| Metric | Bay County | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.5% | 4.8% | 5.2% |
| Working from Home | 8.8% | 13.9% | 13.4% |
| Commute time (minutes) | 21 | 23 | 22 |
Approximately 3,222 people are unemployed in Bay County, Florida.
The average commute time in Bay County is 21 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Bay County, Florida has fallen from 7.8% to 3.5% in 2023.
Conclusion
Considering all these factors, Bay County, 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 Bay County, Florida.
How Rich Is Bay County, Florida?
Bay County 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 $70,002, about 3% lower than the Florida average of $71,865.
What is the current median household income in Bay County, Florida?
As of 2023, the median household income in Bay County, Florida is $70,002.
What was the median household income in Bay County in 2023?
In 2023, the median household income in Bay County, Florida was $70,002.
What was the median household income in Bay County in 2020?
In 2020, the median household income in Bay County, Florida was $57,068.
What is the Gini coefficient in Bay County, Florida?
The Gini coefficient in Bay County is 0.538. 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 Bay County, Florida?
Since 2009, the income gap between men and women in Bay County, Florida has narrowed from about 24% to 23% in 2023. In dollar terms, the gap has widened by $3,695 since 2009.