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 | Bayonet Point | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $43,437 | $71,865 | $78,145 |
| Median Personal Income | $47,122 | $53,537 | $61,726 |
| Average income growth | 3.7% | 5.7% | 5.1% |
| Six-Figure Earners | 3.2% | 10.9% | 13.2% |
The median household income in Bayonet Point is about 40% lower than in Florida. Income has been growing slower in Bayonet Point (3.7%/yr) than in Florida (5.7%/yr).
About 3% of adults in Bayonet Point 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 Bayonet Point, Florida grew by 33.5% from 2009 to 2023, reaching $43,437 in 2023. That's an average of about 3.7% per year.
Economic Inequality in Bayonet Point | Gender Pay Gap | Gini Coefficient
| Metric | Bayonet Point | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.503 | 0.566 | 0.570 |
| Male Median Income | $48,306 | $58,426 | $67,746 |
| Female Median Income | $44,797 | $48,893 | $54,793 |
| Gender Pay Gap | 7.3% | 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 Bayonet Point, it is 0.503, 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 8% more than women's income in Bayonet Point, Florida. Over a 35-year career, a 8% wage gap accumulates to roughly $122,815 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Bayonet Point, Florida has stayed about the same since 2009, at around 7%. In dollar terms, the gap has widened by $1,134 since 2009.
Employment
| Metric | Bayonet Point | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.0% | 4.8% | 5.2% |
| Working from Home | 9.8% | 13.9% | 13.4% |
| Commute time (minutes) | 21 | 23 | 22 |
Approximately 672 people are unemployed in Bayonet Point, Florida.
The average commute time in Bayonet Point is 21 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Bayonet Point, Florida has fallen from 13.7% to 7.0% in 2023.
Conclusion
Considering all these factors, Bayonet Point, Florida has an overall wealth index grade of D, making it somewhat worse than Florida, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Bayonet Point, Florida.
How Rich Is Bayonet Point, Florida?
Bayonet Point 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 $43,437, about 40% lower than the Florida average of $71,865.
What is the current median household income in Bayonet Point, Florida?
As of 2023, the median household income in Bayonet Point, Florida is $43,437.
What was the median household income in Bayonet Point in 2023?
In 2023, the median household income in Bayonet Point, Florida was $43,437.
What was the median household income in Bayonet Point in 2020?
In 2020, the median household income in Bayonet Point, Florida was $37,571.
What is the Gini coefficient in Bayonet Point, Florida?
The Gini coefficient in Bayonet Point is 0.503. 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 Bayonet Point, Florida?
The income gap between men and women in Bayonet Point, Florida has stayed about the same since 2009, at around 7%. In dollar terms, the gap has widened by $1,134 since 2009.