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 | Biscayne Gardens | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $49,123 | $71,865 | $78,145 |
| Median Personal Income | $49,123 | $71,865 | $78,145 |
| Average income growth | 4.0% | 4.0% | 4.0% |
The median household income in Biscayne Gardens is about 32% lower than in Florida. Income has been growing slower in Biscayne Gardens (4.0%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Biscayne Gardens, Florida grew by 26.2% from 2009 to 2023, reaching $49,123 in 2023. That's an average of about 1.9% per year.
Economic Inequality in Biscayne Gardens | Gender Pay Gap | Gini Coefficient
| Metric | Biscayne Gardens | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.563 | 0.566 | 0.570 |
| Male Median Income | $41,395 | $58,426 | $67,746 |
| Female Median Income | $37,455 | $48,893 | $54,793 |
| Gender Pay Gap | 9.5% | 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 Biscayne Gardens, it is 0.563, about the same as Florida's 0.566, so income here is about as evenly distributed as there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 11% more than women's income in Biscayne Gardens, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in Biscayne Gardens, Florida has widened from about 4% to 10% in 2023.
Employment
| Metric | Biscayne Gardens | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.6% | 4.8% | 5.2% |
| Working from Home | 7.6% | 13.9% | 13.4% |
| Commute time (minutes) | 31 | 23 | 22 |
The average commute time in Biscayne Gardens is 31 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Biscayne Gardens, Florida has fallen from 13.4% to 7.6% in 2023.
Conclusion
Considering all these factors, Biscayne Gardens, 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 Biscayne Gardens, Florida.
How Rich Is Biscayne Gardens, Florida?
Biscayne Gardens 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 $49,123, about 32% lower than the Florida average of $71,865.
What is the current median household income in Biscayne Gardens, Florida?
As of 2023, the median household income in Biscayne Gardens, Florida is $49,123.
What was the median household income in Biscayne Gardens in 2023?
In 2023, the median household income in Biscayne Gardens, Florida was $49,123.
What was the median household income in Biscayne Gardens in 2020?
In 2020, the median household income in Biscayne Gardens, Florida was $42,351.
What is the Gini coefficient in Biscayne Gardens, Florida?
The Gini coefficient in Biscayne Gardens is 0.563. 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 Biscayne Gardens, Florida?
Since 2009, the income gap between men and women in Biscayne Gardens, Florida has widened from about 4% to 10% in 2023.