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 | Boynton Beach | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $72,546 | $71,865 | $78,145 |
| Median Personal Income | $72,546 | $71,865 | $78,145 |
| Average income growth | 6.2% | 6.2% | 6.2% |
The median household income in Boynton Beach is about 1% higher than in Florida. Income has been growing faster in Boynton Beach (6.2%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Boynton Beach, Florida grew by 63.3% from 2009 to 2023, reaching $72,546 in 2023. That's an average of about 4.5% per year.
Economic Inequality in Boynton Beach | Gender Pay Gap | Gini Coefficient
| Metric | Boynton Beach | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.524 | 0.566 | 0.570 |
| Male Median Income | $51,851 | $58,426 | $67,746 |
| Female Median Income | $48,003 | $48,893 | $54,793 |
| Gender Pay Gap | 7.4% | 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 Boynton Beach, it is 0.524, 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 Boynton Beach, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in Boynton Beach, Florida has narrowed from about 12% to 7% in 2023.
Employment
| Metric | Boynton Beach | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.0% | 4.8% | 5.2% |
| Working from Home | 8.7% | 13.9% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
The average commute time in Boynton Beach is 23 minutes, about the same as in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Boynton Beach, Florida has fallen from 12.7% to 6.0% in 2023.
Conclusion
Considering all these factors, Boynton Beach, 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 Boynton Beach, Florida.
How Rich Is Boynton Beach, Florida?
Boynton Beach 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 $72,546, about 1% higher than the Florida average of $71,865.
What is the current median household income in Boynton Beach, Florida?
As of 2023, the median household income in Boynton Beach, Florida is $72,546.
What was the median household income in Boynton Beach in 2023?
In 2023, the median household income in Boynton Beach, Florida was $72,546.
What was the median household income in Boynton Beach in 2020?
In 2020, the median household income in Boynton Beach, Florida was $57,024.
What is the Gini coefficient in Boynton Beach, Florida?
The Gini coefficient in Boynton Beach is 0.524. 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 Boynton Beach, Florida?
Since 2009, the income gap between men and women in Boynton Beach, Florida has narrowed from about 12% to 7% in 2023.