Wealth Index
Wealthier than 80% 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 | Broward County | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $74,554 | $71,865 | $78,145 |
| Median Personal Income | $54,450 | $53,537 | $61,726 |
| Average income growth | 4.9% | 5.7% | 5.1% |
| Six-Figure Earners | 11.9% | 10.9% | 13.2% |
The median household income in Broward County is about 4% higher than in Florida. Income has been growing slower in Broward County (4.9%/yr) than in Florida (5.7%/yr).
About 12% of adults in Broward County earn six figures ($100,000 or more) a year, higher than the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Broward County, Florida grew by 43.4% from 2009 to 2023, reaching $74,554 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Broward County | Gender Pay Gap | Gini Coefficient
| Metric | Broward County | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.572 | 0.566 | 0.570 |
| Male Median Income | $58,761 | $58,426 | $67,746 |
| Female Median Income | $50,811 | $48,893 | $54,793 |
| Gender Pay Gap | 13.5% | 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 Broward County, it is 0.572, higher than Florida's 0.566, so income is less evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 16% more than women's income in Broward County, Florida. Over a 35-year career, a 16% wage gap accumulates to roughly $278,250 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Broward County, Florida has narrowed from about 18% to 14% in 2023. In dollar terms, the gap has narrowed by $66 since 2009.
Employment
| Metric | Broward County | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.6% | 4.8% | 5.2% |
| Working from Home | 13.1% | 13.9% | 13.4% |
| Commute time (minutes) | 26 | 23 | 22 |
Approximately 58,550 people are unemployed in Broward County, Florida.
The average commute time in Broward County is 26 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Broward County, Florida has fallen from 10.5% to 5.6% in 2023.
Conclusion
Considering all these factors, Broward 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 Broward County, Florida.
How Rich Is Broward County, Florida?
Broward 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 $74,554, about 4% higher than the Florida average of $71,865.
What is the current median household income in Broward County, Florida?
As of 2023, the median household income in Broward County, Florida is $74,554.
What was the median household income in Broward County in 2023?
In 2023, the median household income in Broward County, Florida was $74,554.
What was the median household income in Broward County in 2020?
In 2020, the median household income in Broward County, Florida was $61,027.
What is the Gini coefficient in Broward County, Florida?
The Gini coefficient in Broward County is 0.572. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Broward County, Florida?
Since 2009, the income gap between men and women in Broward County, Florida has narrowed from about 18% to 14% in 2023. In dollar terms, the gap has narrowed by $66 since 2009.