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 | Citrus County | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $55,575 | $71,865 | $78,145 |
| Median Personal Income | $48,775 | $53,537 | $61,726 |
| Average income growth | 5.1% | 5.7% | 5.1% |
| Six-Figure Earners | 6.8% | 10.9% | 13.2% |
The median household income in Citrus County is about 23% lower than in Florida. Income has been growing slower in Citrus County (5.1%/yr) than in Florida (5.7%/yr).
About 7% of adults in Citrus County 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 Citrus County, Florida grew by 45.6% from 2009 to 2023, reaching $55,575 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Citrus County | Gender Pay Gap | Gini Coefficient
| Metric | Citrus County | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.526 | 0.566 | 0.570 |
| Male Median Income | $53,651 | $58,426 | $67,746 |
| Female Median Income | $44,091 | $48,893 | $54,793 |
| Gender Pay Gap | 17.8% | 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 Citrus County, it is 0.526, 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 22% more than women's income in Citrus County, Florida. Over a 35-year career, a 22% wage gap accumulates to roughly $334,600 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Citrus County, Florida has narrowed from about 21% to 18% in 2023. In dollar terms, the gap has widened by $1,567 since 2009.
Employment
| Metric | Citrus County | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.8% | 4.8% | 5.2% |
| Working from Home | 12.1% | 13.9% | 13.4% |
| Commute time (minutes) | 22 | 23 | 22 |
Approximately 3,743 people are unemployed in Citrus County, Florida.
The average commute time in Citrus County is 22 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Citrus County, Florida has fallen from 15.0% to 6.8% in 2023.
Conclusion
Considering all these factors, Citrus County, 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 Citrus County, Florida.
How Rich Is Citrus County, Florida?
Citrus County 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 $55,575, about 23% lower than the Florida average of $71,865.
What is the current median household income in Citrus County, Florida?
As of 2023, the median household income in Citrus County, Florida is $55,575.
What was the median household income in Citrus County in 2023?
In 2023, the median household income in Citrus County, Florida was $55,575.
What was the median household income in Citrus County in 2020?
In 2020, the median household income in Citrus County, Florida was $45,770.
What is the Gini coefficient in Citrus County, Florida?
The Gini coefficient in Citrus County is 0.526. 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 Citrus County, Florida?
Since 2009, the income gap between men and women in Citrus County, Florida has narrowed from about 21% to 18% in 2023. In dollar terms, the gap has widened by $1,567 since 2009.