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 Park | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $81,103 | $71,865 | $78,145 |
| Median Personal Income | $59,500 | $53,537 | $61,726 |
| Average income growth | 4.5% | 5.7% | 5.1% |
| Six-Figure Earners | 11.1% | 10.9% | 13.2% |
The median household income in Citrus Park is about 13% higher than in Florida. Income has been growing slower in Citrus Park (4.5%/yr) than in Florida (5.7%/yr).
About 11% of adults in Citrus Park earn six figures ($100,000 or more) a year, about the same as the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Citrus Park, Florida grew by 34.6% from 2009 to 2023, reaching $81,103 in 2023. That's an average of about 4.5% per year.
Economic Inequality in Citrus Park | Gender Pay Gap | Gini Coefficient
| Metric | Citrus Park | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.534 | 0.566 | 0.570 |
| Male Median Income | $53,116 | $58,426 | $67,746 |
| Female Median Income | $64,331 | $48,893 | $54,793 |
| Gender Pay Gap | -21.1% | 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 Park, it is 0.534, 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.
Women's income is about 21% more than men's income in Citrus Park, Florida. Over a 35-year career, a 21% wage gap accumulates to roughly $392,525 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Citrus Park, Florida has widened from about 17% to -21% in 2023. In dollar terms, the gap has narrowed by $18,738 since 2009.
Employment
| Metric | Citrus Park | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.5% | 4.8% | 5.2% |
| Working from Home | 18.1% | 13.9% | 13.4% |
| Commute time (minutes) | 28 | 23 | 22 |
Approximately 518 people are unemployed in Citrus Park, Florida.
The average commute time in Citrus Park is 28 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Citrus Park, Florida has fallen from 10.7% to 3.5% in 2023.
Conclusion
Considering all these factors, Citrus Park, Florida has an overall wealth index grade of B, making it somewhat better than Florida, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Citrus Park, Florida.
How Rich Is Citrus Park, Florida?
Citrus Park has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $81,103, about 13% higher than the Florida average of $71,865.
What is the current median household income in Citrus Park, Florida?
As of 2023, the median household income in Citrus Park, Florida is $81,103.
What was the median household income in Citrus Park in 2023?
In 2023, the median household income in Citrus Park, Florida was $81,103.
What was the median household income in Citrus Park in 2020?
In 2020, the median household income in Citrus Park, Florida was $62,659.
What is the Gini coefficient in Citrus Park, Florida?
The Gini coefficient in Citrus Park is 0.534. 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 Park, Florida?
Since 2009, the income gap between men and women in Citrus Park, Florida has widened from about 17% to -21% in 2023. In dollar terms, the gap has narrowed by $18,738 since 2009.