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 | Coral Gables | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $128,002 | $71,865 | $78,145 |
| Median Personal Income | $105,166 | $53,537 | $61,726 |
| Average income growth | 4.7% | 5.7% | 5.1% |
| Six-Figure Earners | 28.2% | 10.9% | 13.2% |
The median household income in Coral Gables is about 78% higher than in Florida. Income has been growing slower in Coral Gables (4.7%/yr) than in Florida (5.7%/yr).
About 28% of adults in Coral Gables 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 Coral Gables, Florida grew by 49.7% from 2009 to 2023, reaching $128,002 in 2023. That's an average of about 4.7% per year.
Economic Inequality in Coral Gables | Gender Pay Gap | Gini Coefficient
| Metric | Coral Gables | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.602 | 0.566 | 0.570 |
| Male Median Income | $117,978 | $58,426 | $67,746 |
| Female Median Income | $87,457 | $48,893 | $54,793 |
| Gender Pay Gap | 25.9% | 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 Coral Gables, it is 0.602, higher than Florida's 0.566, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 35% more than women's income in Coral Gables, Florida. Over a 35-year career, a 35% wage gap accumulates to roughly $1,068,235 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Coral Gables, Florida has narrowed from about 47% to 26% in 2023. In dollar terms, the gap has narrowed by $10,628 since 2009.
Employment
| Metric | Coral Gables | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.2% | 4.8% | 5.2% |
| Working from Home | 22.8% | 13.9% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 773 people are unemployed in Coral Gables, Florida.
The average commute time in Coral Gables is 23 minutes, about the same as in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Coral Gables, Florida has fallen from 7.0% to 3.2% in 2023.
Conclusion
Considering all these factors, Coral Gables, Florida has an overall wealth index grade of B, making it notably better than Florida, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Coral Gables, Florida.
How Rich Is Coral Gables, Florida?
Coral Gables 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 $128,002, about 78% higher than the Florida average of $71,865.
What is the current median household income in Coral Gables, Florida?
As of 2023, the median household income in Coral Gables, Florida is $128,002.
What was the median household income in Coral Gables in 2023?
In 2023, the median household income in Coral Gables, Florida was $128,002.
What was the median household income in Coral Gables in 2020?
In 2020, the median household income in Coral Gables, Florida was $104,604.
What is the Gini coefficient in Coral Gables, Florida?
The Gini coefficient in Coral Gables is 0.602. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Coral Gables, Florida?
Since 2009, the income gap between men and women in Coral Gables, Florida has narrowed from about 47% to 26% in 2023. In dollar terms, the gap has narrowed by $10,628 since 2009.