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 Springs | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $90,786 | $71,865 | $78,145 |
| Median Personal Income | $90,786 | $71,865 | $78,145 |
| Average income growth | 4.1% | 4.1% | 4.1% |
The median household income in Coral Springs is about 26% higher than in Florida. Income has been growing slower in Coral Springs (4.1%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Coral Springs, Florida grew by 27.8% from 2009 to 2023, reaching $90,786 in 2023. That's an average of about 2.0% per year.
Economic Inequality in Coral Springs | Gender Pay Gap | Gini Coefficient
| Metric | Coral Springs | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.580 | 0.566 | 0.570 |
| Male Median Income | $65,511 | $58,426 | $67,746 |
| Female Median Income | $55,873 | $48,893 | $54,793 |
| Gender Pay Gap | 14.7% | 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 Springs, it is 0.580, 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 17% more than women's income in Coral Springs, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in Coral Springs, Florida has narrowed from about 29% to 15% in 2023.
Employment
| Metric | Coral Springs | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.3% | 4.8% | 5.2% |
| Working from Home | 13.2% | 13.9% | 13.4% |
| Commute time (minutes) | 28 | 23 | 22 |
The average commute time in Coral Springs is 28 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Coral Springs, Florida has fallen from 9.7% to 5.3% in 2023.
Conclusion
Considering all these factors, Coral Springs, 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 Coral Springs, Florida.
How Rich Is Coral Springs, Florida?
Coral Springs 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 $90,786, about 26% higher than the Florida average of $71,865.
What is the current median household income in Coral Springs, Florida?
As of 2023, the median household income in Coral Springs, Florida is $90,786.
What was the median household income in Coral Springs in 2023?
In 2023, the median household income in Coral Springs, Florida was $90,786.
What was the median household income in Coral Springs in 2020?
In 2020, the median household income in Coral Springs, Florida was $78,069.
What is the Gini coefficient in Coral Springs, Florida?
The Gini coefficient in Coral Springs is 0.580. 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 Springs, Florida?
Since 2009, the income gap between men and women in Coral Springs, Florida has narrowed from about 29% to 15% in 2023.