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 Terrace | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $79,847 | $71,865 | $78,145 |
| Median Personal Income | $79,847 | $71,865 | $78,145 |
| Average income growth | 7.2% | 7.2% | 7.2% |
The median household income in Coral Terrace is about 11% higher than in Florida. Income has been growing faster in Coral Terrace (7.2%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Coral Terrace, Florida grew by 74.5% from 2009 to 2023, reaching $79,847 in 2023. That's an average of about 5.3% per year.
Economic Inequality in Coral Terrace | Gender Pay Gap | Gini Coefficient
| Metric | Coral Terrace | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.566 | 0.566 | 0.570 |
| Male Median Income | $44,734 | $58,426 | $67,746 |
| Female Median Income | $47,671 | $48,893 | $54,793 |
| Gender Pay Gap | -6.6% | 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 Terrace, it is 0.566, about the same as Florida's 0.566, so income here is about as evenly distributed as there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Women's income is about 7% more than men's income in Coral Terrace, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in Coral Terrace, Florida has widened from about 5% to -7% in 2023.
Employment
| Metric | Coral Terrace | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.9% | 4.8% | 5.2% |
| Working from Home | 16.4% | 13.9% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
The average commute time in Coral Terrace is 23 minutes, about the same as in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Coral Terrace, Florida has fallen from 8.5% to 2.9% in 2023.
Conclusion
Considering all these factors, Coral Terrace, Florida has an overall wealth index grade of C, making it about on par with Florida, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Coral Terrace, Florida.
How Rich Is Coral Terrace, Florida?
Coral Terrace 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 $79,847, about 11% higher than the Florida average of $71,865.
What is the current median household income in Coral Terrace, Florida?
As of 2023, the median household income in Coral Terrace, Florida is $79,847.
What was the median household income in Coral Terrace in 2023?
In 2023, the median household income in Coral Terrace, Florida was $79,847.
What was the median household income in Coral Terrace in 2020?
In 2020, the median household income in Coral Terrace, Florida was $66,238.
What is the Gini coefficient in Coral Terrace, Florida?
The Gini coefficient in Coral Terrace is 0.566. 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 Coral Terrace, Florida?
Since 2009, the income gap between men and women in Coral Terrace, Florida has widened from about 5% to -7% in 2023.