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 | Cutler Bay | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $81,379 | $71,865 | $78,145 |
| Median Personal Income | $81,379 | $71,865 | $78,145 |
| Average income growth | 3.0% | 3.0% | 3.0% |
The median household income in Cutler Bay is about 13% higher than in Florida. Income has been growing slower in Cutler Bay (3.0%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Cutler Bay, Florida grew by 53.1% from 2009 to 2023, reaching $81,379 in 2023. That's an average of about 3.8% per year.
Economic Inequality in Cutler Bay | Gender Pay Gap | Gini Coefficient
| Metric | Cutler Bay | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.561 | 0.566 | 0.570 |
| Male Median Income | $58,893 | $58,426 | $67,746 |
| Female Median Income | $48,642 | $48,893 | $54,793 |
| Gender Pay Gap | 17.4% | 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 Cutler Bay, it is 0.561, 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 21% more than women's income in Cutler Bay, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in Cutler Bay, Florida has widened from about 10% to 17% in 2023.
Employment
| Metric | Cutler Bay | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.4% | 4.8% | 5.2% |
| Working from Home | 13.7% | 13.9% | 13.4% |
| Commute time (minutes) | 38 | 23 | 22 |
The average commute time in Cutler Bay is 38 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Cutler Bay, Florida has fallen from 9.2% to 4.4% in 2023.
Conclusion
Considering all these factors, Cutler Bay, Florida has an overall wealth index grade of C, making it somewhat better than Florida, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Cutler Bay, Florida.
How Rich Is Cutler Bay, Florida?
Cutler Bay 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 $81,379, about 13% higher than the Florida average of $71,865.
What is the current median household income in Cutler Bay, Florida?
As of 2023, the median household income in Cutler Bay, Florida is $81,379.
What was the median household income in Cutler Bay in 2023?
In 2023, the median household income in Cutler Bay, Florida was $81,379.
What was the median household income in Cutler Bay in 2020?
In 2020, the median household income in Cutler Bay, Florida was $72,853.
What is the Gini coefficient in Cutler Bay, Florida?
The Gini coefficient in Cutler Bay is 0.561. 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 Cutler Bay, Florida?
Since 2009, the income gap between men and women in Cutler Bay, Florida has widened from about 10% to 17% in 2023.