Wealth Index
Less wealthy than 91% of counties in Florida
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 | DeSoto County | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $50,888 | $71,865 | $78,145 |
| Median Personal Income | $40,839 | $53,537 | $61,726 |
| Average income growth | 5.4% | 5.7% | 5.1% |
| Six-Figure Earners | 3.4% | 10.9% | 13.2% |
The median household income in DeSoto County is about 29% lower than in Florida. Income has been growing slower in DeSoto County (5.4%/yr) than in Florida (5.7%/yr).
About 3% of adults in DeSoto County earn six figures ($100,000 or more) a year, lower than the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in DeSoto County, Florida grew by 37.4% from 2009 to 2023, reaching $50,888 in 2023. That's an average of about 5.4% per year.
Economic Inequality in DeSoto County | Gender Pay Gap | Gini Coefficient
| Metric | DeSoto County | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.572 | 0.566 | 0.570 |
| Male Median Income | $42,784 | $58,426 | $67,746 |
| Female Median Income | $37,210 | $48,893 | $54,793 |
| Gender Pay Gap | 13.0% | 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 DeSoto County, it is 0.572, higher than Florida's 0.566, so income is less evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 15% more than women's income in DeSoto County, Florida. Over a 35-year career, a 15% wage gap accumulates to roughly $195,090 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in DeSoto County, Florida has narrowed from about -24% to 13% in 2023. In dollar terms, the gap has widened by $10,875 since 2009.
Employment
| Metric | DeSoto County | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.6% | 4.8% | 5.2% |
| Working from Home | 5.8% | 13.9% | 13.4% |
| Commute time (minutes) | 22 | 23 | 22 |
Approximately 1,218 people are unemployed in DeSoto County, Florida.
The average commute time in DeSoto County is 22 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in DeSoto County, Florida has fallen from 10.3% to 8.6% in 2023.
Conclusion
Considering all these factors, DeSoto County, Florida has an overall wealth index grade of D, making it somewhat worse than Florida, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in DeSoto County, Florida.
How Rich Is DeSoto County, Florida?
DeSoto County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $50,888, about 29% lower than the Florida average of $71,865.
What is the current median household income in DeSoto County, Florida?
As of 2023, the median household income in DeSoto County, Florida is $50,888.
What was the median household income in DeSoto County in 2023?
In 2023, the median household income in DeSoto County, Florida was $50,888.
What was the median household income in DeSoto County in 2020?
In 2020, the median household income in DeSoto County, Florida was $36,604.
What is the Gini coefficient in DeSoto County, Florida?
The Gini coefficient in DeSoto County is 0.572. 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 DeSoto County, Florida?
Since 2009, the income gap between men and women in DeSoto County, Florida has narrowed from about -24% to 13% in 2023. In dollar terms, the gap has widened by $10,875 since 2009.