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 | East Lake | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $94,556 | $71,865 | $78,145 |
| Median Personal Income | $77,358 | $53,537 | $61,726 |
| Average income growth | 2.6% | 5.7% | 5.1% |
| Six-Figure Earners | 18.6% | 10.9% | 13.2% |
The median household income in East Lake is about 32% higher than in Florida. Income has been growing slower in East Lake (2.6%/yr) than in Florida (5.7%/yr).
About 19% of adults in East Lake 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 East Lake, Florida grew by 25.7% from 2009 to 2023, reaching $94,556 in 2023. That's an average of about 2.6% per year.
Economic Inequality in East Lake | Gender Pay Gap | Gini Coefficient
| Metric | East Lake | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.573 | 0.566 | 0.570 |
| Male Median Income | $93,819 | $58,426 | $67,746 |
| Female Median Income | $62,950 | $48,893 | $54,793 |
| Gender Pay Gap | 32.9% | 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 East Lake, it is 0.573, 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 49% more than women's income in East Lake, Florida. Over a 35-year career, a 49% wage gap accumulates to roughly $1,080,415 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in East Lake, Florida has narrowed from about 37% to 33% in 2023. In dollar terms, the gap has widened by $1,503 since 2009.
Employment
| Metric | East Lake | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.4% | 4.8% | 5.2% |
| Working from Home | 21.6% | 13.9% | 13.4% |
| Commute time (minutes) | 26 | 23 | 22 |
Approximately 789 people are unemployed in East Lake, Florida.
The average commute time in East Lake is 26 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in East Lake, Florida has fallen from 7.7% to 5.4% in 2023.
Conclusion
Considering all these factors, East Lake, 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 East Lake, Florida.
How Wealthy Is East Lake, Florida?
East Lake 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 $94,556, about 32% higher than the Florida average of $71,865.
What is the current median household income in East Lake, Florida?
As of 2023, the median household income in East Lake, Florida is $94,556.
What was the median household income in East Lake in 2023?
In 2023, the median household income in East Lake, Florida was $94,556.
What was the median household income in East Lake in 2020?
In 2020, the median household income in East Lake, Florida was $80,563.
What is the Gini coefficient in East Lake, Florida?
The Gini coefficient in East Lake is 0.573. 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 East Lake, Florida?
Since 2009, the income gap between men and women in East Lake, Florida has narrowed from about 37% to 33% in 2023. In dollar terms, the gap has widened by $1,503 since 2009.