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 | Ferry Pass | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $67,839 | $71,865 | $78,145 |
| Median Personal Income | $53,118 | $53,537 | $61,726 |
| Average income growth | 6.5% | 5.7% | 5.1% |
| Six-Figure Earners | 9.0% | 10.9% | 13.2% |
The median household income in Ferry Pass is about 6% lower than in Florida. Income has been growing faster in Ferry Pass (6.5%/yr) than in Florida (5.7%/yr).
About 9% of adults in Ferry Pass 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 Ferry Pass, Florida grew by 52.3% from 2009 to 2023, reaching $67,839 in 2023. That's an average of about 6.5% per year.
Economic Inequality in Ferry Pass | Gender Pay Gap | Gini Coefficient
| Metric | Ferry Pass | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.544 | 0.566 | 0.570 |
| Male Median Income | $60,988 | $58,426 | $67,746 |
| Female Median Income | $48,328 | $48,893 | $54,793 |
| Gender Pay Gap | 20.8% | 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 Ferry Pass, it is 0.544, 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 26% more than women's income in Ferry Pass, Florida. Over a 35-year career, a 26% wage gap accumulates to roughly $443,100 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Ferry Pass, Florida has stayed about the same since 2009, at around 21%. In dollar terms, the gap has widened by $3,905 since 2009.
Employment
| Metric | Ferry Pass | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.2% | 4.8% | 5.2% |
| Working from Home | 13.4% | 13.9% | 13.4% |
| Commute time (minutes) | 18 | 23 | 22 |
Approximately 867 people are unemployed in Ferry Pass, Florida.
The average commute time in Ferry Pass is 18 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Ferry Pass, Florida has fallen from 8.4% to 5.2% in 2023.
Conclusion
Considering all these factors, Ferry Pass, Florida has an overall wealth index grade of D, making it about on par with Florida, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Ferry Pass, Florida.
How Rich Is Ferry Pass, Florida?
Ferry Pass 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 $67,839, about 6% lower than the Florida average of $71,865.
What is the current median household income in Ferry Pass, Florida?
As of 2023, the median household income in Ferry Pass, Florida is $67,839.
What was the median household income in Ferry Pass in 2023?
In 2023, the median household income in Ferry Pass, Florida was $67,839.
What was the median household income in Ferry Pass in 2020?
In 2020, the median household income in Ferry Pass, Florida was $53,877.
What is the Gini coefficient in Ferry Pass, Florida?
The Gini coefficient in Ferry Pass is 0.544. 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 Ferry Pass, Florida?
The income gap between men and women in Ferry Pass, Florida has stayed about the same since 2009, at around 21%. In dollar terms, the gap has widened by $3,905 since 2009.