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 | Gainesville | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $45,054 | $71,865 | $78,145 |
| Median Personal Income | $46,388 | $53,537 | $61,726 |
| Average income growth | 5.0% | 5.7% | 5.1% |
| Six-Figure Earners | 5.8% | 10.9% | 13.2% |
The median household income in Gainesville is about 37% lower than in Florida. Income has been growing slower in Gainesville (5.0%/yr) than in Florida (5.7%/yr).
About 6% of adults in Gainesville 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 Gainesville, Florida grew by 61.4% from 2009 to 2023, reaching $45,054 in 2023. That's an average of about 5.0% per year.
Economic Inequality in Gainesville | Gender Pay Gap | Gini Coefficient
| Metric | Gainesville | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.630 | 0.566 | 0.570 |
| Male Median Income | $49,853 | $58,426 | $67,746 |
| Female Median Income | $43,361 | $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 Gainesville, it is 0.630, higher than Florida's 0.566, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 15% more than women's income in Gainesville, Florida. Over a 35-year career, a 15% wage gap accumulates to roughly $227,220 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Gainesville, Florida has stayed about the same since 2009, at around 13%. In dollar terms, the gap has widened by $1,869 since 2009.
Employment
| Metric | Gainesville | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.7% | 4.8% | 5.2% |
| Working from Home | 12.4% | 13.9% | 13.4% |
| Commute time (minutes) | 17 | 23 | 22 |
Approximately 3,344 people are unemployed in Gainesville, Florida.
The average commute time in Gainesville is 17 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Gainesville, Florida has fallen from 8.4% to 4.7% in 2023.
Conclusion
Considering all these factors, Gainesville, 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 Gainesville, Florida.
How Rich Is Gainesville, Florida?
Gainesville 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 $45,054, about 37% lower than the Florida average of $71,865.
What is the current median household income in Gainesville, Florida?
As of 2023, the median household income in Gainesville, Florida is $45,054.
What was the median household income in Gainesville in 2023?
In 2023, the median household income in Gainesville, Florida was $45,054.
What was the median household income in Gainesville in 2020?
In 2020, the median household income in Gainesville, Florida was $37,850.
What is the Gini coefficient in Gainesville, Florida?
The Gini coefficient in Gainesville is 0.630. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Gainesville, Florida?
The income gap between men and women in Gainesville, Florida has stayed about the same since 2009, at around 13%. In dollar terms, the gap has widened by $1,869 since 2009.