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 | Hernando County | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $64,065 | $71,865 | $78,145 |
| Median Personal Income | $49,511 | $53,537 | $61,726 |
| Average income growth | 6.2% | 5.7% | 5.1% |
| Six-Figure Earners | 6.2% | 10.9% | 13.2% |
The median household income in Hernando County is about 11% lower than in Florida. Income has been growing faster in Hernando County (6.2%/yr) than in Florida (5.7%/yr).
About 6% of adults in Hernando 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 Hernando County, Florida grew by 50.8% from 2009 to 2023, reaching $64,065 in 2023. That's an average of about 6.2% per year.
Economic Inequality in Hernando County | Gender Pay Gap | Gini Coefficient
| Metric | Hernando County | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.535 | 0.566 | 0.570 |
| Male Median Income | $53,882 | $58,426 | $67,746 |
| Female Median Income | $45,028 | $48,893 | $54,793 |
| Gender Pay Gap | 16.4% | 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 Hernando County, it is 0.535, 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 20% more than women's income in Hernando County, Florida. Over a 35-year career, a 20% wage gap accumulates to roughly $309,890 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Hernando County, Florida has narrowed from about 23% to 16% in 2023. In dollar terms, the gap has narrowed by $695 since 2009.
Employment
| Metric | Hernando County | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.8% | 4.8% | 5.2% |
| Working from Home | 12.8% | 13.9% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 5,025 people are unemployed in Hernando County, Florida.
The average commute time in Hernando County is 23 minutes, about the same as in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hernando County, Florida has fallen from 14.2% to 5.8% in 2023.
Conclusion
Considering all these factors, Hernando County, 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 Hernando County, Florida.
How Rich Is Hernando County, Florida?
Hernando 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 $64,065, about 11% lower than the Florida average of $71,865.
What is the current median household income in Hernando County, Florida?
As of 2023, the median household income in Hernando County, Florida is $64,065.
What was the median household income in Hernando County in 2023?
In 2023, the median household income in Hernando County, Florida was $64,065.
What was the median household income in Hernando County in 2020?
In 2020, the median household income in Hernando County, Florida was $50,325.
What is the Gini coefficient in Hernando County, Florida?
The Gini coefficient in Hernando County is 0.535. 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 Hernando County, Florida?
Since 2009, the income gap between men and women in Hernando County, Florida has narrowed from about 23% to 16% in 2023. In dollar terms, the gap has narrowed by $695 since 2009.