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 | Hollywood | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $64,550 | $71,865 | $78,145 |
| Median Personal Income | $50,492 | $53,537 | $61,726 |
| Average income growth | 4.4% | 5.7% | 5.1% |
| Six-Figure Earners | 9.7% | 10.9% | 13.2% |
The median household income in Hollywood is about 10% lower than in Florida. Income has been growing slower in Hollywood (4.4%/yr) than in Florida (5.7%/yr).
About 10% of adults in Hollywood 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 Hollywood, Florida grew by 44.6% from 2009 to 2023, reaching $64,550 in 2023. That's an average of about 4.4% per year.
Economic Inequality in Hollywood | Gender Pay Gap | Gini Coefficient
| Metric | Hollywood | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.556 | 0.566 | 0.570 |
| Male Median Income | $51,995 | $58,426 | $67,746 |
| Female Median Income | $48,606 | $48,893 | $54,793 |
| Gender Pay Gap | 6.5% | 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 Hollywood, it is 0.556, 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 7% more than women's income in Hollywood, Florida. Over a 35-year career, a 7% wage gap accumulates to roughly $118,615 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Hollywood, Florida has narrowed from about 20% to 7% in 2023. In dollar terms, the gap has narrowed by $4,895 since 2009.
Employment
| Metric | Hollywood | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.3% | 4.8% | 5.2% |
| Working from Home | 11.4% | 13.9% | 13.4% |
| Commute time (minutes) | 27 | 23 | 22 |
Approximately 5,425 people are unemployed in Hollywood, Florida.
The average commute time in Hollywood is 27 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hollywood, Florida has fallen from 11.6% to 6.3% in 2023.
Conclusion
Considering all these factors, Hollywood, Florida has an overall wealth index grade of C, making it about on par with Florida, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Hollywood, Florida.
How Rich Is Hollywood, Florida?
Hollywood has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $64,550, about 10% lower than the Florida average of $71,865.
What is the current median household income in Hollywood, Florida?
As of 2023, the median household income in Hollywood, Florida is $64,550.
What was the median household income in Hollywood in 2023?
In 2023, the median household income in Hollywood, Florida was $64,550.
What was the median household income in Hollywood in 2020?
In 2020, the median household income in Hollywood, Florida was $54,258.
What is the Gini coefficient in Hollywood, Florida?
The Gini coefficient in Hollywood is 0.556. 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 Hollywood, Florida?
Since 2009, the income gap between men and women in Hollywood, Florida has narrowed from about 20% to 7% in 2023. In dollar terms, the gap has narrowed by $4,895 since 2009.