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 | Homestead | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $60,708 | $71,865 | $78,145 |
| Median Personal Income | $60,708 | $71,865 | $78,145 |
| Average income growth | 6.4% | 6.4% | 6.4% |
The median household income in Homestead is about 16% lower than in Florida. Income has been growing faster in Homestead (6.4%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Homestead, Florida grew by 59.1% from 2009 to 2023, reaching $60,708 in 2023. That's an average of about 4.2% per year.
Economic Inequality in Homestead | Gender Pay Gap | Gini Coefficient
| Metric | Homestead | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.582 | 0.566 | 0.570 |
| Male Median Income | $43,835 | $58,426 | $67,746 |
| Female Median Income | $42,326 | $48,893 | $54,793 |
| Gender Pay Gap | 3.4% | 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 Homestead, it is 0.582, 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 4% more than women's income in Homestead, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in Homestead, Florida has narrowed from about 7% to 3% in 2023.
Employment
| Metric | Homestead | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.6% | 4.8% | 5.2% |
| Working from Home | 6.7% | 13.9% | 13.4% |
| Commute time (minutes) | 31 | 23 | 22 |
The average commute time in Homestead is 31 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Homestead, Florida has fallen from 12.0% to 4.6% in 2023.
Conclusion
Considering all these factors, Homestead, 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 Homestead, Florida.
How Rich Is Homestead, Florida?
Homestead 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 $60,708, about 16% lower than the Florida average of $71,865.
What is the current median household income in Homestead, Florida?
As of 2023, the median household income in Homestead, Florida is $60,708.
What was the median household income in Homestead in 2023?
In 2023, the median household income in Homestead, Florida was $60,708.
What was the median household income in Homestead in 2020?
In 2020, the median household income in Homestead, Florida was $50,291.
What is the Gini coefficient in Homestead, Florida?
The Gini coefficient in Homestead is 0.582. 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 Homestead, Florida?
Since 2009, the income gap between men and women in Homestead, Florida has narrowed from about 7% to 3% in 2023.