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 | Indian River County | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $70,220 | $71,865 | $78,145 |
| Median Personal Income | $54,256 | $53,537 | $61,726 |
| Average income growth | 5.9% | 5.7% | 5.1% |
| Six-Figure Earners | 11.1% | 10.9% | 13.2% |
The median household income in Indian River County is about 2% lower than in Florida. Income has been growing faster in Indian River County (5.9%/yr) than in Florida (5.7%/yr).
About 11% of adults in Indian River County earn six figures ($100,000 or more) a year, about the same as the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Indian River County, Florida grew by 50.7% from 2009 to 2023, reaching $70,220 in 2023. That's an average of about 5.9% per year.
Economic Inequality in Indian River County | Gender Pay Gap | Gini Coefficient
| Metric | Indian River County | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.550 | 0.566 | 0.570 |
| Male Median Income | $59,594 | $58,426 | $67,746 |
| Female Median Income | $50,191 | $48,893 | $54,793 |
| Gender Pay Gap | 15.8% | 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 Indian River County, it is 0.550, 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 19% more than women's income in Indian River County, Florida. Over a 35-year career, a 19% wage gap accumulates to roughly $329,105 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Indian River County, Florida has widened from about 15% to 16% in 2023. In dollar terms, the gap has widened by $3,315 since 2009.
Employment
| Metric | Indian River County | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.2% | 4.8% | 5.2% |
| Working from Home | 11.8% | 13.9% | 13.4% |
| Commute time (minutes) | 18 | 23 | 22 |
Approximately 3,613 people are unemployed in Indian River County, Florida.
The average commute time in Indian River County is 18 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Indian River County, Florida has fallen from 12.4% to 5.2% in 2023.
Conclusion
Considering all these factors, Indian River County, Florida has an overall wealth index grade of C, making it somewhat better than Florida, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Indian River County, Florida.
How Wealthy Is Indian River County, Florida?
Indian River County 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 $70,220, about 2% lower than the Florida average of $71,865.
What is the current median household income in Indian River County, Florida?
As of 2023, the median household income in Indian River County, Florida is $70,220.
What was the median household income in Indian River County in 2023?
In 2023, the median household income in Indian River County, Florida was $70,220.
What was the median household income in Indian River County in 2020?
In 2020, the median household income in Indian River County, Florida was $57,687.
What is the Gini coefficient in Indian River County, Florida?
The Gini coefficient in Indian River County is 0.550. 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 Indian River County, Florida?
Since 2009, the income gap between men and women in Indian River County, Florida has widened from about 15% to 16% in 2023. In dollar terms, the gap has widened by $3,315 since 2009.