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 | Islamorada, Village of Islands | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $96,957 | $71,865 | $78,145 |
| Median Personal Income | $70,246 | $53,537 | $61,726 |
| Average income growth | 6.1% | 5.7% | 5.1% |
| Six-Figure Earners | 22.9% | 10.9% | 13.2% |
The median household income in Islamorada, Village of Islands is about 35% higher than in Florida. Income has been growing faster in Islamorada, Village of Islands (6.1%/yr) than in Florida (5.7%/yr).
About 23% of adults in Islamorada, Village of Islands earn six figures ($100,000 or more) a year, higher than the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Islamorada, Village of Islands, Florida grew by 49.6% from 2009 to 2023, reaching $96,957 in 2023. That's an average of about 6.1% per year.
Economic Inequality in Islamorada, Village of Islands | Gender Pay Gap | Gini Coefficient
| Metric | Islamorada, Village of Islands | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.537 | 0.566 | 0.570 |
| Male Median Income | $105,922 | $58,426 | $67,746 |
| Female Median Income | $48,485 | $48,893 | $54,793 |
| Gender Pay Gap | 54.2% | 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 Islamorada, Village of Islands, it is 0.537, 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 118% more than women's income in Islamorada, Village of Islands, Florida. Over a 35-year career, a 118% wage gap accumulates to roughly $2,010,295 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Islamorada, Village of Islands, Florida has widened from about 8% to 54% in 2023. In dollar terms, the gap has widened by $53,942 since 2009.
Employment
| Metric | Islamorada, Village of Islands | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.0% | 4.8% | 5.2% |
| Working from Home | 14.9% | 13.9% | 13.4% |
| Commute time (minutes) | 15 | 23 | 22 |
The average commute time in Islamorada, Village of Islands is 15 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Islamorada, Village of Islands, Florida has fallen from 8.0% to 1.0% in 2023.
Conclusion
Considering all these factors, Islamorada, Village of Islands, Florida has an overall wealth index grade of B, making it notably better than Florida, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Islamorada, Village of Islands, Florida.
How Wealthy Is Islamorada, Village of Islands, Florida?
Islamorada, Village of Islands has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $96,957, about 35% higher than the Florida average of $71,865.
What is the current median household income in Islamorada, Village of Islands, Florida?
As of 2023, the median household income in Islamorada, Village of Islands, Florida is $96,957.
What was the median household income in Islamorada, Village of Islands in 2023?
In 2023, the median household income in Islamorada, Village of Islands, Florida was $96,957.
What was the median household income in Islamorada, Village of Islands in 2020?
In 2020, the median household income in Islamorada, Village of Islands, Florida was $83,539.
What is the Gini coefficient in Islamorada, Village of Islands, Florida?
The Gini coefficient in Islamorada, Village of Islands is 0.537. 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 Islamorada, Village of Islands, Florida?
Since 2009, the income gap between men and women in Islamorada, Village of Islands, Florida has widened from about 8% to 54% in 2023. In dollar terms, the gap has widened by $53,942 since 2009.