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 | Key Biscayne | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $147,932 | $71,865 | $78,145 |
| Median Personal Income | $117,227 | $53,537 | $61,726 |
| Average income growth | 5.1% | 5.7% | 5.1% |
| Six-Figure Earners | 32.6% | 10.9% | 13.2% |
The median household income in Key Biscayne is about 106% higher than in Florida. Income has been growing slower in Key Biscayne (5.1%/yr) than in Florida (5.7%/yr).
About 33% of adults in Key Biscayne 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 Key Biscayne, Florida grew by 25.0% from 2009 to 2023, reaching $147,932 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Key Biscayne | Gender Pay Gap | Gini Coefficient
| Metric | Key Biscayne | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.571 | 0.566 | 0.570 |
| Male Median Income | $133,347 | $58,426 | $67,746 |
| Female Median Income | $82,173 | $48,893 | $54,793 |
| Gender Pay Gap | 38.4% | 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 Key Biscayne, it is 0.571, about the same as Florida's 0.566, so income here is about as evenly distributed as there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 62% more than women's income in Key Biscayne, Florida. Over a 35-year career, a 62% wage gap accumulates to roughly $1,791,090 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Key Biscayne, Florida has narrowed from about 44% to 38% in 2023. In dollar terms, the gap has narrowed by $345 since 2009.
Employment
| Metric | Key Biscayne | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.8% | 4.8% | 5.2% |
| Working from Home | 33.6% | 13.9% | 13.4% |
| Commute time (minutes) | 22 | 23 | 22 |
Approximately 192 people are unemployed in Key Biscayne, Florida.
The average commute time in Key Biscayne is 22 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
The unemployment rate in Key Biscayne, Florida has stayed about flat at 3.8% since 2011.
Conclusion
Considering all these factors, Key Biscayne, Florida has an overall wealth index grade of A+, making it far better than Florida, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Key Biscayne, Florida.
How Rich Is Key Biscayne, Florida?
Key Biscayne has a wealth index grade of A+. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A+ grade means it is one of the most prosperous areas in the country. The median household income is $147,932, about 106% higher than the Florida average of $71,865.
What is the current median household income in Key Biscayne, Florida?
As of 2023, the median household income in Key Biscayne, Florida is $147,932.
What was the median household income in Key Biscayne in 2023?
In 2023, the median household income in Key Biscayne, Florida was $147,932.
What was the median household income in Key Biscayne in 2020?
In 2020, the median household income in Key Biscayne, Florida was $156,909.
What is the Gini coefficient in Key Biscayne, Florida?
The Gini coefficient in Key Biscayne is 0.571. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Key Biscayne, Florida?
Since 2009, the income gap between men and women in Key Biscayne, Florida has narrowed from about 44% to 38% in 2023. In dollar terms, the gap has narrowed by $345 since 2009.