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 Largo | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $77,724 | $71,865 | $78,145 |
| Median Personal Income | $55,468 | $53,537 | $61,726 |
| Average income growth | 4.9% | 5.7% | 5.1% |
| Six-Figure Earners | 13.1% | 10.9% | 13.2% |
The median household income in Key Largo is about 8% higher than in Florida. Income has been growing slower in Key Largo (4.9%/yr) than in Florida (5.7%/yr).
About 13% of adults in Key Largo 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 Largo, Florida grew by 48.9% from 2009 to 2023, reaching $77,724 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Key Largo | Gender Pay Gap | Gini Coefficient
| Metric | Key Largo | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.566 | 0.566 | 0.570 |
| Male Median Income | $60,112 | $58,426 | $67,746 |
| Female Median Income | $50,988 | $48,893 | $54,793 |
| Gender Pay Gap | 15.2% | 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 Key Largo, it is 0.566, 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 18% more than women's income in Key Largo, Florida. Over a 35-year career, a 18% wage gap accumulates to roughly $319,340 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 Largo, Florida has widened from about 2% to 15% in 2023. In dollar terms, the gap has widened by $8,316 since 2009.
Employment
| Metric | Key Largo | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.1% | 4.8% | 5.2% |
| Working from Home | 7.2% | 13.9% | 13.4% |
| Commute time (minutes) | 18 | 23 | 22 |
Approximately 72 people are unemployed in Key Largo, Florida.
The average commute time in Key Largo is 18 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Key Largo, Florida has fallen from 5.7% to 3.1% in 2023.
Conclusion
Considering all these factors, Key Largo, Florida has an overall wealth index grade of B, making it somewhat better than Florida, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Key Largo, Florida.
How Rich Is Key Largo, Florida?
Key Largo 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 $77,724, about 8% higher than the Florida average of $71,865.
What is the current median household income in Key Largo, Florida?
As of 2023, the median household income in Key Largo, Florida is $77,724.
What was the median household income in Key Largo in 2023?
In 2023, the median household income in Key Largo, Florida was $77,724.
What was the median household income in Key Largo in 2020?
In 2020, the median household income in Key Largo, Florida was $62,410.
What is the Gini coefficient in Key Largo, Florida?
The Gini coefficient in Key Largo is 0.566. 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 Largo, Florida?
Since 2009, the income gap between men and women in Key Largo, Florida has widened from about 2% to 15% in 2023. In dollar terms, the gap has widened by $8,316 since 2009.