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 | Lake County | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $70,540 | $71,865 | $78,145 |
| Median Personal Income | $52,383 | $53,537 | $61,726 |
| Average income growth | 5.9% | 5.7% | 5.1% |
| Six-Figure Earners | 8.6% | 10.9% | 13.2% |
The median household income in Lake County is about 2% lower than in Florida. Income has been growing faster in Lake County (5.9%/yr) than in Florida (5.7%/yr).
About 9% of adults in Lake County earn six figures ($100,000 or more) a year, lower than the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Lake County, Florida grew by 57.3% from 2009 to 2023, reaching $70,540 in 2023. That's an average of about 5.9% per year.
Economic Inequality in Lake County | Gender Pay Gap | Gini Coefficient
| Metric | Lake County | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.531 | 0.566 | 0.570 |
| Male Median Income | $58,514 | $58,426 | $67,746 |
| Female Median Income | $46,693 | $48,893 | $54,793 |
| Gender Pay Gap | 20.2% | 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 Lake County, it is 0.531, 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 25% more than women's income in Lake County, Florida. Over a 35-year career, a 25% wage gap accumulates to roughly $413,735 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Lake County, Florida has stayed about the same since 2009, at around 20%. In dollar terms, the gap has widened by $3,668 since 2009.
Employment
| Metric | Lake County | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.1% | 4.8% | 5.2% |
| Working from Home | 13.5% | 13.9% | 13.4% |
| Commute time (minutes) | 27 | 23 | 22 |
Approximately 9,093 people are unemployed in Lake County, Florida.
The average commute time in Lake County is 27 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lake County, Florida has fallen from 9.7% to 5.1% in 2023.
Conclusion
Considering all these factors, Lake County, Florida has an overall wealth index grade of C, making it about on par with Florida, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lake County, Florida.
How Rich Is Lake County, Florida?
Lake 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 $70,540, about 2% lower than the Florida average of $71,865.
What is the current median household income in Lake County, Florida?
As of 2023, the median household income in Lake County, Florida is $70,540.
What was the median household income in Lake County in 2023?
In 2023, the median household income in Lake County, Florida was $70,540.
What was the median household income in Lake County in 2020?
In 2020, the median household income in Lake County, Florida was $56,061.
What is the Gini coefficient in Lake County, Florida?
The Gini coefficient in Lake County is 0.531. 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 Lake County, Florida?
The income gap between men and women in Lake County, Florida has stayed about the same since 2009, at around 20%. In dollar terms, the gap has widened by $3,668 since 2009.