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 Magdalene | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $75,856 | $71,865 | $78,145 |
| Median Personal Income | $56,869 | $53,537 | $61,726 |
| Average income growth | 5.1% | 5.7% | 5.1% |
| Six-Figure Earners | 12.6% | 10.9% | 13.2% |
The median household income in Lake Magdalene is about 6% higher than in Florida. Income has been growing slower in Lake Magdalene (5.1%/yr) than in Florida (5.7%/yr).
About 13% of adults in Lake Magdalene 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 Lake Magdalene, Florida grew by 55.2% from 2009 to 2023, reaching $75,856 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Lake Magdalene | Gender Pay Gap | Gini Coefficient
| Metric | Lake Magdalene | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.537 | 0.566 | 0.570 |
| Male Median Income | $62,095 | $58,426 | $67,746 |
| Female Median Income | $52,370 | $48,893 | $54,793 |
| Gender Pay Gap | 15.7% | 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 Magdalene, 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 19% more than women's income in Lake Magdalene, Florida. Over a 35-year career, a 19% wage gap accumulates to roughly $340,375 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lake Magdalene, Florida has narrowed from about 25% to 16% in 2023. In dollar terms, the gap has narrowed by $2,334 since 2009.
Employment
| Metric | Lake Magdalene | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.9% | 4.8% | 5.2% |
| Working from Home | 16.4% | 13.9% | 13.4% |
| Commute time (minutes) | 28 | 23 | 22 |
Approximately 474 people are unemployed in Lake Magdalene, Florida.
The average commute time in Lake Magdalene is 28 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lake Magdalene, Florida has fallen from 9.6% to 2.9% in 2023.
Conclusion
Considering all these factors, Lake Magdalene, 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 Lake Magdalene, Florida.
How Rich Is Lake Magdalene, Florida?
Lake Magdalene 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 $75,856, about 6% higher than the Florida average of $71,865.
What is the current median household income in Lake Magdalene, Florida?
As of 2023, the median household income in Lake Magdalene, Florida is $75,856.
What was the median household income in Lake Magdalene in 2023?
In 2023, the median household income in Lake Magdalene, Florida was $75,856.
What was the median household income in Lake Magdalene in 2020?
In 2020, the median household income in Lake Magdalene, Florida was $66,490.
What is the Gini coefficient in Lake Magdalene, Florida?
The Gini coefficient in Lake Magdalene 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 Lake Magdalene, Florida?
Since 2009, the income gap between men and women in Lake Magdalene, Florida has narrowed from about 25% to 16% in 2023. In dollar terms, the gap has narrowed by $2,334 since 2009.