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 Mary | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $106,928 | $71,865 | $78,145 |
| Median Personal Income | $76,678 | $53,537 | $61,726 |
| Average income growth | 3.8% | 5.7% | 5.1% |
| Six-Figure Earners | 20.0% | 10.9% | 13.2% |
The median household income in Lake Mary is about 49% higher than in Florida. Income has been growing slower in Lake Mary (3.8%/yr) than in Florida (5.7%/yr).
About 20% of adults in Lake Mary 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 Mary, Florida grew by 49.0% from 2009 to 2023, reaching $106,928 in 2023. That's an average of about 3.8% per year.
Economic Inequality in Lake Mary | Gender Pay Gap | Gini Coefficient
| Metric | Lake Mary | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.573 | 0.566 | 0.570 |
| Male Median Income | $85,543 | $58,426 | $67,746 |
| Female Median Income | $66,976 | $48,893 | $54,793 |
| Gender Pay Gap | 21.7% | 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 Mary, it is 0.573, higher than Florida's 0.566, so income is less evenly distributed here than 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 28% more than women's income in Lake Mary, Florida. Over a 35-year career, a 28% wage gap accumulates to roughly $649,845 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 Mary, Florida has narrowed from about 32% to 22% in 2023. In dollar terms, the gap has narrowed by $980 since 2009.
Employment
| Metric | Lake Mary | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.3% | 4.8% | 5.2% |
| Working from Home | 23.4% | 13.9% | 13.4% |
| Commute time (minutes) | 22 | 23 | 22 |
Approximately 345 people are unemployed in Lake Mary, Florida.
The average commute time in Lake Mary is 22 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lake Mary, Florida has fallen from 7.3% to 3.3% in 2023.
Conclusion
Considering all these factors, Lake Mary, 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 Lake Mary, Florida.
How Rich Is Lake Mary, Florida?
Lake Mary 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 $106,928, about 49% higher than the Florida average of $71,865.
What is the current median household income in Lake Mary, Florida?
As of 2023, the median household income in Lake Mary, Florida is $106,928.
What was the median household income in Lake Mary in 2023?
In 2023, the median household income in Lake Mary, Florida was $106,928.
What was the median household income in Lake Mary in 2020?
In 2020, the median household income in Lake Mary, Florida was $92,969.
What is the Gini coefficient in Lake Mary, Florida?
The Gini coefficient in Lake Mary is 0.573. 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 Lake Mary, Florida?
Since 2009, the income gap between men and women in Lake Mary, Florida has narrowed from about 32% to 22% in 2023. In dollar terms, the gap has narrowed by $980 since 2009.