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 | Lakewood Ranch | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $118,182 | $71,865 | $78,145 |
| Median Personal Income | $88,065 | $53,537 | $61,726 |
| Average income growth | 2.7% | 5.7% | 5.1% |
| Six-Figure Earners | 23.5% | 10.9% | 13.2% |
The median household income in Lakewood Ranch is about 64% higher than in Florida. Income has been growing slower in Lakewood Ranch (2.7%/yr) than in Florida (5.7%/yr).
About 23% of adults in Lakewood Ranch 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 Lakewood Ranch, Florida grew by 30.5% from 2009 to 2023, reaching $118,182 in 2023. That's an average of about 2.7% per year.
Economic Inequality in Lakewood Ranch | Gender Pay Gap | Gini Coefficient
| Metric | Lakewood Ranch | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.548 | 0.566 | 0.570 |
| Male Median Income | $109,723 | $58,426 | $67,746 |
| Female Median Income | $69,468 | $48,893 | $54,793 |
| Gender Pay Gap | 36.7% | 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 Lakewood Ranch, it is 0.548, 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 58% more than women's income in Lakewood Ranch, Florida. Over a 35-year career, a 58% wage gap accumulates to roughly $1,408,925 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lakewood Ranch, Florida has widened from about 30% to 37% in 2023. In dollar terms, the gap has widened by $19,106 since 2009.
Employment
| Metric | Lakewood Ranch | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.4% | 4.8% | 5.2% |
| Working from Home | 29.4% | 13.9% | 13.4% |
| Commute time (minutes) | 27 | 23 | 22 |
Approximately 516 people are unemployed in Lakewood Ranch, Florida.
The average commute time in Lakewood Ranch is 27 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lakewood Ranch, Florida has fallen from 8.1% to 3.4% in 2023.
Conclusion
Considering all these factors, Lakewood Ranch, Florida has an overall wealth index grade of A, making it far better than Florida, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lakewood Ranch, Florida.
How Rich Is Lakewood Ranch, Florida?
Lakewood Ranch 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 residents are much better off than the U.S. average. The median household income is $118,182, about 64% higher than the Florida average of $71,865.
What is the current median household income in Lakewood Ranch, Florida?
As of 2023, the median household income in Lakewood Ranch, Florida is $118,182.
What was the median household income in Lakewood Ranch in 2023?
In 2023, the median household income in Lakewood Ranch, Florida was $118,182.
What was the median household income in Lakewood Ranch in 2020?
In 2020, the median household income in Lakewood Ranch, Florida was $109,460.
What is the Gini coefficient in Lakewood Ranch, Florida?
The Gini coefficient in Lakewood Ranch is 0.548. 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 Lakewood Ranch, Florida?
Since 2009, the income gap between men and women in Lakewood Ranch, Florida has widened from about 30% to 37% in 2023. In dollar terms, the gap has widened by $19,106 since 2009.