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 | Lutz | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $99,821 | $71,865 | $78,145 |
| Median Personal Income | $69,889 | $53,537 | $61,726 |
| Average income growth | 6.2% | 5.7% | 5.1% |
| Six-Figure Earners | 16.9% | 10.9% | 13.2% |
The median household income in Lutz is about 39% higher than in Florida. Income has been growing faster in Lutz (6.2%/yr) than in Florida (5.7%/yr).
About 17% of adults in Lutz 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 Lutz, Florida grew by 39.5% from 2009 to 2023, reaching $99,821 in 2023. That's an average of about 6.2% per year.
Economic Inequality in Lutz | Gender Pay Gap | Gini Coefficient
| Metric | Lutz | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.551 | 0.566 | 0.570 |
| Male Median Income | $78,017 | $58,426 | $67,746 |
| Female Median Income | $58,186 | $48,893 | $54,793 |
| Gender Pay Gap | 25.4% | 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 Lutz, it is 0.551, 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 34% more than women's income in Lutz, Florida. Over a 35-year career, a 34% wage gap accumulates to roughly $694,085 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lutz, Florida has narrowed from about 26% to 25% in 2023. In dollar terms, the gap has widened by $3,520 since 2009.
Employment
| Metric | Lutz | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.2% | 4.8% | 5.2% |
| Working from Home | 21.4% | 13.9% | 13.4% |
| Commute time (minutes) | 30 | 23 | 22 |
Approximately 542 people are unemployed in Lutz, Florida.
The average commute time in Lutz is 30 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lutz, Florida has fallen from 9.2% to 3.2% in 2023.
Conclusion
Considering all these factors, Lutz, 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 Lutz, Florida.
How Rich Is Lutz, Florida?
Lutz 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 $99,821, about 39% higher than the Florida average of $71,865.
What is the current median household income in Lutz, Florida?
As of 2023, the median household income in Lutz, Florida is $99,821.
What was the median household income in Lutz in 2023?
In 2023, the median household income in Lutz, Florida was $99,821.
What was the median household income in Lutz in 2020?
In 2020, the median household income in Lutz, Florida was $83,681.
What is the Gini coefficient in Lutz, Florida?
The Gini coefficient in Lutz is 0.551. 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 Lutz, Florida?
Since 2009, the income gap between men and women in Lutz, Florida has narrowed from about 26% to 25% in 2023. In dollar terms, the gap has widened by $3,520 since 2009.