Wealth Index
Less wealthy than 89% of counties in Florida
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 | Madison County | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $47,327 | $71,865 | $78,145 |
| Median Personal Income | $39,896 | $53,537 | $61,726 |
| Average income growth | 7.0% | 5.7% | 5.1% |
| Six-Figure Earners | 3.2% | 10.9% | 13.2% |
The median household income in Madison County is about 34% lower than in Florida. Income has been growing faster in Madison County (7.0%/yr) than in Florida (5.7%/yr).
About 3% of adults in Madison 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 Madison County, Florida grew by 30.2% from 2009 to 2023, reaching $47,327 in 2023. That's an average of about 7.0% per year.
Economic Inequality in Madison County | Gender Pay Gap | Gini Coefficient
| Metric | Madison County | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.589 | 0.566 | 0.570 |
| Male Median Income | $41,837 | $58,426 | $67,746 |
| Female Median Income | $38,501 | $48,893 | $54,793 |
| Gender Pay Gap | 8.0% | 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 Madison County, it is 0.589, higher than Florida's 0.566, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 9% more than women's income in Madison County, Florida. Over a 35-year career, a 9% wage gap accumulates to roughly $116,760 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Madison County, Florida has narrowed from about 16% to 8% in 2023. In dollar terms, the gap has narrowed by $1,585 since 2009.
Employment
| Metric | Madison County | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.4% | 4.8% | 5.2% |
| Working from Home | 3.8% | 13.9% | 13.4% |
| Commute time (minutes) | 21 | 23 | 22 |
Approximately 161 people are unemployed in Madison County, Florida.
The average commute time in Madison County is 21 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Madison County, Florida has fallen from 8.9% to 2.4% in 2023.
Conclusion
Considering all these factors, Madison County, Florida has an overall wealth index grade of D, making it somewhat worse than Florida, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Madison County, Florida.
How Rich Is Madison County, Florida?
Madison County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $47,327, about 34% lower than the Florida average of $71,865.
What is the current median household income in Madison County, Florida?
As of 2023, the median household income in Madison County, Florida is $47,327.
What was the median household income in Madison County in 2023?
In 2023, the median household income in Madison County, Florida was $47,327.
What was the median household income in Madison County in 2020?
In 2020, the median household income in Madison County, Florida was $35,251.
What is the Gini coefficient in Madison County, Florida?
The Gini coefficient in Madison County is 0.589. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Madison County, Florida?
Since 2009, the income gap between men and women in Madison County, Florida has narrowed from about 16% to 8% in 2023. In dollar terms, the gap has narrowed by $1,585 since 2009.