Margate, Florida Income Statistics
Margate Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
C
Margate Below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Margate | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $63,661 | $74,580 | $80,455 |
| Median Personal Income | $48,957 | $52,322 | $60,758 |
| Average Yearly Income Growth | 4.7% | 5.4% | 4.8% |
| Six-Figure Earners | 7.1% | 11.6% | 13.9% |
| $200k+ Households | 5.0% | 11.0% | 13.2% |
The median household income in Margate is about 15% lower than in Florida. Income has been growing slower in Margate (4.7%/yr) than in Florida (5.4%/yr).
About 7% of adults in Margate earn six figures ($100,000 or more) a year, lower than the Florida average of 12%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Margate, Florida grew by 39.2% from 2009 to 2024, reaching $63,661 in 2024. That's an average of about 4.7% per year.
Income Inequality and the Gender Pay Gap in Margate
| Metric | Margate | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.526 | 0.551 | 0.552 |
| Male Median Income | $53,417 | $60,595 | $69,667 |
| Female Median Income | $47,011 | $50,762 | $56,850 |
| Gender Pay Gap | 12.0% | 16.2% | 18.4% |
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 Margate, it is 0.526, lower than Florida's 0.551, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 14% more than women's income in Margate, Florida. Over a 35-year career, a 14% wage gap accumulates to roughly $224,210 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Margate, Florida has narrowed from about 14% to 12% in 2024. Over that period the gap was widest at 19% in 2016, and was narrowest at 6% in 2020. In dollar terms, the gap has widened by $510 since 2009.
Employment
| Metric | Margate | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.2% | 4.8% | 5.2% |
| Working from Home | 10.3% | 15.7% | 15.0% |
| Commute time (minutes) | 30 | 23 | 22 |
Approximately 1,334 people are unemployed in Margate, Florida.
The average commute time in Margate is 30 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Margate, Florida has fallen from 10.6% to 4.2% in 2024. Over that period the rate peaked at 13.0% in 2013 and fell as low as 3.4% in 2020.
Margate, FL Wealth Compared With Nearby Cities
Margate, FL is typical in size for this group, 58,812 residents against a local median of 57,412, so the measures below are close to a like for like comparison. Where Margate, FL breaks from the cities next to it is unemployment, sitting 18% below the local median of 5.1% at 4.2%. That is the better end of the local range on this measure.
The cities themselves spread 3.6% on unemployment, so Margate, FL sits at one end of an already wide local range rather than apart from it. Margate, FL has the lowest unemployment of the 6 areas compared here.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Margate, FL | 58,812 | $63,661 #4/6 | 4.7%/yr #2/6 | 4.2% #1/6 | 0.526 #3/6 |
| North Lauderdale, FL | 43,820 | $68,117 | 6.2%/yr | 6.2% | 0.499 |
| Coconut Creek, FL | 57,412 | $74,009 | 4.0%/yr | 5.1% | 0.537 |
| Coral Springs, FL | 133,960 | $93,880 | 4.0%/yr | 4.9% | 0.550 |
| Tamarac, FL | 71,922 | $61,234 | 4.3%/yr | 5.0% | 0.519 |
| Lauderdale Lakes, FL | 35,781 | $50,621 | 4.7%/yr | 8.5% | 0.541 |
Conclusion
Considering all these factors, Margate, Florida has an overall wealth index grade of C, making it about on par with Florida, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Margate, Florida.
How Rich Is Margate, Florida?
Margate has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $63,661, about 15% lower than the Florida average of $74,580.
Are incomes growing in Margate, Florida?
Between 2009 and 2024, the median household income in Margate, Florida rose 39%, from $45,743 to $63,661. Over the same years, income here lagged behind Florida as a whole: +39% against +57%.
What was the median household income in Margate in 2023?
In 2023, the median household income in Margate, Florida was $62,193, up 7% from $58,041 in 2022. The Florida median that year was $71,864.
What was the median household income in Margate in 2020?
In 2020, the median household income in Margate, Florida was $47,916. By 2024 it had risen 33% to $63,661.
What is the Gini coefficient in Margate, Florida?
The Gini coefficient in Margate is 0.526. 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 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Margate, Florida?
Since 2009, the income gap between men and women in Margate, Florida has narrowed from about 14% to 12% in 2024. Over that period the gap was widest at 19% in 2016, and was narrowest at 6% in 2020. In dollar terms, the gap has widened by $510 since 2009.
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