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 | Margate | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $62,231 | $71,865 | $78,145 |
| Median Personal Income | $62,231 | $71,865 | $78,145 |
| Average income growth | 5.1% | 5.1% | 5.1% |
The median household income in Margate is about 13% lower than in Florida. Income has been growing slower in Margate (5.1%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Margate, Florida grew by 36.0% from 2009 to 2023, reaching $62,231 in 2023. That's an average of about 2.6% per year.
Economic Inequality in Margate | Gender Pay Gap | Gini Coefficient
| Metric | Margate | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.516 | 0.566 | 0.570 |
| Male Median Income | $52,751 | $58,426 | $67,746 |
| Female Median Income | $45,038 | $48,893 | $54,793 |
| Gender Pay Gap | 14.6% | 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 Margate, it is 0.516, 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 17% more than women's income in Margate, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in Margate, Florida has widened from about 14% to 15% in 2023.
Employment
| Metric | Margate | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.2% | 4.8% | 5.2% |
| Working from Home | 9.8% | 13.9% | 13.4% |
| Commute time (minutes) | 28 | 23 | 22 |
The average commute time in Margate is 28 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 2023.
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 $62,231, about 13% lower than the Florida average of $71,865.
What is the current median household income in Margate, Florida?
As of 2023, the median household income in Margate, Florida is $62,231.
What was the median household income in Margate in 2023?
In 2023, the median household income in Margate, Florida was $62,231.
What was the median household income in Margate in 2020?
In 2020, the median household income in Margate, Florida was $47,964.
What is the Gini coefficient in Margate, Florida?
The Gini coefficient in Margate is 0.516. 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 Margate, Florida?
Since 2009, the income gap between men and women in Margate, Florida has widened from about 14% to 15% in 2023.