Wealth Index
Wealthier than 91% 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 | Martin County | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $81,656 | $71,865 | $78,145 |
| Median Personal Income | $60,968 | $53,537 | $61,726 |
| Average income growth | 6.4% | 5.7% | 5.1% |
| Six-Figure Earners | 14.9% | 10.9% | 13.2% |
The median household income in Martin County is about 14% higher than in Florida. Income has been growing faster in Martin County (6.4%/yr) than in Florida (5.7%/yr).
About 15% of adults in Martin County 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 Martin County, Florida grew by 53.3% from 2009 to 2023, reaching $81,656 in 2023. That's an average of about 6.4% per year.
Economic Inequality in Martin County | Gender Pay Gap | Gini Coefficient
| Metric | Martin County | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.560 | 0.566 | 0.570 |
| Male Median Income | $69,838 | $58,426 | $67,746 |
| Female Median Income | $53,125 | $48,893 | $54,793 |
| Gender Pay Gap | 23.9% | 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 Martin County, it is 0.560, 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 31% more than women's income in Martin County, Florida. Over a 35-year career, a 31% wage gap accumulates to roughly $584,955 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Martin County, Florida has narrowed from about 25% to 24% in 2023. In dollar terms, the gap has widened by $4,650 since 2009.
Employment
| Metric | Martin County | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.5% | 4.8% | 5.2% |
| Working from Home | 13.8% | 13.9% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 3,260 people are unemployed in Martin County, Florida.
The average commute time in Martin County is 23 minutes, about the same as in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Martin County, Florida has fallen from 10.7% to 4.5% in 2023.
Conclusion
Considering all these factors, Martin County, Florida has an overall wealth index grade of B, making it somewhat better than Florida, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Martin County, Florida.
How Rich Is Martin County, Florida?
Martin County 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 $81,656, about 14% higher than the Florida average of $71,865.
What is the current median household income in Martin County, Florida?
As of 2023, the median household income in Martin County, Florida is $81,656.
What was the median household income in Martin County in 2023?
In 2023, the median household income in Martin County, Florida was $81,656.
What was the median household income in Martin County in 2020?
In 2020, the median household income in Martin County, Florida was $66,036.
What is the Gini coefficient in Martin County, Florida?
The Gini coefficient in Martin County is 0.560. 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 Martin County, Florida?
Since 2009, the income gap between men and women in Martin County, Florida has narrowed from about 25% to 24% in 2023. In dollar terms, the gap has widened by $4,650 since 2009.