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 | Melbourne | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $62,708 | $71,865 | $78,145 |
| Median Personal Income | $52,333 | $53,537 | $61,726 |
| Average income growth | 6.4% | 5.7% | 5.1% |
| Six-Figure Earners | 8.7% | 10.9% | 13.2% |
The median household income in Melbourne is about 13% lower than in Florida. Income has been growing faster in Melbourne (6.4%/yr) than in Florida (5.7%/yr).
About 9% of adults in Melbourne 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 Melbourne, Florida grew by 57.3% from 2009 to 2023, reaching $62,708 in 2023. That's an average of about 6.4% per year.
Economic Inequality in Melbourne | Gender Pay Gap | Gini Coefficient
| Metric | Melbourne | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.552 | 0.566 | 0.570 |
| Male Median Income | $59,797 | $58,426 | $67,746 |
| Female Median Income | $45,541 | $48,893 | $54,793 |
| Gender Pay Gap | 23.8% | 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 Melbourne, it is 0.552, 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 Melbourne, Florida. Over a 35-year career, a 31% wage gap accumulates to roughly $498,960 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Melbourne, Florida has widened from about 21% to 24% in 2023. In dollar terms, the gap has widened by $5,452 since 2009.
Employment
| Metric | Melbourne | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.8% | 4.8% | 5.2% |
| Working from Home | 13.2% | 13.9% | 13.4% |
| Commute time (minutes) | 20 | 23 | 22 |
Approximately 1,888 people are unemployed in Melbourne, Florida.
The average commute time in Melbourne is 20 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Melbourne, Florida has fallen from 12.3% to 4.8% in 2023.
Conclusion
Considering all these factors, Melbourne, Florida has an overall wealth index grade of D, making it about on par with Florida, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Melbourne, Florida.
How Rich Is Melbourne, Florida?
Melbourne 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 $62,708, about 13% lower than the Florida average of $71,865.
What is the current median household income in Melbourne, Florida?
As of 2023, the median household income in Melbourne, Florida is $62,708.
What was the median household income in Melbourne in 2023?
In 2023, the median household income in Melbourne, Florida was $62,708.
What was the median household income in Melbourne in 2020?
In 2020, the median household income in Melbourne, Florida was $50,433.
What is the Gini coefficient in Melbourne, Florida?
The Gini coefficient in Melbourne is 0.552. 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 Melbourne, Florida?
Since 2009, the income gap between men and women in Melbourne, Florida has widened from about 21% to 24% in 2023. In dollar terms, the gap has widened by $5,452 since 2009.