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 | Merritt Island | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $91,834 | $71,865 | $78,145 |
| Median Personal Income | $74,105 | $53,537 | $61,726 |
| Average income growth | 7.7% | 5.7% | 5.1% |
| Six-Figure Earners | 17.1% | 10.9% | 13.2% |
The median household income in Merritt Island is about 28% higher than in Florida. Income has been growing faster in Merritt Island (7.7%/yr) than in Florida (5.7%/yr).
About 17% of adults in Merritt Island 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 Merritt Island, Florida grew by 63.8% from 2009 to 2023, reaching $91,834 in 2023. That's an average of about 7.7% per year.
Economic Inequality in Merritt Island | Gender Pay Gap | Gini Coefficient
| Metric | Merritt Island | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.557 | 0.566 | 0.570 |
| Male Median Income | $85,902 | $58,426 | $67,746 |
| Female Median Income | $59,049 | $48,893 | $54,793 |
| Gender Pay Gap | 31.3% | 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 Merritt Island, it is 0.557, 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 45% more than women's income in Merritt Island, Florida. Over a 35-year career, a 45% wage gap accumulates to roughly $939,855 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Merritt Island, Florida has narrowed from about 37% to 31% in 2023. In dollar terms, the gap has widened by $5,403 since 2009.
Employment
| Metric | Merritt Island | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.2% | 4.8% | 5.2% |
| Working from Home | 17.2% | 13.9% | 13.4% |
| Commute time (minutes) | 20 | 23 | 22 |
Approximately 683 people are unemployed in Merritt Island, Florida.
The average commute time in Merritt Island is 20 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Merritt Island, Florida has fallen from 7.8% to 4.2% in 2023.
Conclusion
Considering all these factors, Merritt Island, 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 Merritt Island, Florida.
How Rich Is Merritt Island, Florida?
Merritt Island 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 $91,834, about 28% higher than the Florida average of $71,865.
What is the current median household income in Merritt Island, Florida?
As of 2023, the median household income in Merritt Island, Florida is $91,834.
What was the median household income in Merritt Island in 2023?
In 2023, the median household income in Merritt Island, Florida was $91,834.
What was the median household income in Merritt Island in 2020?
In 2020, the median household income in Merritt Island, Florida was $72,511.
What is the Gini coefficient in Merritt Island, Florida?
The Gini coefficient in Merritt Island is 0.557. 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 Merritt Island, Florida?
Since 2009, the income gap between men and women in Merritt Island, Florida has narrowed from about 37% to 31% in 2023. In dollar terms, the gap has widened by $5,403 since 2009.