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 | Miami | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $59,386 | $71,865 | $78,145 |
| Median Personal Income | $47,777 | $53,537 | $61,726 |
| Average income growth | 9.2% | 5.7% | 5.1% |
| Six-Figure Earners | 11.7% | 10.9% | 13.2% |
The median household income in Miami is about 17% lower than in Florida. Income has been growing faster in Miami (9.2%/yr) than in Florida (5.7%/yr).
About 12% of adults in Miami 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 Miami, Florida grew by 95.9% from 2009 to 2023, reaching $59,386 in 2023. That's an average of about 9.2% per year.
Economic Inequality in Miami | Gender Pay Gap | Gini Coefficient
| Metric | Miami | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.604 | 0.566 | 0.570 |
| Male Median Income | $50,128 | $58,426 | $67,746 |
| Female Median Income | $44,518 | $48,893 | $54,793 |
| Gender Pay Gap | 11.2% | 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 Miami, it is 0.604, higher than Florida's 0.566, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 13% more than women's income in Miami, Florida. Over a 35-year career, a 13% wage gap accumulates to roughly $196,350 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Miami, Florida has widened from about 10% to 11% in 2023. In dollar terms, the gap has widened by $2,776 since 2009.
Employment
| Metric | Miami | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.0% | 4.8% | 5.2% |
| Working from Home | 14.3% | 13.9% | 13.4% |
| Commute time (minutes) | 25 | 23 | 22 |
Approximately 12,574 people are unemployed in Miami, Florida.
The average commute time in Miami is 25 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Miami, Florida has fallen from 10.8% to 5.0% in 2023.
Conclusion
Considering all these factors, Miami, Florida has an overall wealth index grade of D, making it somewhat worse than Florida, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Miami, Florida.
How Rich Is Miami, Florida?
Miami 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 $59,386, about 17% lower than the Florida average of $71,865.
What is the current median household income in Miami, Florida?
As of 2023, the median household income in Miami, Florida is $59,386.
What was the median household income in Miami in 2023?
In 2023, the median household income in Miami, Florida was $59,386.
What was the median household income in Miami in 2020?
In 2020, the median household income in Miami, Florida was $44,343.
What is the Gini coefficient in Miami, Florida?
The Gini coefficient in Miami is 0.604. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Miami, Florida?
Since 2009, the income gap between men and women in Miami, Florida has widened from about 10% to 11% in 2023. In dollar terms, the gap has widened by $2,776 since 2009.