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-Dade County | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $68,622 | $71,865 | $78,145 |
| Median Personal Income | $48,236 | $53,537 | $61,726 |
| Average income growth | 6.5% | 5.7% | 5.1% |
| Six-Figure Earners | 9.8% | 10.9% | 13.2% |
The median household income in Miami-Dade County is about 5% lower than in Florida. Income has been growing faster in Miami-Dade County (6.5%/yr) than in Florida (5.7%/yr).
About 10% of adults in Miami-Dade County 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 Miami-Dade County, Florida grew by 59.5% from 2009 to 2023, reaching $68,622 in 2023. That's an average of about 6.5% per year.
Economic Inequality in Miami-Dade County | Gender Pay Gap | Gini Coefficient
| Metric | Miami-Dade County | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.597 | 0.566 | 0.570 |
| Male Median Income | $51,538 | $58,426 | $67,746 |
| Female Median Income | $44,515 | $48,893 | $54,793 |
| Gender Pay Gap | 13.6% | 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 Miami-Dade County, it is 0.597, 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 16% more than women's income in Miami-Dade County, Florida. Over a 35-year career, a 16% wage gap accumulates to roughly $245,805 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-Dade County, Florida has widened from about 13% to 14% in 2023. In dollar terms, the gap has widened by $2,348 since 2009.
Employment
| Metric | Miami-Dade County | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.4% | 4.8% | 5.2% |
| Working from Home | 12.3% | 13.9% | 13.4% |
| Commute time (minutes) | 30 | 23 | 22 |
Approximately 61,909 people are unemployed in Miami-Dade County, Florida.
The average commute time in Miami-Dade County is 30 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Miami-Dade County, Florida has fallen from 9.9% to 4.4% in 2023.
Conclusion
Considering all these factors, Miami-Dade County, 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 Miami-Dade County, Florida.
How Rich Is Miami-Dade County, Florida?
Miami-Dade County 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 $68,622, about 5% lower than the Florida average of $71,865.
What is the current median household income in Miami-Dade County, Florida?
As of 2023, the median household income in Miami-Dade County, Florida is $68,622.
What was the median household income in Miami-Dade County in 2023?
In 2023, the median household income in Miami-Dade County, Florida was $68,622.
What was the median household income in Miami-Dade County in 2020?
In 2020, the median household income in Miami-Dade County, Florida was $54,508.
What is the Gini coefficient in Miami-Dade County, Florida?
The Gini coefficient in Miami-Dade County is 0.597. 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-Dade County, Florida?
Since 2009, the income gap between men and women in Miami-Dade County, Florida has widened from about 13% to 14% in 2023. In dollar terms, the gap has widened by $2,348 since 2009.