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 Gardens | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $60,238 | $71,865 | $78,145 |
| Median Personal Income | $60,238 | $71,865 | $78,145 |
| Average income growth | 6.6% | 6.6% | 6.6% |
The median household income in Miami Gardens is about 16% lower than in Florida. Income has been growing faster in Miami Gardens (6.6%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Miami Gardens, Florida grew by 44.4% from 2009 to 2023, reaching $60,238 in 2023. That's an average of about 3.2% per year.
Economic Inequality in Miami Gardens | Gender Pay Gap | Gini Coefficient
| Metric | Miami Gardens | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.557 | 0.566 | 0.570 |
| Male Median Income | $44,062 | $58,426 | $67,746 |
| Female Median Income | $41,036 | $48,893 | $54,793 |
| Gender Pay Gap | 6.9% | 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 Miami Gardens, 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 7% more than women's income in Miami Gardens, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in Miami Gardens, Florida has widened from about 5% to 7% in 2023.
Employment
| Metric | Miami Gardens | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.7% | 4.8% | 5.2% |
| Working from Home | 8.4% | 13.9% | 13.4% |
| Commute time (minutes) | 31 | 23 | 22 |
The average commute time in Miami Gardens is 31 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Miami Gardens, Florida has fallen from 13.5% to 7.7% in 2023.
Conclusion
Considering all these factors, Miami Gardens, 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 Gardens, Florida.
How Rich Is Miami Gardens, Florida?
Miami Gardens 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 $60,238, about 16% lower than the Florida average of $71,865.
What is the current median household income in Miami Gardens, Florida?
As of 2023, the median household income in Miami Gardens, Florida is $60,238.
What was the median household income in Miami Gardens in 2023?
In 2023, the median household income in Miami Gardens, Florida was $60,238.
What was the median household income in Miami Gardens in 2020?
In 2020, the median household income in Miami Gardens, Florida was $45,943.
What is the Gini coefficient in Miami Gardens, Florida?
The Gini coefficient in Miami Gardens 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 Miami Gardens, Florida?
Since 2009, the income gap between men and women in Miami Gardens, Florida has widened from about 5% to 7% in 2023.