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 Lakes | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $97,559 | $71,865 | $78,145 |
| Median Personal Income | $67,447 | $53,537 | $61,726 |
| Average income growth | 5.1% | 5.7% | 5.1% |
| Six-Figure Earners | 13.3% | 10.9% | 13.2% |
The median household income in Miami Lakes is about 36% higher than in Florida. Income has been growing slower in Miami Lakes (5.1%/yr) than in Florida (5.7%/yr).
About 13% of adults in Miami Lakes 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 Lakes, Florida grew by 53.0% from 2009 to 2023, reaching $97,559 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Miami Lakes | Gender Pay Gap | Gini Coefficient
| Metric | Miami Lakes | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.553 | 0.566 | 0.570 |
| Male Median Income | $68,959 | $58,426 | $67,746 |
| Female Median Income | $65,743 | $48,893 | $54,793 |
| Gender Pay Gap | 4.7% | 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 Lakes, it is 0.553, 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 5% more than women's income in Miami Lakes, Florida. Over a 35-year career, a 5% wage gap accumulates to roughly $112,560 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 Lakes, Florida has narrowed from about 17% to 5% in 2023. In dollar terms, the gap has narrowed by $4,686 since 2009.
Employment
| Metric | Miami Lakes | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.5% | 4.8% | 5.2% |
| Working from Home | 11.8% | 13.9% | 13.4% |
| Commute time (minutes) | 31 | 23 | 22 |
Approximately 548 people are unemployed in Miami Lakes, Florida.
The average commute time in Miami Lakes is 31 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Miami Lakes, Florida has fallen from 6.1% to 3.5% in 2023.
Conclusion
Considering all these factors, Miami Lakes, 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 Miami Lakes, Florida.
How Rich Is Miami Lakes, Florida?
Miami Lakes 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 $97,559, about 36% higher than the Florida average of $71,865.
What is the current median household income in Miami Lakes, Florida?
As of 2023, the median household income in Miami Lakes, Florida is $97,559.
What was the median household income in Miami Lakes in 2023?
In 2023, the median household income in Miami Lakes, Florida was $97,559.
What was the median household income in Miami Lakes in 2020?
In 2020, the median household income in Miami Lakes, Florida was $80,821.
What is the Gini coefficient in Miami Lakes, Florida?
The Gini coefficient in Miami Lakes is 0.553. 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 Lakes, Florida?
Since 2009, the income gap between men and women in Miami Lakes, Florida has narrowed from about 17% to 5% in 2023. In dollar terms, the gap has narrowed by $4,686 since 2009.