Wealth Index
Among the top 3 wealthiest counties in Florida
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 | Monroe County | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $83,464 | $71,865 | $78,145 |
| Median Personal Income | $58,479 | $53,537 | $61,726 |
| Average income growth | 4.8% | 5.7% | 5.1% |
| Six-Figure Earners | 15.8% | 10.9% | 13.2% |
The median household income in Monroe County is about 16% higher than in Florida. Income has been growing slower in Monroe County (4.8%/yr) than in Florida (5.7%/yr).
About 16% of adults in Monroe County 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 Monroe County, Florida grew by 50.7% from 2009 to 2023, reaching $83,464 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Monroe County | Gender Pay Gap | Gini Coefficient
| Metric | Monroe County | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.526 | 0.566 | 0.570 |
| Male Median Income | $63,920 | $58,426 | $67,746 |
| Female Median Income | $51,742 | $48,893 | $54,793 |
| Gender Pay Gap | 19.1% | 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 Monroe County, it is 0.526, 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 24% more than women's income in Monroe County, Florida. Over a 35-year career, a 24% wage gap accumulates to roughly $426,230 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Monroe County, Florida has widened from about 13% to 19% in 2023. In dollar terms, the gap has widened by $6,958 since 2009.
Employment
| Metric | Monroe County | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.1% | 4.8% | 5.2% |
| Working from Home | 11.2% | 13.9% | 13.4% |
| Commute time (minutes) | 16 | 23 | 22 |
Approximately 1,382 people are unemployed in Monroe County, Florida.
The average commute time in Monroe County is 16 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Monroe County, Florida has fallen from 5.9% to 3.1% in 2023.
Conclusion
Considering all these factors, Monroe County, 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 Monroe County, Florida.
How Rich Is Monroe County, Florida?
Monroe County 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 $83,464, about 16% higher than the Florida average of $71,865.
What is the current median household income in Monroe County, Florida?
As of 2023, the median household income in Monroe County, Florida is $83,464.
What was the median household income in Monroe County in 2023?
In 2023, the median household income in Monroe County, Florida was $83,464.
What was the median household income in Monroe County in 2020?
In 2020, the median household income in Monroe County, Florida was $73,234.
What is the Gini coefficient in Monroe County, Florida?
The Gini coefficient in Monroe County is 0.526. 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 Monroe County, Florida?
Since 2009, the income gap between men and women in Monroe County, Florida has widened from about 13% to 19% in 2023. In dollar terms, the gap has widened by $6,958 since 2009.