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 | North Key Largo | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $88,919 | $71,865 | $78,145 |
| Median Personal Income | $54,807 | $53,537 | $61,726 |
| Average income growth | 3.3% | 5.7% | 5.1% |
| Six-Figure Earners | 19.6% | 10.9% | 13.2% |
The median household income in North Key Largo is about 24% higher than in Florida. Income has been growing slower in North Key Largo (3.3%/yr) than in Florida (5.7%/yr).
About 20% of adults in North Key Largo 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 North Key Largo, Florida grew by 47.7% from 2009 to 2023, reaching $88,919 in 2023. That's an average of about 3.3% per year.
Economic Inequality in North Key Largo | Gender Pay Gap | Gini Coefficient
| Metric | North Key Largo | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.551 | 0.566 | 0.570 |
| Male Median Income | $66,851 | $58,426 | $67,746 |
| Female Median Income | $40,897 | $48,893 | $54,793 |
| Gender Pay Gap | 38.8% | 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 North Key Largo, it is 0.551, 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 63% more than women's income in North Key Largo, Florida. Over a 35-year career, a 63% wage gap accumulates to roughly $908,390 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in North Key Largo, Florida has widened from about -2% to 39% in 2023. In dollar terms, the gap has widened by $26,817 since 2009.
Employment
| Metric | North Key Largo | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.7% | 4.8% | 5.2% |
| Working from Home | 15.0% | 13.9% | 13.4% |
| Commute time (minutes) | 16 | 23 | 22 |
Approximately 38 people are unemployed in North Key Largo, Florida.
The average commute time in North Key Largo is 16 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in North Key Largo, Florida has risen from 5.2% to 7.7% in 2023.
Conclusion
Considering all these factors, North Key Largo, Florida has an overall wealth index grade of A, making it far better than Florida, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in North Key Largo, Florida.
How Rich Is North Key Largo, Florida?
North Key Largo has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $88,919, about 24% higher than the Florida average of $71,865.
What is the current median household income in North Key Largo, Florida?
As of 2023, the median household income in North Key Largo, Florida is $88,919.
What was the median household income in North Key Largo in 2023?
In 2023, the median household income in North Key Largo, Florida was $88,919.
What was the median household income in North Key Largo in 2020?
In 2020, the median household income in North Key Largo, Florida was $87,499.
What is the Gini coefficient in North Key Largo, Florida?
The Gini coefficient in North Key Largo is 0.551. 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 North Key Largo, Florida?
Since 2009, the income gap between men and women in North Key Largo, Florida has widened from about -2% to 39% in 2023. In dollar terms, the gap has widened by $26,817 since 2009.