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 Miami | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $53,635 | $71,865 | $78,145 |
| Median Personal Income | $53,635 | $71,865 | $78,145 |
| Average income growth | 5.2% | 5.2% | 5.2% |
The median household income in North Miami is about 25% lower than in Florida. Income has been growing slower in North Miami (5.2%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in North Miami, Florida grew by 43.0% from 2009 to 2023, reaching $53,635 in 2023. That's an average of about 3.1% per year.
Economic Inequality in North Miami | Gender Pay Gap | Gini Coefficient
| Metric | North Miami | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.577 | 0.566 | 0.570 |
| Male Median Income | $42,978 | $58,426 | $67,746 |
| Female Median Income | $36,966 | $48,893 | $54,793 |
| Gender Pay Gap | 14.0% | 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 Miami, it is 0.577, 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 North Miami, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in North Miami, Florida has narrowed from about 16% to 14% in 2023.
Employment
| Metric | North Miami | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.0% | 4.8% | 5.2% |
| Working from Home | 8.0% | 13.9% | 13.4% |
| Commute time (minutes) | 31 | 23 | 22 |
The average commute time in North Miami is 31 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in North Miami, Florida has fallen from 12.2% to 5.0% in 2023.
Conclusion
Considering all these factors, North Miami, 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 North Miami, Florida.
How Rich Is North Miami, Florida?
North Miami 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 $53,635, about 25% lower than the Florida average of $71,865.
What is the current median household income in North Miami, Florida?
As of 2023, the median household income in North Miami, Florida is $53,635.
What was the median household income in North Miami in 2023?
In 2023, the median household income in North Miami, Florida was $53,635.
What was the median household income in North Miami in 2020?
In 2020, the median household income in North Miami, Florida was $44,874.
What is the Gini coefficient in North Miami, Florida?
The Gini coefficient in North Miami is 0.577. 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 North Miami, Florida?
Since 2009, the income gap between men and women in North Miami, Florida has narrowed from about 16% to 14% in 2023.