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 | Oakland Park | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $68,927 | $71,865 | $78,145 |
| Median Personal Income | $68,927 | $71,865 | $78,145 |
| Average income growth | 6.3% | 6.3% | 6.3% |
The median household income in Oakland Park is about 4% lower than in Florida. Income has been growing faster in Oakland Park (6.3%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Oakland Park, Florida grew by 56.0% from 2009 to 2023, reaching $68,927 in 2023. That's an average of about 4.0% per year.
Economic Inequality in Oakland Park | Gender Pay Gap | Gini Coefficient
| Metric | Oakland Park | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.542 | 0.566 | 0.570 |
| Male Median Income | $50,359 | $58,426 | $67,746 |
| Female Median Income | $45,206 | $48,893 | $54,793 |
| Gender Pay Gap | 10.2% | 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 Oakland Park, it is 0.542, 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 11% more than women's income in Oakland Park, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in Oakland Park, Florida has narrowed from about 11% to 10% in 2023.
Employment
| Metric | Oakland Park | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.0% | 4.8% | 5.2% |
| Working from Home | 11.2% | 13.9% | 13.4% |
| Commute time (minutes) | 22 | 23 | 22 |
The average commute time in Oakland Park is 22 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Oakland Park, Florida has fallen from 13.2% to 6.0% in 2023.
Conclusion
Considering all these factors, Oakland Park, Florida has an overall wealth index grade of C, making it about on par with Florida, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Oakland Park, Florida.
How Wealthy Is Oakland Park, Florida?
Oakland Park has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $68,927, about 4% lower than the Florida average of $71,865.
What is the current median household income in Oakland Park, Florida?
As of 2023, the median household income in Oakland Park, Florida is $68,927.
What was the median household income in Oakland Park in 2023?
In 2023, the median household income in Oakland Park, Florida was $68,927.
What was the median household income in Oakland Park in 2020?
In 2020, the median household income in Oakland Park, Florida was $54,704.
What is the Gini coefficient in Oakland Park, Florida?
The Gini coefficient in Oakland Park is 0.542. 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 Oakland Park, Florida?
Since 2009, the income gap between men and women in Oakland Park, Florida has narrowed from about 11% to 10% in 2023.