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 | Ocala | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $50,691 | $71,865 | $78,145 |
| Median Personal Income | $46,329 | $53,537 | $61,726 |
| Average income growth | 4.9% | 5.7% | 5.1% |
| Six-Figure Earners | 5.8% | 10.9% | 13.2% |
The median household income in Ocala is about 29% lower than in Florida. Income has been growing slower in Ocala (4.9%/yr) than in Florida (5.7%/yr).
About 6% of adults in Ocala earn six figures ($100,000 or more) a year, lower than the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Ocala, Florida grew by 35.5% from 2009 to 2023, reaching $50,691 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Ocala | Gender Pay Gap | Gini Coefficient
| Metric | Ocala | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.567 | 0.566 | 0.570 |
| Male Median Income | $52,075 | $58,426 | $67,746 |
| Female Median Income | $41,457 | $48,893 | $54,793 |
| Gender Pay Gap | 20.4% | 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 Ocala, it is 0.567, about the same as Florida's 0.566, so income here is about as evenly distributed as there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 26% more than women's income in Ocala, Florida. Over a 35-year career, a 26% wage gap accumulates to roughly $371,630 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Ocala, Florida has narrowed from about 23% to 20% in 2023. In dollar terms, the gap has widened by $1,499 since 2009.
Employment
| Metric | Ocala | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.9% | 4.8% | 5.2% |
| Working from Home | 10.1% | 13.9% | 13.4% |
| Commute time (minutes) | 16 | 23 | 22 |
Approximately 1,631 people are unemployed in Ocala, Florida.
The average commute time in Ocala is 16 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Ocala, Florida has fallen from 12.3% to 5.9% in 2023.
Conclusion
Considering all these factors, Ocala, 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 Ocala, Florida.
How Wealthy Is Ocala, Florida?
Ocala 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 $50,691, about 29% lower than the Florida average of $71,865.
What is the current median household income in Ocala, Florida?
As of 2023, the median household income in Ocala, Florida is $50,691.
What was the median household income in Ocala in 2023?
In 2023, the median household income in Ocala, Florida was $50,691.
What was the median household income in Ocala in 2020?
In 2020, the median household income in Ocala, Florida was $41,733.
What is the Gini coefficient in Ocala, Florida?
The Gini coefficient in Ocala is 0.567. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Ocala, Florida?
Since 2009, the income gap between men and women in Ocala, Florida has narrowed from about 23% to 20% in 2023. In dollar terms, the gap has widened by $1,499 since 2009.