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 | Ormond Beach | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $67,264 | $71,865 | $78,145 |
| Median Personal Income | $58,334 | $53,537 | $61,726 |
| Average income growth | 5.1% | 5.7% | 5.1% |
| Six-Figure Earners | 11.4% | 10.9% | 13.2% |
The median household income in Ormond Beach is about 6% lower than in Florida. Income has been growing slower in Ormond Beach (5.1%/yr) than in Florida (5.7%/yr).
About 11% of adults in Ormond Beach earn six figures ($100,000 or more) a year, about the same as the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Ormond Beach, Florida grew by 41.1% from 2009 to 2023, reaching $67,264 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Ormond Beach | Gender Pay Gap | Gini Coefficient
| Metric | Ormond Beach | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.534 | 0.566 | 0.570 |
| Male Median Income | $64,388 | $58,426 | $67,746 |
| Female Median Income | $54,239 | $48,893 | $54,793 |
| Gender Pay Gap | 15.8% | 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 Ormond Beach, it is 0.534, 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 19% more than women's income in Ormond Beach, Florida. Over a 35-year career, a 19% wage gap accumulates to roughly $355,215 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Ormond Beach, Florida has narrowed from about 25% to 16% in 2023. In dollar terms, the gap has narrowed by $1,371 since 2009.
Employment
| Metric | Ormond Beach | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.9% | 4.8% | 5.2% |
| Working from Home | 13.1% | 13.9% | 13.4% |
| Commute time (minutes) | 18 | 23 | 22 |
Approximately 503 people are unemployed in Ormond Beach, Florida.
The average commute time in Ormond Beach is 18 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Ormond Beach, Florida has fallen from 7.2% to 2.9% in 2023.
Conclusion
Considering all these factors, Ormond Beach, Florida has an overall wealth index grade of C, making it somewhat better than Florida, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Ormond Beach, Florida.
How Wealthy Is Ormond Beach, Florida?
Ormond Beach 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 $67,264, about 6% lower than the Florida average of $71,865.
What is the current median household income in Ormond Beach, Florida?
As of 2023, the median household income in Ormond Beach, Florida is $67,264.
What was the median household income in Ormond Beach in 2023?
In 2023, the median household income in Ormond Beach, Florida was $67,264.
What was the median household income in Ormond Beach in 2020?
In 2020, the median household income in Ormond Beach, Florida was $55,068.
What is the Gini coefficient in Ormond Beach, Florida?
The Gini coefficient in Ormond Beach is 0.534. 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 Ormond Beach, Florida?
Since 2009, the income gap between men and women in Ormond Beach, Florida has narrowed from about 25% to 16% in 2023. In dollar terms, the gap has narrowed by $1,371 since 2009.