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 | Oviedo | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $102,998 | $71,865 | $78,145 |
| Median Personal Income | $69,121 | $53,537 | $61,726 |
| Average income growth | 5.5% | 5.7% | 5.1% |
| Six-Figure Earners | 15.8% | 10.9% | 13.2% |
The median household income in Oviedo is about 43% higher than in Florida. Income has been growing slower in Oviedo (5.5%/yr) than in Florida (5.7%/yr).
About 16% of adults in Oviedo 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 Oviedo, Florida grew by 47.8% from 2009 to 2023, reaching $102,998 in 2023. That's an average of about 5.5% per year.
Economic Inequality in Oviedo | Gender Pay Gap | Gini Coefficient
| Metric | Oviedo | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.592 | 0.566 | 0.570 |
| Male Median Income | $81,926 | $58,426 | $67,746 |
| Female Median Income | $60,383 | $48,893 | $54,793 |
| Gender Pay Gap | 26.3% | 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 Oviedo, it is 0.592, 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 36% more than women's income in Oviedo, Florida. Over a 35-year career, a 36% wage gap accumulates to roughly $754,005 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Oviedo, Florida has narrowed from about 34% to 26% in 2023. In dollar terms, the gap has widened by $821 since 2009.
Employment
| Metric | Oviedo | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.8% | 4.8% | 5.2% |
| Working from Home | 21.9% | 13.9% | 13.4% |
| Commute time (minutes) | 26 | 23 | 22 |
Approximately 774 people are unemployed in Oviedo, Florida.
The average commute time in Oviedo is 26 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Oviedo, Florida has fallen from 8.2% to 4.8% in 2023.
Conclusion
Considering all these factors, Oviedo, Florida has an overall wealth index grade of B, making it somewhat better than Florida, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Oviedo, Florida.
How Wealthy Is Oviedo, Florida?
Oviedo has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $102,998, about 43% higher than the Florida average of $71,865.
What is the current median household income in Oviedo, Florida?
As of 2023, the median household income in Oviedo, Florida is $102,998.
What was the median household income in Oviedo in 2023?
In 2023, the median household income in Oviedo, Florida was $102,998.
What was the median household income in Oviedo in 2020?
In 2020, the median household income in Oviedo, Florida was $86,257.
What is the Gini coefficient in Oviedo, Florida?
The Gini coefficient in Oviedo is 0.592. 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 Oviedo, Florida?
Since 2009, the income gap between men and women in Oviedo, Florida has narrowed from about 34% to 26% in 2023. In dollar terms, the gap has widened by $821 since 2009.