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 | Palm Beach Gardens | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $110,127 | $71,865 | $78,145 |
| Median Personal Income | $72,054 | $53,537 | $61,726 |
| Average income growth | 6.1% | 5.7% | 5.1% |
| Six-Figure Earners | 24.2% | 10.9% | 13.2% |
The median household income in Palm Beach Gardens is about 53% higher than in Florida. Income has been growing faster in Palm Beach Gardens (6.1%/yr) than in Florida (5.7%/yr).
About 24% of adults in Palm Beach Gardens 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 Palm Beach Gardens, Florida grew by 59.7% from 2009 to 2023, reaching $110,127 in 2023. That's an average of about 6.1% per year.
Economic Inequality in Palm Beach Gardens | Gender Pay Gap | Gini Coefficient
| Metric | Palm Beach Gardens | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.541 | 0.566 | 0.570 |
| Male Median Income | $86,044 | $58,426 | $67,746 |
| Female Median Income | $62,754 | $48,893 | $54,793 |
| Gender Pay Gap | 27.1% | 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 Palm Beach Gardens, it is 0.541, 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 37% more than women's income in Palm Beach Gardens, Florida. Over a 35-year career, a 37% wage gap accumulates to roughly $815,150 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Palm Beach Gardens, Florida has narrowed from about 31% to 27% in 2023. In dollar terms, the gap has widened by $5,251 since 2009.
Employment
| Metric | Palm Beach Gardens | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.5% | 4.8% | 5.2% |
| Working from Home | 18.0% | 13.9% | 13.4% |
| Commute time (minutes) | 20 | 23 | 22 |
Approximately 1,094 people are unemployed in Palm Beach Gardens, Florida.
The average commute time in Palm Beach Gardens is 20 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Palm Beach Gardens, Florida has fallen from 6.0% to 3.5% in 2023.
Conclusion
Considering all these factors, Palm Beach Gardens, Florida has an overall wealth index grade of B, making it notably better than Florida, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Palm Beach Gardens, Florida.
How Rich Is Palm Beach Gardens, Florida?
Palm Beach Gardens 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 $110,127, about 53% higher than the Florida average of $71,865.
What is the current median household income in Palm Beach Gardens, Florida?
As of 2023, the median household income in Palm Beach Gardens, Florida is $110,127.
What was the median household income in Palm Beach Gardens in 2023?
In 2023, the median household income in Palm Beach Gardens, Florida was $110,127.
What was the median household income in Palm Beach Gardens in 2020?
In 2020, the median household income in Palm Beach Gardens, Florida was $88,981.
What is the Gini coefficient in Palm Beach Gardens, Florida?
The Gini coefficient in Palm Beach Gardens is 0.541. 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 Palm Beach Gardens, Florida?
Since 2009, the income gap between men and women in Palm Beach Gardens, Florida has narrowed from about 31% to 27% in 2023. In dollar terms, the gap has widened by $5,251 since 2009.