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 City | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $116,696 | $71,865 | $78,145 |
| Median Personal Income | $93,903 | $53,537 | $61,726 |
| Average income growth | 7.1% | 5.7% | 5.1% |
| Six-Figure Earners | 24.2% | 10.9% | 13.2% |
The median household income in Palm City is about 62% higher than in Florida. Income has been growing faster in Palm City (7.1%/yr) than in Florida (5.7%/yr).
About 24% of adults in Palm City 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 City, Florida grew by 63.0% from 2009 to 2023, reaching $116,696 in 2023. That's an average of about 7.1% per year.
Economic Inequality in Palm City | Gender Pay Gap | Gini Coefficient
| Metric | Palm City | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.565 | 0.566 | 0.570 |
| Male Median Income | $121,443 | $58,426 | $67,746 |
| Female Median Income | $57,611 | $48,893 | $54,793 |
| Gender Pay Gap | 52.6% | 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 City, it is 0.565, 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 111% more than women's income in Palm City, Florida. Over a 35-year career, a 111% wage gap accumulates to roughly $2,234,120 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 City, Florida has widened from about 32% to 53% in 2023. In dollar terms, the gap has widened by $41,724 since 2009.
Employment
| Metric | Palm City | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.9% | 4.8% | 5.2% |
| Working from Home | 20.0% | 13.9% | 13.4% |
| Commute time (minutes) | 26 | 23 | 22 |
Approximately 749 people are unemployed in Palm City, Florida.
The average commute time in Palm City is 26 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Palm City, Florida has fallen from 11.3% to 5.9% in 2023.
Conclusion
Considering all these factors, Palm City, 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 City, Florida.
How Rich Is Palm City, Florida?
Palm City 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 $116,696, about 62% higher than the Florida average of $71,865.
What is the current median household income in Palm City, Florida?
As of 2023, the median household income in Palm City, Florida is $116,696.
What was the median household income in Palm City in 2023?
In 2023, the median household income in Palm City, Florida was $116,696.
What was the median household income in Palm City in 2020?
In 2020, the median household income in Palm City, Florida was $100,208.
What is the Gini coefficient in Palm City, Florida?
The Gini coefficient in Palm City is 0.565. 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 Palm City, Florida?
Since 2009, the income gap between men and women in Palm City, Florida has widened from about 32% to 53% in 2023. In dollar terms, the gap has widened by $41,724 since 2009.