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 Harbor | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $75,681 | $71,865 | $78,145 |
| Median Personal Income | $67,811 | $53,537 | $61,726 |
| Average income growth | 4.7% | 5.7% | 5.1% |
| Six-Figure Earners | 13.4% | 10.9% | 13.2% |
The median household income in Palm Harbor is about 5% higher than in Florida. Income has been growing slower in Palm Harbor (4.7%/yr) than in Florida (5.7%/yr).
About 13% of adults in Palm Harbor 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 Harbor, Florida grew by 38.0% from 2009 to 2023, reaching $75,681 in 2023. That's an average of about 4.7% per year.
Economic Inequality in Palm Harbor | Gender Pay Gap | Gini Coefficient
| Metric | Palm Harbor | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.531 | 0.566 | 0.570 |
| Male Median Income | $73,177 | $58,426 | $67,746 |
| Female Median Income | $62,512 | $48,893 | $54,793 |
| Gender Pay Gap | 14.6% | 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 Harbor, it is 0.531, 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 17% more than women's income in Palm Harbor, Florida. Over a 35-year career, a 17% wage gap accumulates to roughly $373,275 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 Harbor, Florida has narrowed from about 28% to 15% in 2023. In dollar terms, the gap has narrowed by $4,498 since 2009.
Employment
| Metric | Palm Harbor | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.9% | 4.8% | 5.2% |
| Working from Home | 18.9% | 13.9% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 812 people are unemployed in Palm Harbor, Florida.
The average commute time in Palm Harbor is 23 minutes, about the same as in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Palm Harbor, Florida has fallen from 7.4% to 2.9% in 2023.
Conclusion
Considering all these factors, Palm Harbor, 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 Palm Harbor, Florida.
How Rich Is Palm Harbor, Florida?
Palm Harbor 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 $75,681, about 5% higher than the Florida average of $71,865.
What is the current median household income in Palm Harbor, Florida?
As of 2023, the median household income in Palm Harbor, Florida is $75,681.
What was the median household income in Palm Harbor in 2023?
In 2023, the median household income in Palm Harbor, Florida was $75,681.
What was the median household income in Palm Harbor in 2020?
In 2020, the median household income in Palm Harbor, Florida was $63,305.
What is the Gini coefficient in Palm Harbor, Florida?
The Gini coefficient in Palm Harbor is 0.531. 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 Harbor, Florida?
Since 2009, the income gap between men and women in Palm Harbor, Florida has narrowed from about 28% to 15% in 2023. In dollar terms, the gap has narrowed by $4,498 since 2009.