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 River-Clair Mel | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $63,460 | $71,865 | $78,145 |
| Median Personal Income | $49,119 | $53,537 | $61,726 |
| Average income growth | 7.4% | 5.7% | 5.1% |
| Six-Figure Earners | 7.9% | 10.9% | 13.2% |
The median household income in Palm River-Clair Mel is about 12% lower than in Florida. Income has been growing faster in Palm River-Clair Mel (7.4%/yr) than in Florida (5.7%/yr).
About 8% of adults in Palm River-Clair Mel earn six figures ($100,000 or more) a year, lower than the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Palm River-Clair Mel, Florida grew by 50.7% from 2009 to 2023, reaching $63,460 in 2023. That's an average of about 7.4% per year.
Economic Inequality in Palm River-Clair Mel | Gender Pay Gap | Gini Coefficient
| Metric | Palm River-Clair Mel | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.555 | 0.566 | 0.570 |
| Male Median Income | $53,489 | $58,426 | $67,746 |
| Female Median Income | $42,985 | $48,893 | $54,793 |
| Gender Pay Gap | 19.6% | 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 River-Clair Mel, it is 0.555, 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 24% more than women's income in Palm River-Clair Mel, Florida. Over a 35-year career, a 24% wage gap accumulates to roughly $367,640 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 River-Clair Mel, Florida has widened from about 9% to 20% in 2023. In dollar terms, the gap has widened by $7,514 since 2009.
Employment
| Metric | Palm River-Clair Mel | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.6% | 4.8% | 5.2% |
| Working from Home | 16.2% | 13.9% | 13.4% |
| Commute time (minutes) | 25 | 23 | 22 |
Approximately 611 people are unemployed in Palm River-Clair Mel, Florida.
The average commute time in Palm River-Clair Mel is 25 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Palm River-Clair Mel, Florida has fallen from 12.4% to 4.6% in 2023.
Conclusion
Considering all these factors, Palm River-Clair Mel, Florida has an overall wealth index grade of D, making it about on par with Florida, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Palm River-Clair Mel, Florida.
How Rich Is Palm River-Clair Mel, Florida?
Palm River-Clair Mel has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $63,460, about 12% lower than the Florida average of $71,865.
What is the current median household income in Palm River-Clair Mel, Florida?
As of 2023, the median household income in Palm River-Clair Mel, Florida is $63,460.
What was the median household income in Palm River-Clair Mel in 2023?
In 2023, the median household income in Palm River-Clair Mel, Florida was $63,460.
What was the median household income in Palm River-Clair Mel in 2020?
In 2020, the median household income in Palm River-Clair Mel, Florida was $47,947.
What is the Gini coefficient in Palm River-Clair Mel, Florida?
The Gini coefficient in Palm River-Clair Mel is 0.555. 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 River-Clair Mel, Florida?
Since 2009, the income gap between men and women in Palm River-Clair Mel, Florida has widened from about 9% to 20% in 2023. In dollar terms, the gap has widened by $7,514 since 2009.