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 | Parkland | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $192,367 | $71,865 | $78,145 |
| Median Personal Income | $192,367 | $71,865 | $78,145 |
| Average income growth | 5.9% | 5.9% | 5.9% |
The median household income in Parkland is about 168% higher than in Florida. Income has been growing faster in Parkland (5.9%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Parkland, Florida grew by 77.1% from 2009 to 2023, reaching $192,367 in 2023. That's an average of about 5.5% per year.
Economic Inequality in Parkland | Gender Pay Gap | Gini Coefficient
| Metric | Parkland | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.582 | 0.566 | 0.570 |
| Male Median Income | $115,471 | $58,426 | $67,746 |
| Female Median Income | $86,867 | $48,893 | $54,793 |
| Gender Pay Gap | 24.8% | 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 Parkland, it is 0.582, 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 33% more than women's income in Parkland, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in Parkland, Florida has narrowed from about 43% to 25% in 2023.
Employment
| Metric | Parkland | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.5% | 4.8% | 5.2% |
| Working from Home | 29.3% | 13.9% | 13.4% |
| Commute time (minutes) | 30 | 23 | 22 |
The average commute time in Parkland is 30 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Parkland, Florida has fallen from 5.4% to 4.5% in 2023.
Conclusion
Considering all these factors, Parkland, Florida has an overall wealth index grade of A+, making it far better than Florida, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Parkland, Florida.
How Rich Is Parkland, Florida?
Parkland has a wealth index grade of A+. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A+ grade means it is one of the most prosperous areas in the country. The median household income is $192,367, about 168% higher than the Florida average of $71,865.
What is the current median household income in Parkland, Florida?
As of 2023, the median household income in Parkland, Florida is $192,367.
What was the median household income in Parkland in 2023?
In 2023, the median household income in Parkland, Florida was $192,367.
What was the median household income in Parkland in 2020?
In 2020, the median household income in Parkland, Florida was $153,248.
What is the Gini coefficient in Parkland, Florida?
The Gini coefficient in Parkland is 0.582. 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 Parkland, Florida?
Since 2009, the income gap between men and women in Parkland, Florida has narrowed from about 43% to 25% in 2023.