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 | Pensacola | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $71,207 | $71,865 | $78,145 |
| Median Personal Income | $59,834 | $53,537 | $61,726 |
| Average income growth | 7.1% | 5.7% | 5.1% |
| Six-Figure Earners | 14.5% | 10.9% | 13.2% |
The median household income in Pensacola is about 1% lower than in Florida. Income has been growing faster in Pensacola (7.1%/yr) than in Florida (5.7%/yr).
About 15% of adults in Pensacola 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 Pensacola, Florida grew by 66.5% from 2009 to 2023, reaching $71,207 in 2023. That's an average of about 7.1% per year.
Economic Inequality in Pensacola | Gender Pay Gap | Gini Coefficient
| Metric | Pensacola | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.566 | 0.566 | 0.570 |
| Male Median Income | $67,182 | $58,426 | $67,746 |
| Female Median Income | $53,618 | $48,893 | $54,793 |
| Gender Pay Gap | 20.2% | 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 Pensacola, it is 0.566, 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 25% more than women's income in Pensacola, Florida. Over a 35-year career, a 25% wage gap accumulates to roughly $474,740 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Pensacola, Florida has narrowed from about 30% to 20% in 2023. In dollar terms, the gap has narrowed by $295 since 2009.
Employment
| Metric | Pensacola | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.4% | 4.8% | 5.2% |
| Working from Home | 15.1% | 13.9% | 13.4% |
| Commute time (minutes) | 17 | 23 | 22 |
Approximately 1,493 people are unemployed in Pensacola, Florida.
The average commute time in Pensacola is 17 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Pensacola, Florida has fallen from 9.3% to 5.4% in 2023.
Conclusion
Considering all these factors, Pensacola, Florida has an overall wealth index grade of C, making it somewhat better than Florida, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Pensacola, Florida.
How Rich Is Pensacola, Florida?
Pensacola has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $71,207, about 1% lower than the Florida average of $71,865.
What is the current median household income in Pensacola, Florida?
As of 2023, the median household income in Pensacola, Florida is $71,207.
What was the median household income in Pensacola in 2023?
In 2023, the median household income in Pensacola, Florida was $71,207.
What was the median household income in Pensacola in 2020?
In 2020, the median household income in Pensacola, Florida was $55,694.
What is the Gini coefficient in Pensacola, Florida?
The Gini coefficient in Pensacola is 0.566. 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 Pensacola, Florida?
Since 2009, the income gap between men and women in Pensacola, Florida has narrowed from about 30% to 20% in 2023. In dollar terms, the gap has narrowed by $295 since 2009.