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 | Plant City | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $62,869 | $71,865 | $78,145 |
| Median Personal Income | $45,875 | $53,537 | $61,726 |
| Average income growth | 5.4% | 5.7% | 5.1% |
| Six-Figure Earners | 6.3% | 10.9% | 13.2% |
The median household income in Plant City is about 13% lower than in Florida. Income has been growing slower in Plant City (5.4%/yr) than in Florida (5.7%/yr).
About 6% of adults in Plant City 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 Plant City, Florida grew by 35.2% from 2009 to 2023, reaching $62,869 in 2023. That's an average of about 5.4% per year.
Economic Inequality in Plant City | Gender Pay Gap | Gini Coefficient
| Metric | Plant City | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.546 | 0.566 | 0.570 |
| Male Median Income | $49,432 | $58,426 | $67,746 |
| Female Median Income | $42,336 | $48,893 | $54,793 |
| Gender Pay Gap | 14.4% | 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 Plant City, it is 0.546, 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 Plant City, Florida. Over a 35-year career, a 17% wage gap accumulates to roughly $248,360 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Plant City, Florida has widened from about 11% to 14% in 2023. In dollar terms, the gap has widened by $3,200 since 2009.
Employment
| Metric | Plant City | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.5% | 4.8% | 5.2% |
| Working from Home | 7.7% | 13.9% | 13.4% |
| Commute time (minutes) | 22 | 23 | 22 |
Approximately 709 people are unemployed in Plant City, Florida.
The average commute time in Plant City is 22 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Plant City, Florida has fallen from 7.6% to 3.5% in 2023.
Conclusion
Considering all these factors, Plant City, Florida has an overall wealth index grade of C, making it about on par with Florida, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Plant City, Florida.
How Rich Is Plant City, Florida?
Plant City 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 $62,869, about 13% lower than the Florida average of $71,865.
What is the current median household income in Plant City, Florida?
As of 2023, the median household income in Plant City, Florida is $62,869.
What was the median household income in Plant City in 2023?
In 2023, the median household income in Plant City, Florida was $62,869.
What was the median household income in Plant City in 2020?
In 2020, the median household income in Plant City, Florida was $53,111.
What is the Gini coefficient in Plant City, Florida?
The Gini coefficient in Plant City is 0.546. 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 Plant City, Florida?
Since 2009, the income gap between men and women in Plant City, Florida has widened from about 11% to 14% in 2023. In dollar terms, the gap has widened by $3,200 since 2009.