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 | Plantation | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $87,390 | $71,865 | $78,145 |
| Median Personal Income | $87,390 | $71,865 | $78,145 |
| Average income growth | 3.8% | 3.8% | 3.8% |
The median household income in Plantation is about 22% higher than in Florida. Income has been growing slower in Plantation (3.8%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Plantation, Florida grew by 33.6% from 2009 to 2023, reaching $87,390 in 2023. That's an average of about 2.4% per year.
Economic Inequality in Plantation | Gender Pay Gap | Gini Coefficient
| Metric | Plantation | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.558 | 0.566 | 0.570 |
| Male Median Income | $63,708 | $58,426 | $67,746 |
| Female Median Income | $53,911 | $48,893 | $54,793 |
| Gender Pay Gap | 15.4% | 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 Plantation, it is 0.558, 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 18% more than women's income in Plantation, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in Plantation, Florida has narrowed from about 20% to 15% in 2023.
Employment
| Metric | Plantation | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.2% | 4.8% | 5.2% |
| Working from Home | 15.9% | 13.9% | 13.4% |
| Commute time (minutes) | 25 | 23 | 22 |
The average commute time in Plantation is 25 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Plantation, Florida has fallen from 7.7% to 4.2% in 2023.
Conclusion
Considering all these factors, Plantation, 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 Plantation, Florida.
How Rich Is Plantation, Florida?
Plantation 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 $87,390, about 22% higher than the Florida average of $71,865.
What is the current median household income in Plantation, Florida?
As of 2023, the median household income in Plantation, Florida is $87,390.
What was the median household income in Plantation in 2023?
In 2023, the median household income in Plantation, Florida was $87,390.
What was the median household income in Plantation in 2020?
In 2020, the median household income in Plantation, Florida was $75,258.
What is the Gini coefficient in Plantation, Florida?
The Gini coefficient in Plantation is 0.558. 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 Plantation, Florida?
Since 2009, the income gap between men and women in Plantation, Florida has narrowed from about 20% to 15% in 2023.