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 | Pompano Beach | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $64,387 | $71,865 | $78,145 |
| Median Personal Income | $64,387 | $71,865 | $78,145 |
| Average income growth | 5.9% | 5.9% | 5.9% |
The median household income in Pompano Beach is about 10% lower than in Florida. Income has been growing faster in Pompano Beach (5.9%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Pompano Beach, Florida grew by 50.0% from 2009 to 2023, reaching $64,387 in 2023. That's an average of about 3.6% per year.
Economic Inequality in Pompano Beach | Gender Pay Gap | Gini Coefficient
| Metric | Pompano Beach | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.566 | 0.566 | 0.570 |
| Male Median Income | $54,592 | $58,426 | $67,746 |
| Female Median Income | $50,582 | $48,893 | $54,793 |
| Gender Pay Gap | 7.3% | 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 Pompano Beach, 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 8% more than women's income in Pompano Beach, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in Pompano Beach, Florida has narrowed from about 15% to 7% in 2023.
Employment
| Metric | Pompano Beach | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.4% | 4.8% | 5.2% |
| Working from Home | 11.2% | 13.9% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
The average commute time in Pompano Beach is 23 minutes, about the same as in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Pompano Beach, Florida has fallen from 12.8% to 8.4% in 2023.
Conclusion
Considering all these factors, Pompano Beach, 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 Pompano Beach, Florida.
How Rich Is Pompano Beach, Florida?
Pompano Beach 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 $64,387, about 10% lower than the Florida average of $71,865.
What is the current median household income in Pompano Beach, Florida?
As of 2023, the median household income in Pompano Beach, Florida is $64,387.
What was the median household income in Pompano Beach in 2023?
In 2023, the median household income in Pompano Beach, Florida was $64,387.
What was the median household income in Pompano Beach in 2020?
In 2020, the median household income in Pompano Beach, Florida was $52,892.
What is the Gini coefficient in Pompano Beach, Florida?
The Gini coefficient in Pompano Beach 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 Pompano Beach, Florida?
Since 2009, the income gap between men and women in Pompano Beach, Florida has narrowed from about 15% to 7% in 2023.