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 | Richmond West | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $94,818 | $71,865 | $78,145 |
| Median Personal Income | $53,259 | $53,537 | $61,726 |
| Average income growth | 5.1% | 5.7% | 5.1% |
| Six-Figure Earners | 9.5% | 10.9% | 13.2% |
The median household income in Richmond West is about 32% higher than in Florida. Income has been growing slower in Richmond West (5.1%/yr) than in Florida (5.7%/yr).
About 10% of adults in Richmond West 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 Richmond West, Florida grew by 43.3% from 2009 to 2023, reaching $94,818 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Richmond West | Gender Pay Gap | Gini Coefficient
| Metric | Richmond West | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.594 | 0.566 | 0.570 |
| Male Median Income | $57,230 | $58,426 | $67,746 |
| Female Median Income | $48,623 | $48,893 | $54,793 |
| Gender Pay Gap | 15.0% | 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 Richmond West, it is 0.594, 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 18% more than women's income in Richmond West, Florida. Over a 35-year career, a 18% wage gap accumulates to roughly $301,245 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Richmond West, Florida has narrowed from about 25% to 15% in 2023. In dollar terms, the gap has narrowed by $2,059 since 2009.
Employment
| Metric | Richmond West | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.3% | 4.8% | 5.2% |
| Working from Home | 11.5% | 13.9% | 13.4% |
| Commute time (minutes) | 38 | 23 | 22 |
Approximately 501 people are unemployed in Richmond West, Florida.
The average commute time in Richmond West is 38 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Richmond West, Florida has fallen from 9.9% to 3.3% in 2023.
Conclusion
Considering all these factors, Richmond West, 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.
Richmond West, FL Wealth Compared With Nearby Cities
How Richmond West, FL compares with the 2 cities closest to it.
| Area | Population | Median household income | Unemployment | Income inequality |
|---|---|---|---|---|
| Richmond West, FL | 26,863 | $94,818 #1/3 | 3.3% #2/3 | 0.6 #3/3 |
| South Miami Heights, FL | 34,841 | $64,796 | 5.8% | 0.6 |
| The Hammocks, FL | 53,902 | $83,419 | 2.6% | 0.6 |
Frequently Asked Questions
Common questions about income and wealth in Richmond West, Florida.
How Rich Is Richmond West, Florida?
Richmond West 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 $94,818, about 32% higher than the Florida average of $71,865.
What is the current median household income in Richmond West, Florida?
As of 2023, the median household income in Richmond West, Florida is $94,818.
What was the median household income in Richmond West in 2023?
In 2023, the median household income in Richmond West, Florida was $94,818.
What was the median household income in Richmond West in 2020?
In 2020, the median household income in Richmond West, Florida was $74,145.
What is the Gini coefficient in Richmond West, Florida?
The Gini coefficient in Richmond West is 0.594. 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 Richmond West, Florida?
Since 2009, the income gap between men and women in Richmond West, Florida has narrowed from about 25% to 15% in 2023. In dollar terms, the gap has narrowed by $2,059 since 2009.