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 | Royal Palm Beach | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $89,063 | $71,865 | $78,145 |
| Median Personal Income | $63,041 | $53,537 | $61,726 |
| Average income growth | 4.4% | 5.7% | 5.1% |
| Six-Figure Earners | 13.8% | 10.9% | 13.2% |
The median household income in Royal Palm Beach is about 24% higher than in Florida. Income has been growing slower in Royal Palm Beach (4.4%/yr) than in Florida (5.7%/yr).
About 14% of adults in Royal Palm Beach 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 Royal Palm Beach, Florida grew by 39.3% from 2009 to 2023, reaching $89,063 in 2023. That's an average of about 4.4% per year.
Economic Inequality in Royal Palm Beach | Gender Pay Gap | Gini Coefficient
| Metric | Royal Palm Beach | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.545 | 0.566 | 0.570 |
| Male Median Income | $72,884 | $58,426 | $67,746 |
| Female Median Income | $52,627 | $48,893 | $54,793 |
| Gender Pay Gap | 27.8% | 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 Royal Palm Beach, it is 0.545, 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 38% more than women's income in Royal Palm Beach, Florida. Over a 35-year career, a 38% wage gap accumulates to roughly $708,995 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Royal Palm Beach, Florida has widened from about 11% to 28% in 2023. In dollar terms, the gap has widened by $14,897 since 2009.
Employment
| Metric | Royal Palm Beach | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.4% | 4.8% | 5.2% |
| Working from Home | 9.2% | 13.9% | 13.4% |
| Commute time (minutes) | 31 | 23 | 22 |
Approximately 844 people are unemployed in Royal Palm Beach, Florida.
The average commute time in Royal Palm Beach is 31 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Royal Palm Beach, Florida has fallen from 10.5% to 4.4% in 2023.
Conclusion
Considering all these factors, Royal Palm Beach, 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 Royal Palm Beach, Florida.
How Rich Is Royal Palm Beach, Florida?
Royal Palm Beach 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 $89,063, about 24% higher than the Florida average of $71,865.
What is the current median household income in Royal Palm Beach, Florida?
As of 2023, the median household income in Royal Palm Beach, Florida is $89,063.
What was the median household income in Royal Palm Beach in 2023?
In 2023, the median household income in Royal Palm Beach, Florida was $89,063.
What was the median household income in Royal Palm Beach in 2020?
In 2020, the median household income in Royal Palm Beach, Florida was $81,934.
What is the Gini coefficient in Royal Palm Beach, Florida?
The Gini coefficient in Royal Palm Beach is 0.545. 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 Royal Palm Beach, Florida?
Since 2009, the income gap between men and women in Royal Palm Beach, Florida has widened from about 11% to 28% in 2023. In dollar terms, the gap has widened by $14,897 since 2009.