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 | Sanford | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $61,154 | $71,865 | $78,145 |
| Median Personal Income | $48,866 | $53,537 | $61,726 |
| Average income growth | 5.8% | 5.7% | 5.1% |
| Six-Figure Earners | 6.6% | 10.9% | 13.2% |
The median household income in Sanford is about 15% lower than in Florida. Income has been growing faster in Sanford (5.8%/yr) than in Florida (5.7%/yr).
About 7% of adults in Sanford 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 Sanford, Florida grew by 44.8% from 2009 to 2023, reaching $61,154 in 2023. That's an average of about 5.8% per year.
Economic Inequality in Sanford | Gender Pay Gap | Gini Coefficient
| Metric | Sanford | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.548 | 0.566 | 0.570 |
| Male Median Income | $51,065 | $58,426 | $67,746 |
| Female Median Income | $45,730 | $48,893 | $54,793 |
| Gender Pay Gap | 10.4% | 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 Sanford, it is 0.548, 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 12% more than women's income in Sanford, Florida. Over a 35-year career, a 12% wage gap accumulates to roughly $186,725 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Sanford, Florida has narrowed from about 20% to 10% in 2023. In dollar terms, the gap has narrowed by $2,072 since 2009.
Employment
| Metric | Sanford | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.9% | 4.8% | 5.2% |
| Working from Home | 16.3% | 13.9% | 13.4% |
| Commute time (minutes) | 20 | 23 | 22 |
Approximately 1,335 people are unemployed in Sanford, Florida.
The average commute time in Sanford is 20 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Sanford, Florida has fallen from 11.7% to 4.9% in 2023.
Conclusion
Considering all these factors, Sanford, 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 Sanford, Florida.
How Rich Is Sanford, Florida?
Sanford 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 $61,154, about 15% lower than the Florida average of $71,865.
What is the current median household income in Sanford, Florida?
As of 2023, the median household income in Sanford, Florida is $61,154.
What was the median household income in Sanford in 2023?
In 2023, the median household income in Sanford, Florida was $61,154.
What was the median household income in Sanford in 2020?
In 2020, the median household income in Sanford, Florida was $52,070.
What is the Gini coefficient in Sanford, Florida?
The Gini coefficient in Sanford is 0.548. 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 Sanford, Florida?
Since 2009, the income gap between men and women in Sanford, Florida has narrowed from about 20% to 10% in 2023. In dollar terms, the gap has narrowed by $2,072 since 2009.