Wealth Index
Wealthier than 88% of counties in Florida
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 | Sarasota County | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $80,697 | $71,865 | $78,145 |
| Median Personal Income | $58,756 | $53,537 | $61,726 |
| Average income growth | 6.1% | 5.7% | 5.1% |
| Six-Figure Earners | 14.3% | 10.9% | 13.2% |
The median household income in Sarasota County is about 12% higher than in Florida. Income has been growing faster in Sarasota County (6.1%/yr) than in Florida (5.7%/yr).
About 14% of adults in Sarasota County 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 Sarasota County, Florida grew by 62.5% from 2009 to 2023, reaching $80,697 in 2023. That's an average of about 6.1% per year.
Economic Inequality in Sarasota County | Gender Pay Gap | Gini Coefficient
| Metric | Sarasota County | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.533 | 0.566 | 0.570 |
| Male Median Income | $63,996 | $58,426 | $67,746 |
| Female Median Income | $52,384 | $48,893 | $54,793 |
| Gender Pay Gap | 18.1% | 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 Sarasota County, it is 0.533, 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 22% more than women's income in Sarasota County, Florida. Over a 35-year career, a 22% wage gap accumulates to roughly $406,420 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Sarasota County, Florida has widened from about 16% to 18% in 2023. In dollar terms, the gap has widened by $4,888 since 2009.
Employment
| Metric | Sarasota County | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.7% | 4.8% | 5.2% |
| Working from Home | 15.2% | 13.9% | 13.4% |
| Commute time (minutes) | 22 | 23 | 22 |
Approximately 7,047 people are unemployed in Sarasota County, Florida.
The average commute time in Sarasota County is 22 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Sarasota County, Florida has fallen from 10.7% to 3.7% in 2023.
Conclusion
Considering all these factors, Sarasota County, 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 Sarasota County, Florida.
How Rich Is Sarasota County, Florida?
Sarasota County 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 $80,697, about 12% higher than the Florida average of $71,865.
What is the current median household income in Sarasota County, Florida?
As of 2023, the median household income in Sarasota County, Florida is $80,697.
What was the median household income in Sarasota County in 2023?
In 2023, the median household income in Sarasota County, Florida was $80,697.
What was the median household income in Sarasota County in 2020?
In 2020, the median household income in Sarasota County, Florida was $65,106.
What is the Gini coefficient in Sarasota County, Florida?
The Gini coefficient in Sarasota County is 0.533. 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 Sarasota County, Florida?
Since 2009, the income gap between men and women in Sarasota County, Florida has widened from about 16% to 18% in 2023. In dollar terms, the gap has widened by $4,888 since 2009.