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 | South Miami Heights | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $64,796 | $71,865 | $78,145 |
| Median Personal Income | $64,796 | $71,865 | $78,145 |
| Average income growth | 7.9% | 7.9% | 7.9% |
The median household income in South Miami Heights is about 10% lower than in Florida. Income has been growing faster in South Miami Heights (7.9%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in South Miami Heights, Florida grew by 57.4% from 2009 to 2023, reaching $64,796 in 2023. That's an average of about 4.1% per year.
Economic Inequality in South Miami Heights | Gender Pay Gap | Gini Coefficient
| Metric | South Miami Heights | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.559 | 0.566 | 0.570 |
| Male Median Income | $43,968 | $58,426 | $67,746 |
| Female Median Income | $38,593 | $48,893 | $54,793 |
| Gender Pay Gap | 12.2% | 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 South Miami Heights, it is 0.559, 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 14% more than women's income in South Miami Heights, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in South Miami Heights, Florida has narrowed from about 16% to 12% in 2023.
Employment
| Metric | South Miami Heights | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.8% | 4.8% | 5.2% |
| Working from Home | 6.8% | 13.9% | 13.4% |
| Commute time (minutes) | 31 | 23 | 22 |
The average commute time in South Miami Heights is 31 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in South Miami Heights, Florida has fallen from 10.0% to 5.8% in 2023.
Conclusion
Considering all these factors, South Miami Heights, Florida has an overall wealth index grade of D, making it somewhat worse than Florida, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in South Miami Heights, Florida.
How Rich Is South Miami Heights, Florida?
South Miami Heights 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 $64,796, about 10% lower than the Florida average of $71,865.
What is the current median household income in South Miami Heights, Florida?
As of 2023, the median household income in South Miami Heights, Florida is $64,796.
What was the median household income in South Miami Heights in 2023?
In 2023, the median household income in South Miami Heights, Florida was $64,796.
What was the median household income in South Miami Heights in 2020?
In 2020, the median household income in South Miami Heights, Florida was $48,542.
What is the Gini coefficient in South Miami Heights, Florida?
The Gini coefficient in South Miami Heights is 0.559. 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 South Miami Heights, Florida?
Since 2009, the income gap between men and women in South Miami Heights, Florida has narrowed from about 16% to 12% in 2023.