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 | Spring Hill | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $67,578 | $71,865 | $78,145 |
| Median Personal Income | $49,510 | $53,537 | $61,726 |
| Average income growth | 6.7% | 5.7% | 5.1% |
| Six-Figure Earners | 5.9% | 10.9% | 13.2% |
The median household income in Spring Hill is about 6% lower than in Florida. Income has been growing faster in Spring Hill (6.7%/yr) than in Florida (5.7%/yr).
About 6% of adults in Spring Hill 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 Spring Hill, Florida grew by 55.5% from 2009 to 2023, reaching $67,578 in 2023. That's an average of about 6.7% per year.
Economic Inequality in Spring Hill | Gender Pay Gap | Gini Coefficient
| Metric | Spring Hill | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.530 | 0.566 | 0.570 |
| Male Median Income | $55,068 | $58,426 | $67,746 |
| Female Median Income | $44,762 | $48,893 | $54,793 |
| Gender Pay Gap | 18.7% | 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 Spring Hill, it is 0.530, 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 23% more than women's income in Spring Hill, Florida. Over a 35-year career, a 23% wage gap accumulates to roughly $360,710 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Spring Hill, Florida has narrowed from about 22% to 19% in 2023. In dollar terms, the gap has widened by $1,229 since 2009.
Employment
| Metric | Spring Hill | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.0% | 4.8% | 5.2% |
| Working from Home | 12.4% | 13.9% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 3,015 people are unemployed in Spring Hill, Florida.
The average commute time in Spring Hill is 23 minutes, about the same as in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Spring Hill, Florida has fallen from 15.3% to 6.0% in 2023.
Conclusion
Considering all these factors, Spring Hill, 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 Spring Hill, Florida.
How Rich Is Spring Hill, Florida?
Spring Hill 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 $67,578, about 6% lower than the Florida average of $71,865.
What is the current median household income in Spring Hill, Florida?
As of 2023, the median household income in Spring Hill, Florida is $67,578.
What was the median household income in Spring Hill in 2023?
In 2023, the median household income in Spring Hill, Florida was $67,578.
What was the median household income in Spring Hill in 2020?
In 2020, the median household income in Spring Hill, Florida was $52,595.
What is the Gini coefficient in Spring Hill, Florida?
The Gini coefficient in Spring Hill is 0.530. 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 Spring Hill, Florida?
Since 2009, the income gap between men and women in Spring Hill, Florida has narrowed from about 22% to 19% in 2023. In dollar terms, the gap has widened by $1,229 since 2009.