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 | St. Petersburg | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $73,169 | $71,865 | $78,145 |
| Median Personal Income | $59,262 | $53,537 | $61,726 |
| Average income growth | 6.1% | 5.7% | 5.1% |
| Six-Figure Earners | 13.9% | 10.9% | 13.2% |
The median household income in St. Petersburg is about 2% higher than in Florida. Income has been growing faster in St. Petersburg (6.1%/yr) than in Florida (5.7%/yr).
About 14% of adults in St. Petersburg 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 St. Petersburg, Florida grew by 68.3% from 2009 to 2023, reaching $73,169 in 2023. That's an average of about 6.1% per year.
Economic Inequality in St. Petersburg | Gender Pay Gap | Gini Coefficient
| Metric | St. Petersburg | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.542 | 0.566 | 0.570 |
| Male Median Income | $62,932 | $58,426 | $67,746 |
| Female Median Income | $55,760 | $48,893 | $54,793 |
| Gender Pay Gap | 11.4% | 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 St. Petersburg, it is 0.542, 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 13% more than women's income in St. Petersburg, Florida. Over a 35-year career, a 13% wage gap accumulates to roughly $251,020 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in St. Petersburg, Florida has narrowed from about 16% to 11% in 2023. In dollar terms, the gap has widened by $703 since 2009.
Employment
| Metric | St. Petersburg | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.9% | 4.8% | 5.2% |
| Working from Home | 18.4% | 13.9% | 13.4% |
| Commute time (minutes) | 21 | 23 | 22 |
Approximately 7,005 people are unemployed in St. Petersburg, Florida.
The average commute time in St. Petersburg is 21 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in St. Petersburg, Florida has fallen from 9.5% to 4.9% in 2023.
Conclusion
Considering all these factors, St. Petersburg, 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 St. Petersburg, Florida.
How Rich Is St. Petersburg, Florida?
St. Petersburg 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 $73,169, about 2% higher than the Florida average of $71,865.
What is the current median household income in St. Petersburg, Florida?
As of 2023, the median household income in St. Petersburg, Florida is $73,169.
What was the median household income in St. Petersburg in 2023?
In 2023, the median household income in St. Petersburg, Florida was $73,169.
What was the median household income in St. Petersburg in 2020?
In 2020, the median household income in St. Petersburg, Florida was $60,719.
What is the Gini coefficient in St. Petersburg, Florida?
The Gini coefficient in St. Petersburg is 0.542. 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 St. Petersburg, Florida?
Since 2009, the income gap between men and women in St. Petersburg, Florida has narrowed from about 16% to 11% in 2023. In dollar terms, the gap has widened by $703 since 2009.