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 | Sumter County | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $73,368 | $71,865 | $78,145 |
| Median Personal Income | $51,940 | $53,537 | $61,726 |
| Average income growth | 5.0% | 5.7% | 5.1% |
| Six-Figure Earners | 10.3% | 10.9% | 13.2% |
The median household income in Sumter County is about 2% higher than in Florida. Income has been growing slower in Sumter County (5.0%/yr) than in Florida (5.7%/yr).
About 10% of adults in Sumter County 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 Sumter County, Florida grew by 79.4% from 2009 to 2023, reaching $73,368 in 2023. That's an average of about 5.0% per year.
Economic Inequality in Sumter County | Gender Pay Gap | Gini Coefficient
| Metric | Sumter County | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.536 | 0.566 | 0.570 |
| Male Median Income | $57,237 | $58,426 | $67,746 |
| Female Median Income | $47,820 | $48,893 | $54,793 |
| Gender Pay Gap | 16.5% | 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 Sumter County, it is 0.536, 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 20% more than women's income in Sumter County, Florida. Over a 35-year career, a 20% wage gap accumulates to roughly $329,595 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Sumter County, Florida has narrowed from about 18% to 16% in 2023. In dollar terms, the gap has widened by $2,767 since 2009.
Employment
| Metric | Sumter County | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.7% | 4.8% | 5.2% |
| Working from Home | 13.3% | 13.9% | 13.4% |
| Commute time (minutes) | 22 | 23 | 22 |
Approximately 1,845 people are unemployed in Sumter County, Florida.
The average commute time in Sumter County is 22 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Sumter County, Florida has fallen from 11.2% to 5.7% in 2023.
Conclusion
Considering all these factors, Sumter County, 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 Sumter County, Florida.
How Rich Is Sumter County, Florida?
Sumter County 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 $73,368, about 2% higher than the Florida average of $71,865.
What is the current median household income in Sumter County, Florida?
As of 2023, the median household income in Sumter County, Florida is $73,368.
What was the median household income in Sumter County in 2023?
In 2023, the median household income in Sumter County, Florida was $73,368.
What was the median household income in Sumter County in 2020?
In 2020, the median household income in Sumter County, Florida was $59,722.
What is the Gini coefficient in Sumter County, Florida?
The Gini coefficient in Sumter County is 0.536. 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 Sumter County, Florida?
Since 2009, the income gap between men and women in Sumter County, Florida has narrowed from about 18% to 16% in 2023. In dollar terms, the gap has widened by $2,767 since 2009.