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 | Suwannee County | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $55,689 | $71,865 | $78,145 |
| Median Personal Income | $44,864 | $53,537 | $61,726 |
| Average income growth | 5.6% | 5.7% | 5.1% |
| Six-Figure Earners | 4.1% | 10.9% | 13.2% |
The median household income in Suwannee County is about 23% lower than in Florida. Income has been growing slower in Suwannee County (5.6%/yr) than in Florida (5.7%/yr).
About 4% of adults in Suwannee 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 Suwannee County, Florida grew by 62.9% from 2009 to 2023, reaching $55,689 in 2023. That's an average of about 5.6% per year.
Economic Inequality in Suwannee County | Gender Pay Gap | Gini Coefficient
| Metric | Suwannee County | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.542 | 0.566 | 0.570 |
| Male Median Income | $44,878 | $58,426 | $67,746 |
| Female Median Income | $44,838 | $48,893 | $54,793 |
| Gender Pay Gap | 0.1% | 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 Suwannee County, 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 0% more than women's income in Suwannee County, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in Suwannee County, Florida has narrowed from about 32% to 0% in 2023. In dollar terms, the gap has narrowed by $12,096 since 2009.
Employment
| Metric | Suwannee County | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.7% | 4.8% | 5.2% |
| Working from Home | 6.0% | 13.9% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 1,047 people are unemployed in Suwannee County, Florida.
The average commute time in Suwannee County is 23 minutes, about the same as in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Suwannee County, Florida has fallen from 9.1% to 5.7% in 2023.
Conclusion
Considering all these factors, Suwannee County, 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 Suwannee County, Florida.
How Rich Is Suwannee County, Florida?
Suwannee 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 $55,689, about 23% lower than the Florida average of $71,865.
What is the current median household income in Suwannee County, Florida?
As of 2023, the median household income in Suwannee County, Florida is $55,689.
What was the median household income in Suwannee County in 2023?
In 2023, the median household income in Suwannee County, Florida was $55,689.
What was the median household income in Suwannee County in 2020?
In 2020, the median household income in Suwannee County, Florida was $46,303.
What is the Gini coefficient in Suwannee County, Florida?
The Gini coefficient in Suwannee County 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 Suwannee County, Florida?
Since 2009, the income gap between men and women in Suwannee County, Florida has narrowed from about 32% to 0% in 2023. In dollar terms, the gap has narrowed by $12,096 since 2009.