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 | Temple Terrace | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $61,650 | $71,865 | $78,145 |
| Median Personal Income | $53,449 | $53,537 | $61,726 |
| Average income growth | 3.0% | 5.7% | 5.1% |
| Six-Figure Earners | 9.0% | 10.9% | 13.2% |
The median household income in Temple Terrace is about 14% lower than in Florida. Income has been growing slower in Temple Terrace (3.0%/yr) than in Florida (5.7%/yr).
About 9% of adults in Temple Terrace 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 Temple Terrace, Florida grew by 30.0% from 2009 to 2023, reaching $61,650 in 2023. That's an average of about 3.0% per year.
Economic Inequality in Temple Terrace | Gender Pay Gap | Gini Coefficient
| Metric | Temple Terrace | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.538 | 0.566 | 0.570 |
| Male Median Income | $56,072 | $58,426 | $67,746 |
| Female Median Income | $50,517 | $48,893 | $54,793 |
| Gender Pay Gap | 9.9% | 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 Temple Terrace, it is 0.538, 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 11% more than women's income in Temple Terrace, Florida. Over a 35-year career, a 11% wage gap accumulates to roughly $194,425 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Temple Terrace, Florida has widened from about 7% to 10% in 2023. In dollar terms, the gap has widened by $2,764 since 2009.
Employment
| Metric | Temple Terrace | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.8% | 4.8% | 5.2% |
| Working from Home | 16.7% | 13.9% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 909 people are unemployed in Temple Terrace, Florida.
The average commute time in Temple Terrace is 23 minutes, about the same as in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Temple Terrace, Florida has fallen from 10.8% to 5.8% in 2023.
Conclusion
Considering all these factors, Temple Terrace, Florida has an overall wealth index grade of C, making it somewhat better than Florida, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Temple Terrace, Florida.
How Rich Is Temple Terrace, Florida?
Temple Terrace has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $61,650, about 14% lower than the Florida average of $71,865.
What is the current median household income in Temple Terrace, Florida?
As of 2023, the median household income in Temple Terrace, Florida is $61,650.
What was the median household income in Temple Terrace in 2023?
In 2023, the median household income in Temple Terrace, Florida was $61,650.
What was the median household income in Temple Terrace in 2020?
In 2020, the median household income in Temple Terrace, Florida was $52,387.
What is the Gini coefficient in Temple Terrace, Florida?
The Gini coefficient in Temple Terrace is 0.538. 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 Temple Terrace, Florida?
Since 2009, the income gap between men and women in Temple Terrace, Florida has widened from about 7% to 10% in 2023. In dollar terms, the gap has widened by $2,764 since 2009.