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 | The Hammocks | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $83,419 | $71,865 | $78,145 |
| Median Personal Income | $83,419 | $71,865 | $78,145 |
| Average income growth | 4.4% | 4.4% | 4.4% |
The median household income in The Hammocks is about 16% higher than in Florida. Income has been growing slower in The Hammocks (4.4%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in The Hammocks, Florida grew by 31.4% from 2009 to 2023, reaching $83,419 in 2023. That's an average of about 2.2% per year.
Economic Inequality in The Hammocks | Gender Pay Gap | Gini Coefficient
| Metric | The Hammocks | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.576 | 0.566 | 0.570 |
| Male Median Income | $60,308 | $58,426 | $67,746 |
| Female Median Income | $47,567 | $48,893 | $54,793 |
| Gender Pay Gap | 21.1% | 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 The Hammocks, it is 0.576, higher than Florida's 0.566, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 27% more than women's income in The Hammocks, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in The Hammocks, Florida has widened from about 20% to 21% in 2023.
Employment
| Metric | The Hammocks | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.6% | 4.8% | 5.2% |
| Working from Home | 9.1% | 13.9% | 13.4% |
| Commute time (minutes) | 31 | 23 | 22 |
The average commute time in The Hammocks is 31 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in The Hammocks, Florida has fallen from 8.8% to 2.6% in 2023.
Conclusion
Considering all these factors, The Hammocks, Florida has an overall wealth index grade of C, making it about on par with Florida, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in The Hammocks, Florida.
How Rich Is The Hammocks, Florida?
The Hammocks 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 $83,419, about 16% higher than the Florida average of $71,865.
What is the current median household income in The Hammocks, Florida?
As of 2023, the median household income in The Hammocks, Florida is $83,419.
What was the median household income in The Hammocks in 2023?
In 2023, the median household income in The Hammocks, Florida was $83,419.
What was the median household income in The Hammocks in 2020?
In 2020, the median household income in The Hammocks, Florida was $72,430.
What is the Gini coefficient in The Hammocks, Florida?
The Gini coefficient in The Hammocks is 0.576. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in The Hammocks, Florida?
Since 2009, the income gap between men and women in The Hammocks, Florida has widened from about 20% to 21% in 2023.