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 | Valrico | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $97,798 | $71,865 | $78,145 |
| Median Personal Income | $64,998 | $53,537 | $61,726 |
| Average income growth | 5.2% | 5.7% | 5.1% |
| Six-Figure Earners | 13.2% | 10.9% | 13.2% |
The median household income in Valrico is about 36% higher than in Florida. Income has been growing slower in Valrico (5.2%/yr) than in Florida (5.7%/yr).
About 13% of adults in Valrico 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 Valrico, Florida grew by 29.4% from 2009 to 2023, reaching $97,798 in 2023. That's an average of about 5.2% per year.
Economic Inequality in Valrico | Gender Pay Gap | Gini Coefficient
| Metric | Valrico | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.553 | 0.566 | 0.570 |
| Male Median Income | $77,720 | $58,426 | $67,746 |
| Female Median Income | $58,864 | $48,893 | $54,793 |
| Gender Pay Gap | 24.3% | 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 Valrico, it is 0.553, 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 32% more than women's income in Valrico, Florida. Over a 35-year career, a 32% wage gap accumulates to roughly $659,960 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Valrico, Florida has narrowed from about 30% to 24% in 2023. In dollar terms, the gap has widened by $595 since 2009.
Employment
| Metric | Valrico | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.7% | 4.8% | 5.2% |
| Working from Home | 23.1% | 13.9% | 13.4% |
| Commute time (minutes) | 31 | 23 | 22 |
Approximately 713 people are unemployed in Valrico, Florida.
The average commute time in Valrico is 31 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Valrico, Florida has fallen from 6.3% to 3.7% in 2023.
Conclusion
Considering all these factors, Valrico, 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 Valrico, Florida.
How Rich Is Valrico, Florida?
Valrico 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 $97,798, about 36% higher than the Florida average of $71,865.
What is the current median household income in Valrico, Florida?
As of 2023, the median household income in Valrico, Florida is $97,798.
What was the median household income in Valrico in 2023?
In 2023, the median household income in Valrico, Florida was $97,798.
What was the median household income in Valrico in 2020?
In 2020, the median household income in Valrico, Florida was $74,872.
What is the Gini coefficient in Valrico, Florida?
The Gini coefficient in Valrico is 0.553. 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 Valrico, Florida?
Since 2009, the income gap between men and women in Valrico, Florida has narrowed from about 30% to 24% in 2023. In dollar terms, the gap has widened by $595 since 2009.