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 | West Little River | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $54,088 | $71,865 | $78,145 |
| Median Personal Income | $41,785 | $53,537 | $61,726 |
| Average income growth | 6.5% | 5.7% | 5.1% |
| Six-Figure Earners | 3.4% | 10.9% | 13.2% |
The median household income in West Little River is about 25% lower than in Florida. Income has been growing faster in West Little River (6.5%/yr) than in Florida (5.7%/yr).
About 3% of adults in West Little River 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 West Little River, Florida grew by 70.2% from 2009 to 2023, reaching $54,088 in 2023. That's an average of about 6.5% per year.
Economic Inequality in West Little River | Gender Pay Gap | Gini Coefficient
| Metric | West Little River | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.542 | 0.566 | 0.570 |
| Male Median Income | $43,124 | $58,426 | $67,746 |
| Female Median Income | $40,170 | $48,893 | $54,793 |
| Gender Pay Gap | 6.8% | 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 West Little River, 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 7% more than women's income in West Little River, Florida. Over a 35-year career, a 7% wage gap accumulates to roughly $103,390 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in West Little River, Florida has narrowed from about 14% to 7% in 2023. In dollar terms, the gap has narrowed by $740 since 2009.
Employment
| Metric | West Little River | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.8% | 4.8% | 5.2% |
| Working from Home | 7.1% | 13.9% | 13.4% |
| Commute time (minutes) | 30 | 23 | 22 |
Approximately 911 people are unemployed in West Little River, Florida.
The average commute time in West Little River is 30 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in West Little River, Florida has fallen from 15.8% to 5.8% in 2023.
Conclusion
Considering all these factors, West Little River, 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 West Little River, Florida.
How Rich Is West Little River, Florida?
West Little River 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 $54,088, about 25% lower than the Florida average of $71,865.
What is the current median household income in West Little River, Florida?
As of 2023, the median household income in West Little River, Florida is $54,088.
What was the median household income in West Little River in 2023?
In 2023, the median household income in West Little River, Florida was $54,088.
What was the median household income in West Little River in 2020?
In 2020, the median household income in West Little River, Florida was $42,765.
What is the Gini coefficient in West Little River, Florida?
The Gini coefficient in West Little River 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 West Little River, Florida?
Since 2009, the income gap between men and women in West Little River, Florida has narrowed from about 14% to 7% in 2023. In dollar terms, the gap has narrowed by $740 since 2009.