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 Melbourne | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $84,430 | $71,865 | $78,145 |
| Median Personal Income | $63,978 | $53,537 | $61,726 |
| Average income growth | 5.9% | 5.7% | 5.1% |
| Six-Figure Earners | 12.5% | 10.9% | 13.2% |
The median household income in West Melbourne is about 17% higher than in Florida. Income has been growing faster in West Melbourne (5.9%/yr) than in Florida (5.7%/yr).
About 12% of adults in West Melbourne 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 West Melbourne, Florida grew by 68.5% from 2009 to 2023, reaching $84,430 in 2023. That's an average of about 5.9% per year.
Economic Inequality in West Melbourne | Gender Pay Gap | Gini Coefficient
| Metric | West Melbourne | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.554 | 0.566 | 0.570 |
| Male Median Income | $78,040 | $58,426 | $67,746 |
| Female Median Income | $50,201 | $48,893 | $54,793 |
| Gender Pay Gap | 35.7% | 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 Melbourne, it is 0.554, 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 55% more than women's income in West Melbourne, Florida. Over a 35-year career, a 55% wage gap accumulates to roughly $974,365 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in West Melbourne, Florida has stayed about the same since 2009, at around 36%. In dollar terms, the gap has widened by $9,719 since 2009.
Employment
| Metric | West Melbourne | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.2% | 4.8% | 5.2% |
| Working from Home | 12.5% | 13.9% | 13.4% |
| Commute time (minutes) | 20 | 23 | 22 |
Approximately 485 people are unemployed in West Melbourne, Florida.
The average commute time in West Melbourne is 20 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in West Melbourne, Florida has fallen from 7.9% to 4.2% in 2023.
Conclusion
Considering all these factors, West Melbourne, 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 West Melbourne, Florida.
How Rich Is West Melbourne, Florida?
West Melbourne 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 $84,430, about 17% higher than the Florida average of $71,865.
What is the current median household income in West Melbourne, Florida?
As of 2023, the median household income in West Melbourne, Florida is $84,430.
What was the median household income in West Melbourne in 2023?
In 2023, the median household income in West Melbourne, Florida was $84,430.
What was the median household income in West Melbourne in 2020?
In 2020, the median household income in West Melbourne, Florida was $71,453.
What is the Gini coefficient in West Melbourne, Florida?
The Gini coefficient in West Melbourne is 0.554. 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 Melbourne, Florida?
The income gap between men and women in West Melbourne, Florida has stayed about the same since 2009, at around 36%. In dollar terms, the gap has widened by $9,719 since 2009.