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 Palm Beach | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $68,559 | $71,865 | $78,145 |
| Median Personal Income | $53,819 | $53,537 | $61,726 |
| Average income growth | 5.8% | 5.7% | 5.1% |
| Six-Figure Earners | 11.9% | 10.9% | 13.2% |
The median household income in West Palm Beach is about 5% lower than in Florida. Income has been growing faster in West Palm Beach (5.8%/yr) than in Florida (5.7%/yr).
About 12% of adults in West Palm Beach 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 Palm Beach, Florida grew by 49.6% from 2009 to 2023, reaching $68,559 in 2023. That's an average of about 5.8% per year.
Economic Inequality in West Palm Beach | Gender Pay Gap | Gini Coefficient
| Metric | West Palm Beach | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.565 | 0.566 | 0.570 |
| Male Median Income | $56,111 | $58,426 | $67,746 |
| Female Median Income | $51,090 | $48,893 | $54,793 |
| Gender Pay Gap | 8.9% | 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 West Palm Beach, it is 0.565, about the same as Florida's 0.566, so income here is about as evenly distributed as there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 10% more than women's income in West Palm Beach, Florida. Over a 35-year career, a 10% wage gap accumulates to roughly $175,735 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 Palm Beach, Florida has widened from about 5% to 9% in 2023. In dollar terms, the gap has widened by $3,073 since 2009.
Employment
| Metric | West Palm Beach | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.6% | 4.8% | 5.2% |
| Working from Home | 12.0% | 13.9% | 13.4% |
| Commute time (minutes) | 20 | 23 | 22 |
Approximately 3,651 people are unemployed in West Palm Beach, Florida.
The average commute time in West Palm Beach is 20 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in West Palm Beach, Florida has fallen from 10.8% to 5.6% in 2023.
Conclusion
Considering all these factors, West Palm Beach, 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 West Palm Beach, Florida.
How Rich Is West Palm Beach, Florida?
West Palm Beach 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 $68,559, about 5% lower than the Florida average of $71,865.
What is the current median household income in West Palm Beach, Florida?
As of 2023, the median household income in West Palm Beach, Florida is $68,559.
What was the median household income in West Palm Beach in 2023?
In 2023, the median household income in West Palm Beach, Florida was $68,559.
What was the median household income in West Palm Beach in 2020?
In 2020, the median household income in West Palm Beach, Florida was $54,197.
What is the Gini coefficient in West Palm Beach, Florida?
The Gini coefficient in West Palm Beach is 0.565. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in West Palm Beach, Florida?
Since 2009, the income gap between men and women in West Palm Beach, Florida has widened from about 5% to 9% in 2023. In dollar terms, the gap has widened by $3,073 since 2009.