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 Pensacola | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $38,841 | $71,865 | $78,145 |
| Median Personal Income | $39,589 | $53,537 | $61,726 |
| Average income growth | 3.2% | 5.7% | 5.1% |
| Six-Figure Earners | 2.7% | 10.9% | 13.2% |
The median household income in West Pensacola is about 46% lower than in Florida. Income has been growing slower in West Pensacola (3.2%/yr) than in Florida (5.7%/yr).
About 3% of adults in West Pensacola 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 Pensacola, Florida grew by 41.1% from 2009 to 2023, reaching $38,841 in 2023. That's an average of about 3.2% per year.
Economic Inequality in West Pensacola | Gender Pay Gap | Gini Coefficient
| Metric | West Pensacola | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.475 | 0.566 | 0.570 |
| Male Median Income | $41,514 | $58,426 | $67,746 |
| Female Median Income | $38,908 | $48,893 | $54,793 |
| Gender Pay Gap | 6.3% | 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 West Pensacola, it is 0.475, 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 Pensacola, Florida. Over a 35-year career, a 7% wage gap accumulates to roughly $91,210 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 Pensacola, Florida has narrowed from about 20% to 6% in 2023. In dollar terms, the gap has narrowed by $3,270 since 2009.
Employment
| Metric | West Pensacola | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.8% | 4.8% | 5.2% |
| Working from Home | 10.0% | 13.9% | 13.4% |
| Commute time (minutes) | 20 | 23 | 22 |
Approximately 627 people are unemployed in West Pensacola, Florida.
The average commute time in West Pensacola is 20 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in West Pensacola, Florida has fallen from 19.9% to 6.8% in 2023.
Conclusion
Considering all these factors, West Pensacola, 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 Pensacola, Florida.
How Rich Is West Pensacola, Florida?
West Pensacola 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 $38,841, about 46% lower than the Florida average of $71,865.
What is the current median household income in West Pensacola, Florida?
As of 2023, the median household income in West Pensacola, Florida is $38,841.
What was the median household income in West Pensacola in 2023?
In 2023, the median household income in West Pensacola, Florida was $38,841.
What was the median household income in West Pensacola in 2020?
In 2020, the median household income in West Pensacola, Florida was $33,956.
What is the Gini coefficient in West Pensacola, Florida?
The Gini coefficient in West Pensacola is 0.475. 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 Pensacola, Florida?
Since 2009, the income gap between men and women in West Pensacola, Florida has narrowed from about 20% to 6% in 2023. In dollar terms, the gap has narrowed by $3,270 since 2009.