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 | Westchase | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $119,052 | $71,865 | $78,145 |
| Median Personal Income | $95,548 | $53,537 | $61,726 |
| Average income growth | 3.4% | 5.7% | 5.1% |
| Six-Figure Earners | 25.8% | 10.9% | 13.2% |
The median household income in Westchase is about 66% higher than in Florida. Income has been growing slower in Westchase (3.4%/yr) than in Florida (5.7%/yr).
About 26% of adults in Westchase 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 Westchase, Florida grew by 34.5% from 2009 to 2023, reaching $119,052 in 2023. That's an average of about 3.4% per year.
Economic Inequality in Westchase | Gender Pay Gap | Gini Coefficient
| Metric | Westchase | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.544 | 0.566 | 0.570 |
| Male Median Income | $111,458 | $58,426 | $67,746 |
| Female Median Income | $78,471 | $48,893 | $54,793 |
| Gender Pay Gap | 29.6% | 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 Westchase, it is 0.544, 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 42% more than women's income in Westchase, Florida. Over a 35-year career, a 42% wage gap accumulates to roughly $1,154,545 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Westchase, Florida has widened from about 26% to 30% in 2023. In dollar terms, the gap has widened by $14,312 since 2009.
Employment
| Metric | Westchase | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.2% | 4.8% | 5.2% |
| Working from Home | 29.8% | 13.9% | 13.4% |
| Commute time (minutes) | 30 | 23 | 22 |
Approximately 423 people are unemployed in Westchase, Florida.
The average commute time in Westchase is 30 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Westchase, Florida has fallen from 8.3% to 3.2% in 2023.
Conclusion
Considering all these factors, Westchase, Florida has an overall wealth index grade of A, making it far better than Florida, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Westchase, Florida.
How Rich Is Westchase, Florida?
Westchase has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $119,052, about 66% higher than the Florida average of $71,865.
What is the current median household income in Westchase, Florida?
As of 2023, the median household income in Westchase, Florida is $119,052.
What was the median household income in Westchase in 2023?
In 2023, the median household income in Westchase, Florida was $119,052.
What was the median household income in Westchase in 2020?
In 2020, the median household income in Westchase, Florida was $99,323.
What is the Gini coefficient in Westchase, Florida?
The Gini coefficient in Westchase is 0.544. 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 Westchase, Florida?
Since 2009, the income gap between men and women in Westchase, Florida has widened from about 26% to 30% in 2023. In dollar terms, the gap has widened by $14,312 since 2009.