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 | Albany | Georgia Avg | US Average |
|---|---|---|---|
| Median Household Income | $45,221 | $74,683 | $78,145 |
| Median Personal Income | $44,579 | $57,099 | $61,726 |
| Average income growth | 5.7% | 5.5% | 5.1% |
| Six-Figure Earners | 4.2% | 11.7% | 13.2% |
The median household income in Albany is about 39% lower than in Georgia. Income has been growing faster in Albany (5.7%/yr) than in Georgia (5.5%/yr).
About 4% of adults in Albany earn six figures ($100,000 or more) a year, lower than the Georgia average of 12%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Albany, Georgia grew by 45.2% from 2009 to 2023, reaching $45,221 in 2023. That's an average of about 5.7% per year.
Economic Inequality in Albany | Gender Pay Gap | Gini Coefficient
| Metric | Albany | Georgia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.589 | 0.578 | 0.570 |
| Male Median Income | $48,551 | $62,912 | $67,746 |
| Female Median Income | $40,773 | $50,950 | $54,793 |
| Gender Pay Gap | 16.0% | 19.0% | 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 Albany, it is 0.589, higher than Georgia's 0.578, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 19% more than women's income in Albany, Georgia. Over a 35-year career, a 19% wage gap accumulates to roughly $272,230 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Albany, Georgia has narrowed from about 21% to 16% in 2023. In dollar terms, the gap has widened by $427 since 2009.
Employment
| Metric | Albany | Georgia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 11.1% | 5.1% | 5.2% |
| Working from Home | 7.5% | 14.2% | 13.4% |
| Commute time (minutes) | 16 | 23 | 22 |
Approximately 2,824 people are unemployed in Albany, Georgia.
The average commute time in Albany is 16 minutes, shorter than the 23 minutes in Georgia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Albany, Georgia has fallen from 14.6% to 11.1% in 2023.
Conclusion
Considering all these factors, Albany, Georgia has an overall wealth index grade of D, making it somewhat worse than Georgia, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Albany, Georgia.
How Wealthy Is Albany, Georgia?
Albany 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 $45,221, about 39% lower than the Georgia average of $74,683.
What is the current median household income in Albany, Georgia?
As of 2023, the median household income in Albany, Georgia is $45,221.
What was the median household income in Albany in 2023?
In 2023, the median household income in Albany, Georgia was $45,221.
What was the median household income in Albany in 2020?
In 2020, the median household income in Albany, Georgia was $37,678.
What is the Gini coefficient in Albany, Georgia?
The Gini coefficient in Albany is 0.589. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Albany, Georgia?
Since 2009, the income gap between men and women in Albany, Georgia has narrowed from about 21% to 16% in 2023. In dollar terms, the gap has widened by $427 since 2009.