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 | Buford | Georgia Avg | US Average |
|---|---|---|---|
| Median Household Income | $78,532 | $74,683 | $78,145 |
| Median Personal Income | $54,986 | $57,099 | $61,726 |
| Average income growth | 4.6% | 5.5% | 5.1% |
| Six-Figure Earners | 12.0% | 11.7% | 13.2% |
The median household income in Buford is about 5% higher than in Georgia. Income has been growing slower in Buford (4.6%/yr) than in Georgia (5.5%/yr).
About 12% of adults in Buford earn six figures ($100,000 or more) a year, about the same as the Georgia average of 12%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Buford, Georgia grew by 39.4% from 2009 to 2023, reaching $78,532 in 2023. That's an average of about 4.6% per year.
Economic Inequality in Buford | Gender Pay Gap | Gini Coefficient
| Metric | Buford | Georgia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.578 | 0.578 | 0.570 |
| Male Median Income | $63,919 | $62,912 | $67,746 |
| Female Median Income | $47,359 | $50,950 | $54,793 |
| Gender Pay Gap | 25.9% | 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 Buford, it is 0.578, about the same as Georgia's 0.578, so income here is about as evenly distributed as there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 35% more than women's income in Buford, Georgia. Over a 35-year career, a 35% wage gap accumulates to roughly $579,600 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Buford, Georgia has widened from about 21% to 26% in 2023. In dollar terms, the gap has widened by $6,779 since 2009.
Employment
| Metric | Buford | Georgia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.1% | 5.1% | 5.2% |
| Working from Home | 12.2% | 14.2% | 13.4% |
| Commute time (minutes) | 25 | 23 | 22 |
Approximately 352 people are unemployed in Buford, Georgia.
The average commute time in Buford is 25 minutes, longer than the 23 minutes in Georgia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Buford, Georgia has fallen from 9.0% to 3.1% in 2023.
Conclusion
Considering all these factors, Buford, Georgia has an overall wealth index grade of B, making it somewhat better than Georgia, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Buford, Georgia.
How Rich Is Buford, Georgia?
Buford 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 $78,532, about 5% higher than the Georgia average of $74,683.
What is the current median household income in Buford, Georgia?
As of 2023, the median household income in Buford, Georgia is $78,532.
What was the median household income in Buford in 2023?
In 2023, the median household income in Buford, Georgia was $78,532.
What was the median household income in Buford in 2020?
In 2020, the median household income in Buford, Georgia was $65,176.
What is the Gini coefficient in Buford, Georgia?
The Gini coefficient in Buford is 0.578. 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 Buford, Georgia?
Since 2009, the income gap between men and women in Buford, Georgia has widened from about 21% to 26% in 2023. In dollar terms, the gap has widened by $6,779 since 2009.