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 | Canton | Georgia Avg | US Average |
|---|---|---|---|
| Median Household Income | $74,550 | $74,683 | $78,145 |
| Median Personal Income | $51,665 | $57,099 | $61,726 |
| Average income growth | 4.9% | 5.5% | 5.1% |
| Six-Figure Earners | 8.3% | 11.7% | 13.2% |
The median household income in Canton is about the same as in Georgia. Income has been growing slower in Canton (4.9%/yr) than in Georgia (5.5%/yr).
About 8% of adults in Canton 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 Canton, Georgia grew by 63.6% from 2009 to 2023, reaching $74,550 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Canton | Gender Pay Gap | Gini Coefficient
| Metric | Canton | Georgia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.561 | 0.578 | 0.570 |
| Male Median Income | $52,519 | $62,912 | $67,746 |
| Female Median Income | $50,974 | $50,950 | $54,793 |
| Gender Pay Gap | 2.9% | 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 Canton, it is 0.561, lower than Georgia's 0.578, 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 3% more than women's income in Canton, Georgia. Over a 35-year career, a 3% wage gap accumulates to roughly $54,075 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Canton, Georgia has narrowed from about 21% to 3% in 2023. In dollar terms, the gap has narrowed by $7,481 since 2009.
Employment
| Metric | Canton | Georgia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.1% | 5.1% | 5.2% |
| Working from Home | 15.8% | 14.2% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 435 people are unemployed in Canton, Georgia.
The average commute time in Canton is 23 minutes, about the same as in Georgia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Canton, Georgia has fallen from 10.1% to 4.1% in 2023.
Conclusion
Considering all these factors, Canton, 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 Canton, Georgia.
How Rich Is Canton, Georgia?
Canton 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 $74,550, close to the Georgia average of $74,683.
What is the current median household income in Canton, Georgia?
As of 2023, the median household income in Canton, Georgia is $74,550.
What was the median household income in Canton in 2023?
In 2023, the median household income in Canton, Georgia was $74,550.
What was the median household income in Canton in 2020?
In 2020, the median household income in Canton, Georgia was $58,071.
What is the Gini coefficient in Canton, Georgia?
The Gini coefficient in Canton is 0.561. 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 Canton, Georgia?
Since 2009, the income gap between men and women in Canton, Georgia has narrowed from about 21% to 3% in 2023. In dollar terms, the gap has narrowed by $7,481 since 2009.