Wealth Index
Among the 3 least wealthy counties in Georgia
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 | Hancock County | Georgia Avg | US Average |
|---|---|---|---|
| Median Household Income | $31,363 | $74,683 | $78,145 |
| Median Personal Income | $39,156 | $57,099 | $61,726 |
| Average income growth | 2.8% | 5.5% | 5.1% |
| Six-Figure Earners | 3.3% | 11.7% | 13.2% |
The median household income in Hancock County is about 58% lower than in Georgia. Income has been growing slower in Hancock County (2.8%/yr) than in Georgia (5.5%/yr).
About 3% of adults in Hancock County 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 Hancock County, Georgia grew by 16.9% from 2009 to 2023, reaching $31,363 in 2023. That's an average of about 2.8% per year.
Economic Inequality in Hancock County | Gender Pay Gap | Gini Coefficient
| Metric | Hancock County | Georgia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.677 | 0.578 | 0.570 |
| Male Median Income | $42,499 | $62,912 | $67,746 |
| Female Median Income | $36,707 | $50,950 | $54,793 |
| Gender Pay Gap | 13.6% | 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 Hancock County, it is 0.677, 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 16% more than women's income in Hancock County, Georgia. Over a 35-year career, a 16% wage gap accumulates to roughly $202,720 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Hancock County, Georgia has narrowed from about 28% to 14% in 2023. In dollar terms, the gap has narrowed by $3,500 since 2009.
Employment
| Metric | Hancock County | Georgia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.9% | 5.1% | 5.2% |
| Working from Home | 3.0% | 14.2% | 13.4% |
| Commute time (minutes) | 28 | 23 | 22 |
Approximately 142 people are unemployed in Hancock County, Georgia.
The average commute time in Hancock County is 28 minutes, longer than the 23 minutes in Georgia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hancock County, Georgia has fallen from 15.3% to 5.9% in 2023.
Conclusion
Considering all these factors, Hancock County, Georgia has an overall wealth index grade of F, making it worse than Georgia, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Hancock County, Georgia.
How Rich Is Hancock County, Georgia?
Hancock County has a wealth index grade of F. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an F grade means residents are well below the U.S. average. The median household income is $31,363, about 58% lower than the Georgia average of $74,683.
What is the current median household income in Hancock County, Georgia?
As of 2023, the median household income in Hancock County, Georgia is $31,363.
What was the median household income in Hancock County in 2023?
In 2023, the median household income in Hancock County, Georgia was $31,363.
What was the median household income in Hancock County in 2020?
In 2020, the median household income in Hancock County, Georgia was $32,626.
What is the Gini coefficient in Hancock County, Georgia?
The Gini coefficient in Hancock County is 0.677. 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 Hancock County, Georgia?
Since 2009, the income gap between men and women in Hancock County, Georgia has narrowed from about 28% to 14% in 2023. In dollar terms, the gap has narrowed by $3,500 since 2009.