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 | McDonough | Georgia Avg | US Average |
|---|---|---|---|
| Median Household Income | $70,179 | $74,683 | $78,145 |
| Median Personal Income | $51,170 | $57,099 | $61,726 |
| Average income growth | 4.7% | 5.5% | 5.1% |
| Six-Figure Earners | 5.8% | 11.7% | 13.2% |
The median household income in McDonough is about 6% lower than in Georgia. Income has been growing slower in McDonough (4.7%/yr) than in Georgia (5.5%/yr).
About 6% of adults in McDonough 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 McDonough, Georgia grew by 21.3% from 2009 to 2023, reaching $70,179 in 2023. That's an average of about 4.7% per year.
Economic Inequality in McDonough | Gender Pay Gap | Gini Coefficient
| Metric | McDonough | Georgia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.548 | 0.578 | 0.570 |
| Male Median Income | $53,962 | $62,912 | $67,746 |
| Female Median Income | $47,658 | $50,950 | $54,793 |
| Gender Pay Gap | 11.7% | 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 McDonough, it is 0.548, 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 13% more than women's income in McDonough, Georgia. Over a 35-year career, a 13% wage gap accumulates to roughly $220,640 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in McDonough, Georgia has narrowed from about 19% to 12% in 2023. In dollar terms, the gap has narrowed by $2,879 since 2009.
Employment
| Metric | McDonough | Georgia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.2% | 5.1% | 5.2% |
| Working from Home | 10.9% | 14.2% | 13.4% |
| Commute time (minutes) | 30 | 23 | 22 |
Approximately 841 people are unemployed in McDonough, Georgia.
The average commute time in McDonough is 30 minutes, longer than the 23 minutes in Georgia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in McDonough, Georgia has fallen from 10.9% to 7.2% in 2023.
Conclusion
Considering all these factors, McDonough, Georgia has an overall wealth index grade of C, making it about on par with Georgia, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in McDonough, Georgia.
How Rich Is McDonough, Georgia?
McDonough has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $70,179, about 6% lower than the Georgia average of $74,683.
What is the current median household income in McDonough, Georgia?
As of 2023, the median household income in McDonough, Georgia is $70,179.
What was the median household income in McDonough in 2023?
In 2023, the median household income in McDonough, Georgia was $70,179.
What was the median household income in McDonough in 2020?
In 2020, the median household income in McDonough, Georgia was $64,365.
What is the Gini coefficient in McDonough, Georgia?
The Gini coefficient in McDonough is 0.548. 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 McDonough, Georgia?
Since 2009, the income gap between men and women in McDonough, Georgia has narrowed from about 19% to 12% in 2023. In dollar terms, the gap has narrowed by $2,879 since 2009.