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 | Savannah | Georgia Avg | US Average |
|---|---|---|---|
| Median Household Income | $59,261 | $74,683 | $78,145 |
| Median Personal Income | $45,888 | $57,099 | $61,726 |
| Average income growth | 6.4% | 5.5% | 5.1% |
| Six-Figure Earners | 6.8% | 11.7% | 13.2% |
The median household income in Savannah is about 21% lower than in Georgia. Income has been growing faster in Savannah (6.4%/yr) than in Georgia (5.5%/yr).
About 7% of adults in Savannah 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 Savannah, Georgia grew by 70.2% from 2009 to 2023, reaching $59,261 in 2023. That's an average of about 6.4% per year.
Economic Inequality in Savannah | Gender Pay Gap | Gini Coefficient
| Metric | Savannah | Georgia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.566 | 0.578 | 0.570 |
| Male Median Income | $48,564 | $62,912 | $67,746 |
| Female Median Income | $43,818 | $50,950 | $54,793 |
| Gender Pay Gap | 9.8% | 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 Savannah, it is 0.566, lower than Georgia's 0.578, so income is more evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 11% more than women's income in Savannah, Georgia. Over a 35-year career, a 11% wage gap accumulates to roughly $166,110 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Savannah, Georgia has narrowed from about 24% to 10% in 2023. In dollar terms, the gap has narrowed by $4,129 since 2009.
Employment
| Metric | Savannah | Georgia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.4% | 5.1% | 5.2% |
| Working from Home | 10.1% | 14.2% | 13.4% |
| Commute time (minutes) | 18 | 23 | 22 |
Approximately 4,998 people are unemployed in Savannah, Georgia.
The average commute time in Savannah is 18 minutes, shorter than the 23 minutes in Georgia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Savannah, Georgia has fallen from 8.6% to 6.4% in 2023.
Conclusion
Considering all these factors, Savannah, 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 Savannah, Georgia.
How Rich Is Savannah, Georgia?
Savannah 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 $59,261, about 21% lower than the Georgia average of $74,683.
What is the current median household income in Savannah, Georgia?
As of 2023, the median household income in Savannah, Georgia is $59,261.
What was the median household income in Savannah in 2023?
In 2023, the median household income in Savannah, Georgia was $59,261.
What was the median household income in Savannah in 2020?
In 2020, the median household income in Savannah, Georgia was $47,883.
What is the Gini coefficient in Savannah, Georgia?
The Gini coefficient in Savannah is 0.566. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Savannah, Georgia?
Since 2009, the income gap between men and women in Savannah, Georgia has narrowed from about 24% to 10% in 2023. In dollar terms, the gap has narrowed by $4,129 since 2009.