Wealth Index
Wealthier than 81% of counties in Iowa
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 | Buchanan County | Iowa Avg | US Average |
|---|---|---|---|
| Median Household Income | $77,774 | $73,286 | $78,145 |
| Median Personal Income | $55,577 | $58,328 | $61,726 |
| Average income growth | 4.7% | 4.2% | 5.1% |
| Six-Figure Earners | 7.4% | 9.9% | 13.2% |
The median household income in Buchanan County is about 6% higher than in Iowa. Income has been growing faster in Buchanan County (4.7%/yr) than in Iowa (4.2%/yr).
About 7% of adults in Buchanan County earn six figures ($100,000 or more) a year, lower than the Iowa average of 10%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Buchanan County, Iowa grew by 54.5% from 2009 to 2023, reaching $77,774 in 2023. That's an average of about 4.7% per year.
Economic Inequality in Buchanan County | Gender Pay Gap | Gini Coefficient
| Metric | Buchanan County | Iowa Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.491 | 0.518 | 0.570 |
| Male Median Income | $60,771 | $64,701 | $67,746 |
| Female Median Income | $48,942 | $50,787 | $54,793 |
| Gender Pay Gap | 19.5% | 21.5% | 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 Buchanan County, it is 0.491, lower than Iowa's 0.518, 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 24% more than women's income in Buchanan County, Iowa. Over a 35-year career, a 24% wage gap accumulates to roughly $414,015 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Buchanan County, Iowa has narrowed from about 22% to 19% in 2023. In dollar terms, the gap has widened by $2,991 since 2009.
Employment
| Metric | Buchanan County | Iowa Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.7% | 3.6% | 5.2% |
| Working from Home | 8.9% | 10.4% | 13.4% |
| Commute time (minutes) | 18 | 16 | 22 |
Approximately 300 people are unemployed in Buchanan County, Iowa.
The average commute time in Buchanan County is 18 minutes, longer than the 16 minutes in Iowa.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Buchanan County, Iowa has fallen from 5.2% to 2.7% in 2023.
Conclusion
Considering all these factors, Buchanan County, Iowa has an overall wealth index grade of B, making it somewhat better than Iowa, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Buchanan County, Iowa.
How Rich Is Buchanan County, Iowa?
Buchanan County 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 $77,774, about 6% higher than the Iowa average of $73,286.
What is the current median household income in Buchanan County, Iowa?
As of 2023, the median household income in Buchanan County, Iowa is $77,774.
What was the median household income in Buchanan County in 2023?
In 2023, the median household income in Buchanan County, Iowa was $77,774.
What was the median household income in Buchanan County in 2020?
In 2020, the median household income in Buchanan County, Iowa was $67,443.
What is the Gini coefficient in Buchanan County, Iowa?
The Gini coefficient in Buchanan County is 0.491. 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 Buchanan County, Iowa?
Since 2009, the income gap between men and women in Buchanan County, Iowa has narrowed from about 22% to 19% in 2023. In dollar terms, the gap has widened by $2,991 since 2009.