Wealth Index
Less wealthy than 86% 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 | Fayette County | Iowa Avg | US Average |
|---|---|---|---|
| Median Household Income | $58,710 | $73,286 | $78,145 |
| Median Personal Income | $50,569 | $58,328 | $61,726 |
| Average income growth | 3.1% | 4.2% | 5.1% |
| Six-Figure Earners | 5.8% | 9.9% | 13.2% |
The median household income in Fayette County is about 20% lower than in Iowa. Income has been growing slower in Fayette County (3.1%/yr) than in Iowa (4.2%/yr).
About 6% of adults in Fayette 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 Fayette County, Iowa grew by 49.7% from 2009 to 2023, reaching $58,710 in 2023. That's an average of about 3.1% per year.
Economic Inequality in Fayette County | Gender Pay Gap | Gini Coefficient
| Metric | Fayette County | Iowa Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.496 | 0.518 | 0.570 |
| Male Median Income | $54,796 | $64,701 | $67,746 |
| Female Median Income | $45,779 | $50,787 | $54,793 |
| Gender Pay Gap | 16.5% | 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 Fayette County, it is 0.496, 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 20% more than women's income in Fayette County, Iowa. Over a 35-year career, a 20% wage gap accumulates to roughly $315,595 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Fayette County, Iowa has narrowed from about 30% to 16% in 2023. In dollar terms, the gap has narrowed by $2,029 since 2009.
Employment
| Metric | Fayette County | Iowa Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.8% | 3.6% | 5.2% |
| Working from Home | 8.2% | 10.4% | 13.4% |
| Commute time (minutes) | 17 | 16 | 22 |
Approximately 365 people are unemployed in Fayette County, Iowa.
The average commute time in Fayette County is 17 minutes, longer than the 16 minutes in Iowa.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Fayette County, Iowa has fallen from 5.4% to 3.8% in 2023.
Conclusion
Considering all these factors, Fayette County, Iowa has an overall wealth index grade of C, making it about on par with Iowa, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Fayette County, Iowa.
How Rich Is Fayette County, Iowa?
Fayette County 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 $58,710, about 20% lower than the Iowa average of $73,286.
What is the current median household income in Fayette County, Iowa?
As of 2023, the median household income in Fayette County, Iowa is $58,710.
What was the median household income in Fayette County in 2023?
In 2023, the median household income in Fayette County, Iowa was $58,710.
What was the median household income in Fayette County in 2020?
In 2020, the median household income in Fayette County, Iowa was $49,835.
What is the Gini coefficient in Fayette County, Iowa?
The Gini coefficient in Fayette County is 0.496. 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 Fayette County, Iowa?
Since 2009, the income gap between men and women in Fayette County, Iowa has narrowed from about 30% to 16% in 2023. In dollar terms, the gap has narrowed by $2,029 since 2009.