Wealth Index
Wealthier than 85% 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 | Mills County | Iowa Avg | US Average |
|---|---|---|---|
| Median Household Income | $87,568 | $73,286 | $78,145 |
| Median Personal Income | $62,930 | $58,328 | $61,726 |
| Average income growth | 3.9% | 4.2% | 5.1% |
| Six-Figure Earners | 10.8% | 9.9% | 13.2% |
The median household income in Mills County is about 19% higher than in Iowa. Income has been growing slower in Mills County (3.9%/yr) than in Iowa (4.2%/yr).
About 11% of adults in Mills County earn six figures ($100,000 or more) a year, higher than the Iowa average of 10%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Mills County, Iowa grew by 53.6% from 2009 to 2023, reaching $87,568 in 2023. That's an average of about 3.9% per year.
Economic Inequality in Mills County | Gender Pay Gap | Gini Coefficient
| Metric | Mills County | Iowa Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.509 | 0.518 | 0.570 |
| Male Median Income | $69,937 | $64,701 | $67,746 |
| Female Median Income | $57,395 | $50,787 | $54,793 |
| Gender Pay Gap | 17.9% | 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 Mills County, it is 0.509, 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 22% more than women's income in Mills County, Iowa. Over a 35-year career, a 22% wage gap accumulates to roughly $438,970 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Mills County, Iowa has narrowed from about 24% to 18% in 2023. In dollar terms, the gap has widened by $1,116 since 2009.
Employment
| Metric | Mills County | Iowa Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.7% | 3.6% | 5.2% |
| Working from Home | 9.5% | 10.4% | 13.4% |
| Commute time (minutes) | 25 | 16 | 22 |
Approximately 198 people are unemployed in Mills County, Iowa.
The average commute time in Mills County is 25 minutes, longer than the 16 minutes in Iowa.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Mills County, Iowa has fallen from 4.6% to 2.7% in 2023.
Conclusion
Considering all these factors, Mills 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 Mills County, Iowa.
How Rich Is Mills County, Iowa?
Mills 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 $87,568, about 19% higher than the Iowa average of $73,286.
What is the current median household income in Mills County, Iowa?
As of 2023, the median household income in Mills County, Iowa is $87,568.
What was the median household income in Mills County in 2023?
In 2023, the median household income in Mills County, Iowa was $87,568.
What was the median household income in Mills County in 2020?
In 2020, the median household income in Mills County, Iowa was $75,195.
What is the Gini coefficient in Mills County, Iowa?
The Gini coefficient in Mills County is 0.509. 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 Mills County, Iowa?
Since 2009, the income gap between men and women in Mills County, Iowa has narrowed from about 24% to 18% in 2023. In dollar terms, the gap has widened by $1,116 since 2009.