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 | Mitchell County | Iowa Avg | US Average |
|---|---|---|---|
| Median Household Income | $68,467 | $73,286 | $78,145 |
| Median Personal Income | $57,840 | $58,328 | $61,726 |
| Average income growth | 3.8% | 4.2% | 5.1% |
| Six-Figure Earners | 8.5% | 9.9% | 13.2% |
The median household income in Mitchell County is about 7% lower than in Iowa. Income has been growing slower in Mitchell County (3.8%/yr) than in Iowa (4.2%/yr).
About 9% of adults in Mitchell 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 Mitchell County, Iowa grew by 43.4% from 2009 to 2023, reaching $68,467 in 2023. That's an average of about 3.8% per year.
Economic Inequality in Mitchell County | Gender Pay Gap | Gini Coefficient
| Metric | Mitchell County | Iowa Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.491 | 0.518 | 0.570 |
| Male Median Income | $63,549 | $64,701 | $67,746 |
| Female Median Income | $49,602 | $50,787 | $54,793 |
| Gender Pay Gap | 21.9% | 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 Mitchell 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 28% more than women's income in Mitchell County, Iowa. Over a 35-year career, a 28% wage gap accumulates to roughly $488,145 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Mitchell County, Iowa has narrowed from about 32% to 22% in 2023. In dollar terms, the gap has widened by $355 since 2009.
Employment
| Metric | Mitchell County | Iowa Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.0% | 3.6% | 5.2% |
| Working from Home | 11.3% | 10.4% | 13.4% |
| Commute time (minutes) | 15 | 16 | 22 |
Approximately 53 people are unemployed in Mitchell County, Iowa.
The average commute time in Mitchell County is 15 minutes, shorter than the 16 minutes in Iowa.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Mitchell County, Iowa has fallen from 4.2% to 1.0% in 2023.
Conclusion
Considering all these factors, Mitchell 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 Mitchell County, Iowa.
How Rich Is Mitchell County, Iowa?
Mitchell 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 $68,467, about 7% lower than the Iowa average of $73,286.
What is the current median household income in Mitchell County, Iowa?
As of 2023, the median household income in Mitchell County, Iowa is $68,467.
What was the median household income in Mitchell County in 2023?
In 2023, the median household income in Mitchell County, Iowa was $68,467.
What was the median household income in Mitchell County in 2020?
In 2020, the median household income in Mitchell County, Iowa was $60,336.
What is the Gini coefficient in Mitchell County, Iowa?
The Gini coefficient in Mitchell 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 Mitchell County, Iowa?
Since 2009, the income gap between men and women in Mitchell County, Iowa has narrowed from about 32% to 22% in 2023. In dollar terms, the gap has widened by $355 since 2009.