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 | Palo Alto County | Iowa Avg | US Average |
|---|---|---|---|
| Median Household Income | $69,192 | $73,286 | $78,145 |
| Median Personal Income | $51,827 | $58,328 | $61,726 |
| Average income growth | 5.1% | 4.2% | 5.1% |
| Six-Figure Earners | 6.7% | 9.9% | 13.2% |
The median household income in Palo Alto County is about 6% lower than in Iowa. Income has been growing faster in Palo Alto County (5.1%/yr) than in Iowa (4.2%/yr).
About 7% of adults in Palo Alto 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 Palo Alto County, Iowa grew by 75.2% from 2009 to 2023, reaching $69,192 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Palo Alto County | Gender Pay Gap | Gini Coefficient
| Metric | Palo Alto County | Iowa Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.475 | 0.518 | 0.570 |
| Male Median Income | $58,845 | $64,701 | $67,746 |
| Female Median Income | $46,395 | $50,787 | $54,793 |
| Gender Pay Gap | 21.2% | 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 Palo Alto County, it is 0.475, 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 27% more than women's income in Palo Alto County, Iowa. Over a 35-year career, a 27% wage gap accumulates to roughly $435,750 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Palo Alto County, Iowa has narrowed from about 30% to 21% in 2023. In dollar terms, the gap has widened by $653 since 2009.
Employment
| Metric | Palo Alto County | Iowa Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.7% | 3.6% | 5.2% |
| Working from Home | 6.2% | 10.4% | 13.4% |
| Commute time (minutes) | 12 | 16 | 22 |
Approximately 130 people are unemployed in Palo Alto County, Iowa.
The average commute time in Palo Alto County is 12 minutes, shorter than the 16 minutes in Iowa.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Palo Alto County, Iowa has fallen from 6.7% to 2.7% in 2023.
Conclusion
Considering all these factors, Palo Alto County, Iowa has an overall wealth index grade of B, making it about on par with Iowa, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Palo Alto County, Iowa.
How Rich Is Palo Alto County, Iowa?
Palo Alto 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 $69,192, about 6% lower than the Iowa average of $73,286.
What is the current median household income in Palo Alto County, Iowa?
As of 2023, the median household income in Palo Alto County, Iowa is $69,192.
What was the median household income in Palo Alto County in 2023?
In 2023, the median household income in Palo Alto County, Iowa was $69,192.
What was the median household income in Palo Alto County in 2020?
In 2020, the median household income in Palo Alto County, Iowa was $57,335.
What is the Gini coefficient in Palo Alto County, Iowa?
The Gini coefficient in Palo Alto County is 0.475. 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 Palo Alto County, Iowa?
Since 2009, the income gap between men and women in Palo Alto County, Iowa has narrowed from about 30% to 21% in 2023. In dollar terms, the gap has widened by $653 since 2009.