Wealth Index
Among the top 3 wealthiest counties in Indiana
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 | Boone County | Indiana Avg | US Average |
|---|---|---|---|
| Median Household Income | $105,788 | $70,132 | $78,145 |
| Median Personal Income | $78,657 | $56,502 | $61,726 |
| Average income growth | 5.5% | 4.8% | 5.1% |
| Six-Figure Earners | 21.7% | 9.6% | 13.2% |
The median household income in Boone County is about 51% higher than in Indiana. Income has been growing faster in Boone County (5.5%/yr) than in Indiana (4.8%/yr).
About 22% of adults in Boone County earn six figures ($100,000 or more) a year, higher than the Indiana average of 10%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Boone County, Indiana grew by 57.3% from 2009 to 2023, reaching $105,788 in 2023. That's an average of about 5.5% per year.
Economic Inequality in Boone County | Gender Pay Gap | Gini Coefficient
| Metric | Boone County | Indiana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.547 | 0.544 | 0.570 |
| Male Median Income | $89,405 | $63,558 | $67,746 |
| Female Median Income | $65,652 | $49,036 | $54,793 |
| Gender Pay Gap | 26.6% | 22.8% | 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 Boone County, it is 0.547, about the same as Indiana's 0.544, so income here is about as evenly distributed as there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 36% more than women's income in Boone County, Indiana. Over a 35-year career, a 36% wage gap accumulates to roughly $831,355 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Boone County, Indiana has narrowed from about 30% to 27% in 2023. In dollar terms, the gap has widened by $6,297 since 2009.
Employment
| Metric | Boone County | Indiana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.0% | 4.3% | 5.2% |
| Working from Home | 18.7% | 9.6% | 13.4% |
| Commute time (minutes) | 23 | 21 | 22 |
Approximately 1,188 people are unemployed in Boone County, Indiana.
The average commute time in Boone County is 23 minutes, longer than the 21 minutes in Indiana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Boone County, Indiana has fallen from 4.5% to 3.0% in 2023.
Conclusion
Considering all these factors, Boone County, Indiana has an overall wealth index grade of A, making it notably better than Indiana, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Boone County, Indiana.
How Rich Is Boone County, Indiana?
Boone County has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $105,788, about 51% higher than the Indiana average of $70,132.
What is the current median household income in Boone County, Indiana?
As of 2023, the median household income in Boone County, Indiana is $105,788.
What was the median household income in Boone County in 2023?
In 2023, the median household income in Boone County, Indiana was $105,788.
What was the median household income in Boone County in 2020?
In 2020, the median household income in Boone County, Indiana was $90,089.
What is the Gini coefficient in Boone County, Indiana?
The Gini coefficient in Boone County is 0.547. 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 Boone County, Indiana?
Since 2009, the income gap between men and women in Boone County, Indiana has narrowed from about 30% to 27% in 2023. In dollar terms, the gap has widened by $6,297 since 2009.