Wealth Index
Wealthier than 71% of 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 | Carroll County | Indiana Avg | US Average |
|---|---|---|---|
| Median Household Income | $66,006 | $70,132 | $78,145 |
| Median Personal Income | $52,595 | $56,502 | $61,726 |
| Average income growth | 2.9% | 4.8% | 5.1% |
| Six-Figure Earners | 6.2% | 9.6% | 13.2% |
The median household income in Carroll County is about 6% lower than in Indiana. Income has been growing slower in Carroll County (2.9%/yr) than in Indiana (4.8%/yr).
About 6% of adults in Carroll County earn six figures ($100,000 or more) a year, lower than the Indiana average of 10%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Carroll County, Indiana grew by 37.8% from 2009 to 2023, reaching $66,006 in 2023. That's an average of about 2.9% per year.
Economic Inequality in Carroll County | Gender Pay Gap | Gini Coefficient
| Metric | Carroll County | Indiana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.521 | 0.544 | 0.570 |
| Male Median Income | $60,953 | $63,558 | $67,746 |
| Female Median Income | $44,579 | $49,036 | $54,793 |
| Gender Pay Gap | 26.9% | 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 Carroll County, it is 0.521, lower than Indiana's 0.544, 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 37% more than women's income in Carroll County, Indiana. Over a 35-year career, a 37% wage gap accumulates to roughly $573,090 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Carroll County, Indiana has narrowed from about 34% to 27% in 2023. In dollar terms, the gap has widened by $993 since 2009.
Employment
| Metric | Carroll County | Indiana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.9% | 4.3% | 5.2% |
| Working from Home | 5.1% | 9.6% | 13.4% |
| Commute time (minutes) | 23 | 21 | 22 |
Approximately 293 people are unemployed in Carroll County, Indiana.
The average commute time in Carroll County is 23 minutes, longer than the 21 minutes in Indiana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Carroll County, Indiana has fallen from 8.1% to 2.9% in 2023.
Conclusion
Considering all these factors, Carroll County, Indiana has an overall wealth index grade of B, making it somewhat better than Indiana, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Carroll County, Indiana.
How Rich Is Carroll County, Indiana?
Carroll 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 $66,006, about 6% lower than the Indiana average of $70,132.
What is the current median household income in Carroll County, Indiana?
As of 2023, the median household income in Carroll County, Indiana is $66,006.
What was the median household income in Carroll County in 2023?
In 2023, the median household income in Carroll County, Indiana was $66,006.
What was the median household income in Carroll County in 2020?
In 2020, the median household income in Carroll County, Indiana was $55,676.
What is the Gini coefficient in Carroll County, Indiana?
The Gini coefficient in Carroll County is 0.521. 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 Carroll County, Indiana?
Since 2009, the income gap between men and women in Carroll County, Indiana has narrowed from about 34% to 27% in 2023. In dollar terms, the gap has widened by $993 since 2009.