Wealth Index
Wealthier than 88% 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 | Floyd County | Indiana Avg | US Average |
|---|---|---|---|
| Median Household Income | $78,961 | $70,132 | $78,145 |
| Median Personal Income | $60,073 | $56,502 | $61,726 |
| Average income growth | 4.8% | 4.8% | 5.1% |
| Six-Figure Earners | 11.1% | 9.6% | 13.2% |
The median household income in Floyd County is about 13% higher than in Indiana. Income has been growing slower in Floyd County (4.8%/yr) than in Indiana (4.8%/yr).
About 11% of adults in Floyd 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 Floyd County, Indiana grew by 51.4% from 2009 to 2023, reaching $78,961 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Floyd County | Gender Pay Gap | Gini Coefficient
| Metric | Floyd County | Indiana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.534 | 0.544 | 0.570 |
| Male Median Income | $67,641 | $63,558 | $67,746 |
| Female Median Income | $53,230 | $49,036 | $54,793 |
| Gender Pay Gap | 21.3% | 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 Floyd County, it is 0.534, 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 27% more than women's income in Floyd County, Indiana. Over a 35-year career, a 27% wage gap accumulates to roughly $504,385 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Floyd County, Indiana has narrowed from about 23% to 21% in 2023. In dollar terms, the gap has widened by $4,004 since 2009.
Employment
| Metric | Floyd County | Indiana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.8% | 4.3% | 5.2% |
| Working from Home | 12.6% | 9.6% | 13.4% |
| Commute time (minutes) | 21 | 21 | 22 |
Approximately 1,593 people are unemployed in Floyd County, Indiana.
The average commute time in Floyd County is 21 minutes, about the same as in Indiana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Floyd County, Indiana has fallen from 7.7% to 3.8% in 2023.
Conclusion
Considering all these factors, Floyd 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 Floyd County, Indiana.
How Rich Is Floyd County, Indiana?
Floyd 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 $78,961, about 13% higher than the Indiana average of $70,132.
What is the current median household income in Floyd County, Indiana?
As of 2023, the median household income in Floyd County, Indiana is $78,961.
What was the median household income in Floyd County in 2023?
In 2023, the median household income in Floyd County, Indiana was $78,961.
What was the median household income in Floyd County in 2020?
In 2020, the median household income in Floyd County, Indiana was $67,401.
What is the Gini coefficient in Floyd County, Indiana?
The Gini coefficient in Floyd County is 0.534. 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 Floyd County, Indiana?
Since 2009, the income gap between men and women in Floyd County, Indiana has narrowed from about 23% to 21% in 2023. In dollar terms, the gap has widened by $4,004 since 2009.