Wealth Index
Less wealthy than 95% 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 | Parke County | Indiana Avg | US Average |
|---|---|---|---|
| Median Household Income | $66,575 | $70,132 | $78,145 |
| Median Personal Income | $54,919 | $56,502 | $61,726 |
| Average income growth | 6.6% | 4.8% | 5.1% |
| Six-Figure Earners | 6.3% | 9.6% | 13.2% |
The median household income in Parke County is about 5% lower than in Indiana. Income has been growing faster in Parke County (6.6%/yr) than in Indiana (4.8%/yr).
About 6% of adults in Parke 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 Parke County, Indiana grew by 74.1% from 2009 to 2023, reaching $66,575 in 2023. That's an average of about 6.6% per year.
Economic Inequality in Parke County | Gender Pay Gap | Gini Coefficient
| Metric | Parke County | Indiana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.574 | 0.544 | 0.570 |
| Male Median Income | $62,856 | $63,558 | $67,746 |
| Female Median Income | $43,762 | $49,036 | $54,793 |
| Gender Pay Gap | 30.4% | 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 Parke County, it is 0.574, higher than Indiana's 0.544, so income is less evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 44% more than women's income in Parke County, Indiana. Over a 35-year career, a 44% wage gap accumulates to roughly $668,290 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Parke County, Indiana has narrowed from about 32% to 30% in 2023. In dollar terms, the gap has widened by $6,074 since 2009.
Employment
| Metric | Parke County | Indiana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.2% | 4.3% | 5.2% |
| Working from Home | 12.7% | 9.6% | 13.4% |
| Commute time (minutes) | 26 | 21 | 22 |
Approximately 356 people are unemployed in Parke County, Indiana.
The average commute time in Parke County is 26 minutes, longer than the 21 minutes in Indiana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Parke County, Indiana has fallen from 8.7% to 5.2% in 2023.
Conclusion
Considering all these factors, Parke County, Indiana has an overall wealth index grade of D, making it somewhat worse than Indiana, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Parke County, Indiana.
How Rich Is Parke County, Indiana?
Parke County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $66,575, about 5% lower than the Indiana average of $70,132.
What is the current median household income in Parke County, Indiana?
As of 2023, the median household income in Parke County, Indiana is $66,575.
What was the median household income in Parke County in 2023?
In 2023, the median household income in Parke County, Indiana was $66,575.
What was the median household income in Parke County in 2020?
In 2020, the median household income in Parke County, Indiana was $55,924.
What is the Gini coefficient in Parke County, Indiana?
The Gini coefficient in Parke County is 0.574. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Parke County, Indiana?
Since 2009, the income gap between men and women in Parke County, Indiana has narrowed from about 32% to 30% in 2023. In dollar terms, the gap has widened by $6,074 since 2009.