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 | Pike County | Indiana Avg | US Average |
|---|---|---|---|
| Median Household Income | $66,606 | $70,132 | $78,145 |
| Median Personal Income | $55,608 | $56,502 | $61,726 |
| Average income growth | 4.7% | 4.8% | 5.1% |
| Six-Figure Earners | 7.4% | 9.6% | 13.2% |
The median household income in Pike County is about 5% lower than in Indiana. Income has been growing slower in Pike County (4.7%/yr) than in Indiana (4.8%/yr).
About 7% of adults in Pike 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 Pike County, Indiana grew by 68.1% from 2009 to 2023, reaching $66,606 in 2023. That's an average of about 4.7% per year.
Economic Inequality in Pike County | Gender Pay Gap | Gini Coefficient
| Metric | Pike County | Indiana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.506 | 0.544 | 0.570 |
| Male Median Income | $63,543 | $63,558 | $67,746 |
| Female Median Income | $43,146 | $49,036 | $54,793 |
| Gender Pay Gap | 32.1% | 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 Pike County, it is 0.506, 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 47% more than women's income in Pike County, Indiana. Over a 35-year career, a 47% wage gap accumulates to roughly $713,895 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Pike County, Indiana has stayed about the same since 2009, at around 32%. In dollar terms, the gap has widened by $6,451 since 2009.
Employment
| Metric | Pike County | Indiana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.1% | 4.3% | 5.2% |
| Working from Home | 4.6% | 9.6% | 13.4% |
| Commute time (minutes) | 25 | 21 | 22 |
Approximately 177 people are unemployed in Pike County, Indiana.
The average commute time in Pike County is 25 minutes, longer than the 21 minutes in Indiana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Pike County, Indiana has fallen from 7.6% to 3.1% in 2023.
Conclusion
Considering all these factors, Pike County, Indiana has an overall wealth index grade of C, making it about on par with Indiana, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Pike County, Indiana.
How Rich Is Pike County, Indiana?
Pike County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $66,606, about 5% lower than the Indiana average of $70,132.
What is the current median household income in Pike County, Indiana?
As of 2023, the median household income in Pike County, Indiana is $66,606.
What was the median household income in Pike County in 2023?
In 2023, the median household income in Pike County, Indiana was $66,606.
What was the median household income in Pike County in 2020?
In 2020, the median household income in Pike County, Indiana was $54,598.
What is the Gini coefficient in Pike County, Indiana?
The Gini coefficient in Pike County is 0.506. 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 Pike County, Indiana?
The income gap between men and women in Pike County, Indiana has stayed about the same since 2009, at around 32%. In dollar terms, the gap has widened by $6,451 since 2009.