Richmond, Indiana Income Statistics
Richmond Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
D
Richmond Well below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Richmond | Indiana Avg | US Average |
|---|---|---|---|
| Median Household Income | $42,805 | $71,967 | $80,455 |
| Median Personal Income | $41,774 | $55,757 | $60,758 |
| Average Yearly Income Growth | 4.3% | 4.5% | 4.8% |
| Six-Figure Earners | 4.1% | 10.2% | 13.9% |
| $200k+ Households | 2.9% | 8.2% | 13.2% |
The median household income in Richmond is about 41% lower than in Indiana. Income has been growing slower in Richmond (4.3%/yr) than in Indiana (4.5%/yr).
About 4% of adults in Richmond earn six figures ($100,000 or more) a year, lower than the Indiana average of 10%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Richmond, Indiana grew by 23.5% from 2009 to 2024, reaching $42,805 in 2024. That's an average of about 4.3% per year.
Income Inequality and the Gender Pay Gap in Richmond
| Metric | Richmond | Indiana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.544 | 0.534 | 0.552 |
| Male Median Income | $52,806 | $65,086 | $69,667 |
| Female Median Income | $41,728 | $51,220 | $56,850 |
| Gender Pay Gap | 21.0% | 21.3% | 18.4% |
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 Richmond, it is 0.544, higher than Indiana's 0.534, so income is less evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 27% more than women's income in Richmond, Indiana. Over a 35-year career, a 27% wage gap accumulates to roughly $387,730 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Richmond, Indiana has narrowed from about 23% to 21% in 2024. Over that period the gap was narrowest at 12% in 2019. In dollar terms, the gap has widened by $2,191 since 2009.
Employment
| Metric | Richmond | Indiana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.7% | 4.3% | 5.2% |
| Working from Home | 4.5% | 10.7% | 15.0% |
| Commute time (minutes) | 13 | 21 | 22 |
Approximately 820 people are unemployed in Richmond, Indiana.
The average commute time in Richmond is 13 minutes, shorter than the 21 minutes in Indiana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Richmond, Indiana has fallen from 13.8% to 6.7% in 2024. Over that period the rate peaked at 14.0% in 2012 and fell as low as 5.5% in 2020.
Conclusion
Considering all these factors, Richmond, 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 Richmond, Indiana.
How Rich Is Richmond, Indiana?
Richmond 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 $42,805, about 41% lower than the Indiana average of $71,967.
How has median household income changed in Richmond, Indiana?
Between 2009 and 2024, the median household income in Richmond, Indiana rose 24%, from $34,653 to $42,805. Over the same years, income here lagged behind Indiana as a whole: +24% against +52%.
What was the median household income in Richmond in 2023?
In 2023, the median household income in Richmond, Indiana was $43,873, down 2% from $44,583 in 2022. The Indiana median that year was $70,115.
What was the median household income in Richmond in 2020?
In 2020, the median household income in Richmond, Indiana was $38,843. By 2024 it had risen 10% to $42,805.
How strong is the job market in Richmond, Indiana?
Unemployment in Richmond, Indiana is 6.7%, well above the Indiana rate of 4.3%, so job seekers may face more competition than elsewhere.
What is the Gini coefficient in Richmond, Indiana?
The Gini coefficient in Richmond is 0.544. 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 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Richmond, Indiana?
Since 2009, the income gap between men and women in Richmond, Indiana has narrowed from about 23% to 21% in 2024. Over that period the gap was narrowest at 12% in 2019. In dollar terms, the gap has widened by $2,191 since 2009.
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