Spencer County, Indiana Income Statistics
Spencer County Wealth Score
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.
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B
Spencer County Around averageWealthier than 80% of counties in Indiana
Source: Map AI Methodology
Income Statistics Overview
| Metric | Spencer County | Indiana Avg | US Average |
|---|---|---|---|
| Median Household Income | $74,653 | $71,967 | $80,455 |
| Median Personal Income | $52,172 | $55,757 | $60,758 |
| Average Yearly Income Growth | 4.1% | 4.5% | 4.8% |
| Six-Figure Earners | 7.5% | 10.2% | 13.9% |
| $200k+ Households | 4.2% | 8.2% | 13.2% |
The median household income in Spencer County is about 4% higher than in Indiana. Income has been growing slower in Spencer County (4.1%/yr) than in Indiana (4.5%/yr).
About 8% of adults in Spencer County 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 Spencer County, Indiana grew by 45.3% from 2009 to 2024, reaching $74,653 in 2024. That's an average of about 4.1% per year.
Income Inequality and the Gender Pay Gap in Spencer County
| Metric | Spencer County | Indiana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.489 | 0.534 | 0.552 |
| Male Median Income | $61,963 | $65,086 | $69,667 |
| Female Median Income | $44,252 | $51,220 | $56,850 |
| Gender Pay Gap | 28.6% | 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 Spencer County, it is 0.489, lower than Indiana's 0.534, so income is more 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 40% more than women's income in Spencer County, Indiana. Over a 35-year career, a 40% wage gap accumulates to roughly $619,885 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Spencer County, Indiana has narrowed from about 33% to 29% in 2024. Over that period the gap was widest at 38% in 2013. In dollar terms, the gap has widened by $2,495 since 2009.
Employment
| Metric | Spencer County | Indiana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.3% | 4.3% | 5.2% |
| Working from Home | 4.5% | 10.7% | 15.0% |
| Commute time (minutes) | 22 | 21 | 22 |
Approximately 339 people are unemployed in Spencer County, Indiana.
The average commute time in Spencer County is 22 minutes, longer than the 21 minutes in Indiana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Spencer County, Indiana has fallen from 6.6% to 3.3% in 2024. Over that period the rate peaked at 7.6% in 2013 and fell as low as 2.9% in 2019.
Spencer County, IN Wealth Compared With Nearby Counties
Spencer County, IN is the 4th largest of the 6 counties compared here, 19,953 residents against a local median of 43,614. Spencer County, IN's unemployment, at 3.3%, runs 24% below the 4.4% typical of the counties around it. That is the better end of the local range on this measure.
The counties themselves spread 2.2% on unemployment, so Spencer County, IN sits at one end of an already wide local range rather than apart from it. Spencer County, IN has the 3rd lowest unemployment of the 6 areas compared here.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Spencer County, IN | 19,953 | $74,653 #3/6 | 4.1%/yr #3/6 | 3.3% #3/6 | 0.489 #1/6 |
| Warrick County, IN | 65,261 | $91,714 | 5.0%/yr | 3.1% | 0.511 |
| Hancock County, KY | 9,034 | $64,984 | 3.7%/yr | 4.4% | 0.537 |
| Daviess County, KY | 103,589 | $67,826 | 4.7%/yr | 4.4% | 0.530 |
| Dubois County, IN | 43,614 | $75,837 | 3.8%/yr | 2.3% | 0.493 |
| Perry County, IN | 19,268 | $60,570 | 3.2%/yr | 4.5% | 0.536 |
Conclusion
Considering all these factors, Spencer 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 Spencer County, Indiana.
How Rich Is Spencer County, Indiana?
Spencer 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 $74,653, about 4% higher than the Indiana average of $71,967.
Are incomes growing in Spencer County, Indiana?
Between 2009 and 2024, the median household income in Spencer County, Indiana rose 45%, from $51,362 to $74,653. Over the same years, income here lagged behind Indiana as a whole: +45% against +52%.
What was the median household income in Spencer County in 2023?
In 2023, the median household income in Spencer County, Indiana was $72,026, up 7% from $67,624 in 2022. The Indiana median that year was $70,115.
What was the median household income in Spencer County in 2020?
In 2020, the median household income in Spencer County, Indiana was $57,177. By 2024 it had risen 31% to $74,653.
What is the Gini coefficient in Spencer County, Indiana?
The Gini coefficient in Spencer County is 0.489. 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 Spencer County, Indiana?
Since 2009, the income gap between men and women in Spencer County, Indiana has narrowed from about 33% to 29% in 2024. Over that period the gap was widest at 38% in 2013. In dollar terms, the gap has widened by $2,495 since 2009.
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