Wealth Index
Wealthier than 82% 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 | Wells County | Indiana Avg | US Average |
|---|---|---|---|
| Median Household Income | $70,038 | $70,132 | $78,145 |
| Median Personal Income | $51,527 | $56,502 | $61,726 |
| Average income growth | 4.2% | 4.8% | 5.1% |
| Six-Figure Earners | 7.2% | 9.6% | 13.2% |
The median household income in Wells County is about the same as in Indiana. Income has been growing slower in Wells County (4.2%/yr) than in Indiana (4.8%/yr).
About 7% of adults in Wells 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 Wells County, Indiana grew by 47.1% from 2009 to 2023, reaching $70,038 in 2023. That's an average of about 4.2% per year.
Economic Inequality in Wells County | Gender Pay Gap | Gini Coefficient
| Metric | Wells County | Indiana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.500 | 0.544 | 0.570 |
| Male Median Income | $58,381 | $63,558 | $67,746 |
| Female Median Income | $44,896 | $49,036 | $54,793 |
| Gender Pay Gap | 23.1% | 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 Wells County, it is 0.500, 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 30% more than women's income in Wells County, Indiana. Over a 35-year career, a 30% wage gap accumulates to roughly $471,975 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Wells County, Indiana has narrowed from about 26% to 23% in 2023. In dollar terms, the gap has widened by $2,281 since 2009.
Employment
| Metric | Wells County | Indiana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.1% | 4.3% | 5.2% |
| Working from Home | 5.9% | 9.6% | 13.4% |
| Commute time (minutes) | 18 | 21 | 22 |
Approximately 306 people are unemployed in Wells County, Indiana.
The average commute time in Wells County is 18 minutes, shorter than the 21 minutes in Indiana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Wells County, Indiana has fallen from 9.3% to 2.1% in 2023.
Conclusion
Considering all these factors, Wells 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 Wells County, Indiana.
How Rich Is Wells County, Indiana?
Wells 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 $70,038, close to the Indiana average of $70,132.
What is the current median household income in Wells County, Indiana?
As of 2023, the median household income in Wells County, Indiana is $70,038.
What was the median household income in Wells County in 2023?
In 2023, the median household income in Wells County, Indiana was $70,038.
What was the median household income in Wells County in 2020?
In 2020, the median household income in Wells County, Indiana was $58,226.
What is the Gini coefficient in Wells County, Indiana?
The Gini coefficient in Wells County is 0.500. 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 Wells County, Indiana?
Since 2009, the income gap between men and women in Wells County, Indiana has narrowed from about 26% to 23% in 2023. In dollar terms, the gap has widened by $2,281 since 2009.