Wealth Index
Wealthier than 71% of counties in Kentucky
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 | Ballard County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $62,517 | $62,784 | $78,145 |
| Median Personal Income | $51,352 | $53,643 | $61,726 |
| Average income growth | 5.4% | 4.9% | 5.1% |
| Six-Figure Earners | 8.5% | 8.4% | 13.2% |
The median household income in Ballard County is about the same as in Kentucky. Income has been growing faster in Ballard County (5.4%/yr) than in Kentucky (4.9%/yr).
About 8% of adults in Ballard County earn six figures ($100,000 or more) a year, about the same as the Kentucky average of 8%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Ballard County, Kentucky grew by 53.8% from 2009 to 2023, reaching $62,517 in 2023. That's an average of about 5.4% per year.
Economic Inequality in Ballard County | Gender Pay Gap | Gini Coefficient
| Metric | Ballard County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.541 | 0.554 | 0.570 |
| Male Median Income | $53,229 | $59,736 | $67,746 |
| Female Median Income | $44,968 | $47,402 | $54,793 |
| Gender Pay Gap | 15.5% | 20.6% | 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 Ballard County, it is 0.541, lower than Kentucky's 0.554, 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 18% more than women's income in Ballard County, Kentucky. Over a 35-year career, a 18% wage gap accumulates to roughly $289,135 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Ballard County, Kentucky has narrowed from about 23% to 16% in 2023. In dollar terms, the gap has narrowed by $877 since 2009.
Employment
| Metric | Ballard County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.1% | 4.8% | 5.2% |
| Working from Home | 3.3% | 9.1% | 13.4% |
| Commute time (minutes) | 21 | 20 | 22 |
Approximately 143 people are unemployed in Ballard County, Kentucky.
The average commute time in Ballard County is 21 minutes, longer than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Ballard County, Kentucky has fallen from 7.6% to 4.1% in 2023.
Conclusion
Considering all these factors, Ballard County, Kentucky has an overall wealth index grade of C, making it about on par with Kentucky, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Ballard County, Kentucky.
How Rich Is Ballard County, Kentucky?
Ballard 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 $62,517, close to the Kentucky average of $62,784.
What is the current median household income in Ballard County, Kentucky?
As of 2023, the median household income in Ballard County, Kentucky is $62,517.
What was the median household income in Ballard County in 2023?
In 2023, the median household income in Ballard County, Kentucky was $62,517.
What was the median household income in Ballard County in 2020?
In 2020, the median household income in Ballard County, Kentucky was $45,509.
What is the Gini coefficient in Ballard County, Kentucky?
The Gini coefficient in Ballard County is 0.541. 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 Ballard County, Kentucky?
Since 2009, the income gap between men and women in Ballard County, Kentucky has narrowed from about 23% to 16% in 2023. In dollar terms, the gap has narrowed by $877 since 2009.