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 | Boyd County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $60,887 | $62,784 | $78,145 |
| Median Personal Income | $52,140 | $53,643 | $61,726 |
| Average income growth | 4.7% | 4.9% | 5.1% |
| Six-Figure Earners | 7.7% | 8.4% | 13.2% |
The median household income in Boyd County is about 3% lower than in Kentucky. Income has been growing slower in Boyd County (4.7%/yr) than in Kentucky (4.9%/yr).
About 8% of adults in Boyd County earn six figures ($100,000 or more) a year, lower than the Kentucky average of 8%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Boyd County, Kentucky grew by 55.4% from 2009 to 2023, reaching $60,887 in 2023. That's an average of about 4.7% per year.
Economic Inequality in Boyd County | Gender Pay Gap | Gini Coefficient
| Metric | Boyd County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.562 | 0.554 | 0.570 |
| Male Median Income | $63,437 | $59,736 | $67,746 |
| Female Median Income | $42,942 | $47,402 | $54,793 |
| Gender Pay Gap | 32.3% | 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 Boyd County, it is 0.562, higher than Kentucky's 0.554, so income is less 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 48% more than women's income in Boyd County, Kentucky. Over a 35-year career, a 48% wage gap accumulates to roughly $717,325 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Boyd County, Kentucky has narrowed from about 33% to 32% in 2023. In dollar terms, the gap has widened by $5,085 since 2009.
Employment
| Metric | Boyd County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.6% | 4.8% | 5.2% |
| Working from Home | 5.4% | 9.1% | 13.4% |
| Commute time (minutes) | 17 | 20 | 22 |
Approximately 1,355 people are unemployed in Boyd County, Kentucky.
The average commute time in Boyd County is 17 minutes, shorter than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Boyd County, Kentucky has fallen from 9.9% to 6.6% in 2023.
Conclusion
Considering all these factors, Boyd County, Kentucky has an overall wealth index grade of D, making it about on par with Kentucky, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Boyd County, Kentucky.
How Rich Is Boyd County, Kentucky?
Boyd County 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 $60,887, about 3% lower than the Kentucky average of $62,784.
What is the current median household income in Boyd County, Kentucky?
As of 2023, the median household income in Boyd County, Kentucky is $60,887.
What was the median household income in Boyd County in 2023?
In 2023, the median household income in Boyd County, Kentucky was $60,887.
What was the median household income in Boyd County in 2020?
In 2020, the median household income in Boyd County, Kentucky was $51,283.
What is the Gini coefficient in Boyd County, Kentucky?
The Gini coefficient in Boyd County is 0.562. 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 Boyd County, Kentucky?
Since 2009, the income gap between men and women in Boyd County, Kentucky has narrowed from about 33% to 32% in 2023. In dollar terms, the gap has widened by $5,085 since 2009.