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 | Boyle County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $62,130 | $62,784 | $78,145 |
| Median Personal Income | $52,388 | $53,643 | $61,726 |
| Average income growth | 6.3% | 4.9% | 5.1% |
| Six-Figure Earners | 7.2% | 8.4% | 13.2% |
The median household income in Boyle County is about 1% lower than in Kentucky. Income has been growing faster in Boyle County (6.3%/yr) than in Kentucky (4.9%/yr).
About 7% of adults in Boyle 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 Boyle County, Kentucky grew by 58.7% from 2009 to 2023, reaching $62,130 in 2023. That's an average of about 6.3% per year.
Economic Inequality in Boyle County | Gender Pay Gap | Gini Coefficient
| Metric | Boyle County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.581 | 0.554 | 0.570 |
| Male Median Income | $55,834 | $59,736 | $67,746 |
| Female Median Income | $48,654 | $47,402 | $54,793 |
| Gender Pay Gap | 12.9% | 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 Boyle County, it is 0.581, higher than Kentucky's 0.554, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 15% more than women's income in Boyle County, Kentucky. Over a 35-year career, a 15% wage gap accumulates to roughly $251,300 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Boyle County, Kentucky has narrowed from about 19% to 13% in 2023. In dollar terms, the gap has widened by $271 since 2009.
Employment
| Metric | Boyle County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.9% | 4.8% | 5.2% |
| Working from Home | 8.5% | 9.1% | 13.4% |
| Commute time (minutes) | 16 | 20 | 22 |
Approximately 812 people are unemployed in Boyle County, Kentucky.
The average commute time in Boyle County is 16 minutes, shorter than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Boyle County, Kentucky has fallen from 8.4% to 5.9% in 2023.
Conclusion
Considering all these factors, Boyle 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 Boyle County, Kentucky.
How Rich Is Boyle County, Kentucky?
Boyle 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 $62,130, about 1% lower than the Kentucky average of $62,784.
What is the current median household income in Boyle County, Kentucky?
As of 2023, the median household income in Boyle County, Kentucky is $62,130.
What was the median household income in Boyle County in 2023?
In 2023, the median household income in Boyle County, Kentucky was $62,130.
What was the median household income in Boyle County in 2020?
In 2020, the median household income in Boyle County, Kentucky was $52,077.
What is the Gini coefficient in Boyle County, Kentucky?
The Gini coefficient in Boyle County is 0.581. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Boyle County, Kentucky?
Since 2009, the income gap between men and women in Boyle County, Kentucky has narrowed from about 19% to 13% in 2023. In dollar terms, the gap has widened by $271 since 2009.