Wealth Index
Among the 5 least wealthy 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 | Clay County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $39,605 | $62,784 | $78,145 |
| Median Personal Income | $43,034 | $53,643 | $61,726 |
| Average income growth | 8.6% | 4.9% | 5.1% |
| Six-Figure Earners | 2.0% | 8.4% | 13.2% |
The median household income in Clay County is about 37% lower than in Kentucky. Income has been growing faster in Clay County (8.6%/yr) than in Kentucky (4.9%/yr).
About 2% of adults in Clay 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 Clay County, Kentucky grew by 77.8% from 2009 to 2023, reaching $39,605 in 2023. That's an average of about 8.6% per year.
Economic Inequality in Clay County | Gender Pay Gap | Gini Coefficient
| Metric | Clay County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.574 | 0.554 | 0.570 |
| Male Median Income | $50,035 | $59,736 | $67,746 |
| Female Median Income | $39,837 | $47,402 | $54,793 |
| Gender Pay Gap | 20.4% | 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 Clay County, it is 0.574, higher than Kentucky's 0.554, so income is less evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 26% more than women's income in Clay County, Kentucky. Over a 35-year career, a 26% wage gap accumulates to roughly $356,930 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Clay County, Kentucky has widened from about 6% to 20% in 2023. In dollar terms, the gap has widened by $8,202 since 2009.
Employment
| Metric | Clay County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 10.2% | 4.8% | 5.2% |
| Working from Home | 7.4% | 9.1% | 13.4% |
| Commute time (minutes) | 18 | 20 | 22 |
Approximately 724 people are unemployed in Clay County, Kentucky.
The average commute time in Clay County is 18 minutes, shorter than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Clay County, Kentucky has fallen from 20.0% to 10.2% in 2023.
Conclusion
Considering all these factors, Clay County, Kentucky has an overall wealth index grade of F, making it worse than Kentucky, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Clay County, Kentucky.
How Rich Is Clay County, Kentucky?
Clay County has a wealth index grade of F. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an F grade means residents are well below the U.S. average. The median household income is $39,605, about 37% lower than the Kentucky average of $62,784.
What is the current median household income in Clay County, Kentucky?
As of 2023, the median household income in Clay County, Kentucky is $39,605.
What was the median household income in Clay County in 2023?
In 2023, the median household income in Clay County, Kentucky was $39,605.
What was the median household income in Clay County in 2020?
In 2020, the median household income in Clay County, Kentucky was $28,882.
What is the Gini coefficient in Clay County, Kentucky?
The Gini coefficient in Clay County is 0.574. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Clay County, Kentucky?
Since 2009, the income gap between men and women in Clay County, Kentucky has widened from about 6% to 20% in 2023. In dollar terms, the gap has widened by $8,202 since 2009.