Florence, Kentucky Income Statistics
Florence Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
C
Florence Below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Florence | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $69,982 | $64,312 | $80,455 |
| Median Personal Income | $52,531 | $52,849 | $60,758 |
| Average Yearly Income Growth | 3.7% | 4.6% | 4.8% |
| Six-Figure Earners | 8.2% | 8.9% | 13.9% |
| $200k+ Households | 6.1% | 7.2% | 13.2% |
The median household income in Florence is about 9% higher than in Kentucky. Income has been growing slower in Florence (3.7%/yr) than in Kentucky (4.6%/yr).
About 8% of adults in Florence earn six figures ($100,000 or more) a year, lower than the Kentucky average of 9%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Florence, Kentucky grew by 37.2% from 2009 to 2024, reaching $69,982 in 2024. That's an average of about 3.7% per year.
Income Inequality and the Gender Pay Gap in Florence
| Metric | Florence | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.489 | 0.547 | 0.552 |
| Male Median Income | $58,627 | $60,966 | $69,667 |
| Female Median Income | $49,199 | $49,119 | $56,850 |
| Gender Pay Gap | 16.1% | 19.4% | 18.4% |
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 Florence, it is 0.489, lower than Kentucky's 0.547, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 19% more than women's income in Florence, Kentucky. Over a 35-year career, a 19% wage gap accumulates to roughly $329,980 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Florence, Kentucky has narrowed from about 25% to 16% in 2024. Over that period the gap was narrowest at 10% in 2018. In dollar terms, the gap has narrowed by $1,651 since 2009.
Employment
| Metric | Florence | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.8% | 4.8% | 5.2% |
| Working from Home | 11.0% | 10.2% | 15.0% |
| Commute time (minutes) | 18 | 20 | 22 |
Approximately 558 people are unemployed in Florence, Kentucky.
The average commute time in Florence is 18 minutes, shorter than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Florence, Kentucky has fallen from 7.4% to 3.8% in 2024. Over that period the rate peaked at 9.6% in 2013 and fell as low as 3.7% in 2023.
Florence, KY Wealth Compared With Nearby Cities
How Florence, KY compares with the 1 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Florence, KY | 27,988 | $69,982 #2/2 | 3.7%/yr #2/2 | 3.8% #1/2 | 0.489 #1/2 |
| Erlanger, KY | 23,548 | $80,248 | 4.6%/yr | 4.7% | 0.494 |
Conclusion
Considering all these factors, Florence, Kentucky has an overall wealth index grade of C, making it somewhat better than Kentucky, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Florence, Kentucky.
How Rich Is Florence, Kentucky?
Florence 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 $69,982, about 9% higher than the Kentucky average of $64,312.
How has median household income changed in Florence, Kentucky?
Between 2009 and 2024, the median household income in Florence, Kentucky rose 37%, from $51,025 to $69,982. Over the same years, income here lagged behind Kentucky as a whole: +37% against +56%.
What was the median household income in Florence in 2023?
In 2023, the median household income in Florence, Kentucky was $66,856, up 1% from $66,503 in 2022. The Kentucky median that year was $62,783.
What was the median household income in Florence in 2020?
In 2020, the median household income in Florence, Kentucky was $58,222. By 2024 it had risen 20% to $69,982.
Is unemployment high in Florence, Kentucky?
Unemployment in Florence, Kentucky is only 3.8%, well below the Kentucky rate of 4.8%, a sign of a tight labor market where employers compete for workers.
What is the Gini coefficient in Florence, Kentucky?
The Gini coefficient in Florence is 0.489. 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 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Florence, Kentucky?
Since 2009, the income gap between men and women in Florence, Kentucky has narrowed from about 25% to 16% in 2024. Over that period the gap was narrowest at 10% in 2018. In dollar terms, the gap has narrowed by $1,651 since 2009.
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