Wealth Index
Less wealthy than 90% 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 | Floyd County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $41,810 | $62,784 | $78,145 |
| Median Personal Income | $47,490 | $53,643 | $61,726 |
| Average income growth | 4.6% | 4.9% | 5.1% |
| Six-Figure Earners | 3.4% | 8.4% | 13.2% |
The median household income in Floyd County is about 33% lower than in Kentucky. Income has been growing slower in Floyd County (4.6%/yr) than in Kentucky (4.9%/yr).
About 3% of adults in Floyd 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 Floyd County, Kentucky grew by 46.9% from 2009 to 2023, reaching $41,810 in 2023. That's an average of about 4.6% per year.
Economic Inequality in Floyd County | Gender Pay Gap | Gini Coefficient
| Metric | Floyd County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.587 | 0.554 | 0.570 |
| Male Median Income | $56,851 | $59,736 | $67,746 |
| Female Median Income | $39,108 | $47,402 | $54,793 |
| Gender Pay Gap | 31.2% | 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 Floyd County, it is 0.587, 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 45% more than women's income in Floyd County, Kentucky. Over a 35-year career, a 45% wage gap accumulates to roughly $621,005 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Floyd County, Kentucky has narrowed from about 47% to 31% in 2023. In dollar terms, the gap has narrowed by $3,904 since 2009.
Employment
| Metric | Floyd County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.1% | 4.8% | 5.2% |
| Working from Home | 2.9% | 9.1% | 13.4% |
| Commute time (minutes) | 20 | 20 | 22 |
Approximately 888 people are unemployed in Floyd County, Kentucky.
The average commute time in Floyd County is 20 minutes, about the same as in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Floyd County, Kentucky has fallen from 9.5% to 7.1% in 2023.
Conclusion
Considering all these factors, Floyd County, Kentucky has an overall wealth index grade of F, making it somewhat worse than Kentucky, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Floyd County, Kentucky.
How Rich Is Floyd County, Kentucky?
Floyd 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 $41,810, about 33% lower than the Kentucky average of $62,784.
What is the current median household income in Floyd County, Kentucky?
As of 2023, the median household income in Floyd County, Kentucky is $41,810.
What was the median household income in Floyd County in 2023?
In 2023, the median household income in Floyd County, Kentucky was $41,810.
What was the median household income in Floyd County in 2020?
In 2020, the median household income in Floyd County, Kentucky was $35,095.
What is the Gini coefficient in Floyd County, Kentucky?
The Gini coefficient in Floyd County is 0.587. 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 Floyd County, Kentucky?
Since 2009, the income gap between men and women in Floyd County, Kentucky has narrowed from about 47% to 31% in 2023. In dollar terms, the gap has narrowed by $3,904 since 2009.