Wealth Index
Wealthier than 80% 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 | Garrard County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $61,741 | $62,784 | $78,145 |
| Median Personal Income | $53,027 | $53,643 | $61,726 |
| Average income growth | 4.2% | 4.9% | 5.1% |
| Six-Figure Earners | 7.2% | 8.4% | 13.2% |
The median household income in Garrard County is about 2% lower than in Kentucky. Income has been growing slower in Garrard County (4.2%/yr) than in Kentucky (4.9%/yr).
About 7% of adults in Garrard 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 Garrard County, Kentucky grew by 65.2% from 2009 to 2023, reaching $61,741 in 2023. That's an average of about 4.2% per year.
Economic Inequality in Garrard County | Gender Pay Gap | Gini Coefficient
| Metric | Garrard County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.531 | 0.554 | 0.570 |
| Male Median Income | $56,713 | $59,736 | $67,746 |
| Female Median Income | $49,313 | $47,402 | $54,793 |
| Gender Pay Gap | 13.0% | 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 Garrard County, it is 0.531, lower than Kentucky's 0.554, so income is more 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 15% more than women's income in Garrard County, Kentucky. Over a 35-year career, a 15% wage gap accumulates to roughly $259,000 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Garrard County, Kentucky has narrowed from about 16% to 13% in 2023. In dollar terms, the gap has widened by $1,635 since 2009.
Employment
| Metric | Garrard County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.1% | 4.8% | 5.2% |
| Working from Home | 11.1% | 9.1% | 13.4% |
| Commute time (minutes) | 31 | 20 | 22 |
Approximately 480 people are unemployed in Garrard County, Kentucky.
The average commute time in Garrard County is 31 minutes, longer than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Garrard County, Kentucky has fallen from 12.6% to 6.1% in 2023.
Conclusion
Considering all these factors, Garrard County, 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 Garrard County, Kentucky.
How Rich Is Garrard County, Kentucky?
Garrard County 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 $61,741, about 2% lower than the Kentucky average of $62,784.
What is the current median household income in Garrard County, Kentucky?
As of 2023, the median household income in Garrard County, Kentucky is $61,741.
What was the median household income in Garrard County in 2023?
In 2023, the median household income in Garrard County, Kentucky was $61,741.
What was the median household income in Garrard County in 2020?
In 2020, the median household income in Garrard County, Kentucky was $54,917.
What is the Gini coefficient in Garrard County, Kentucky?
The Gini coefficient in Garrard County is 0.531. 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 Garrard County, Kentucky?
Since 2009, the income gap between men and women in Garrard County, Kentucky has narrowed from about 16% to 13% in 2023. In dollar terms, the gap has widened by $1,635 since 2009.