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 | Grant County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $67,801 | $62,784 | $78,145 |
| Median Personal Income | $53,112 | $53,643 | $61,726 |
| Average income growth | 6.3% | 4.9% | 5.1% |
| Six-Figure Earners | 5.5% | 8.4% | 13.2% |
The median household income in Grant County is about 8% higher than in Kentucky. Income has been growing faster in Grant County (6.3%/yr) than in Kentucky (4.9%/yr).
About 5% of adults in Grant 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 Grant County, Kentucky grew by 59.0% from 2009 to 2023, reaching $67,801 in 2023. That's an average of about 6.3% per year.
Economic Inequality in Grant County | Gender Pay Gap | Gini Coefficient
| Metric | Grant County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.523 | 0.554 | 0.570 |
| Male Median Income | $56,488 | $59,736 | $67,746 |
| Female Median Income | $47,999 | $47,402 | $54,793 |
| Gender Pay Gap | 15.0% | 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 Grant County, it is 0.523, 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 18% more than women's income in Grant County, Kentucky. Over a 35-year career, a 18% wage gap accumulates to roughly $297,115 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Grant County, Kentucky has narrowed from about 27% to 15% in 2023. In dollar terms, the gap has narrowed by $2,479 since 2009.
Employment
| Metric | Grant County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.7% | 4.8% | 5.2% |
| Working from Home | 6.7% | 9.1% | 13.4% |
| Commute time (minutes) | 26 | 20 | 22 |
Approximately 578 people are unemployed in Grant County, Kentucky.
The average commute time in Grant County is 26 minutes, longer than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Grant County, Kentucky has fallen from 9.9% to 4.7% in 2023.
Conclusion
Considering all these factors, Grant County, Kentucky has an overall wealth index grade of C, making it about on par with Kentucky, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Grant County, Kentucky.
How Rich Is Grant County, Kentucky?
Grant 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 $67,801, about 8% higher than the Kentucky average of $62,784.
What is the current median household income in Grant County, Kentucky?
As of 2023, the median household income in Grant County, Kentucky is $67,801.
What was the median household income in Grant County in 2023?
In 2023, the median household income in Grant County, Kentucky was $67,801.
What was the median household income in Grant County in 2020?
In 2020, the median household income in Grant County, Kentucky was $54,791.
What is the Gini coefficient in Grant County, Kentucky?
The Gini coefficient in Grant County is 0.523. 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 Grant County, Kentucky?
Since 2009, the income gap between men and women in Grant County, Kentucky has narrowed from about 27% to 15% in 2023. In dollar terms, the gap has narrowed by $2,479 since 2009.