Independence, Kentucky Income Statistics
Independence 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.
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B
Independence Around average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Independence | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $105,760 | $64,312 | $80,455 |
| Median Personal Income | $64,084 | $52,849 | $60,758 |
| Average Yearly Income Growth | 4.9% | 4.6% | 4.8% |
| Six-Figure Earners | 13.5% | 8.9% | 13.9% |
| $200k+ Households | 13.4% | 7.2% | 13.2% |
The median household income in Independence is about 64% higher than in Kentucky. Income has been growing faster in Independence (4.9%/yr) than in Kentucky (4.6%/yr).
About 14% of adults in Independence earn six figures ($100,000 or more) a year, higher than the Kentucky average of 9%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Independence, Kentucky grew by 56.4% from 2009 to 2024, reaching $105,760 in 2024. That's an average of about 4.9% per year.
Income Inequality and the Gender Pay Gap in Independence
| Metric | Independence | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.510 | 0.547 | 0.552 |
| Male Median Income | $74,388 | $60,966 | $69,667 |
| Female Median Income | $61,143 | $49,119 | $56,850 |
| Gender Pay Gap | 17.8% | 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 Independence, it is 0.510, 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 22% more than women's income in Independence, Kentucky. Over a 35-year career, a 22% wage gap accumulates to roughly $463,575 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Independence, Kentucky has narrowed from about 25% to 18% in 2024. Over that period the gap was narrowest at 17% in 2020. In dollar terms, the gap has widened by $1,169 since 2009.
Employment
| Metric | Independence | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.4% | 4.8% | 5.2% |
| Working from Home | 15.2% | 10.2% | 15.0% |
| Commute time (minutes) | 23 | 20 | 22 |
Approximately 613 people are unemployed in Independence, Kentucky.
The average commute time in Independence is 23 minutes, longer than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Independence, Kentucky has fallen from 6.5% to 4.4% in 2024. Over that period the rate peaked at 7.4% in 2013 and fell as low as 3.0% in 2023.
Independence, KY Wealth Compared With Nearby Cities
How Independence, 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. |
|---|---|---|---|---|---|
| Independence, KY | 26,000 | $105,760 #1/2 | 4.9%/yr #1/2 | 4.4% #1/2 | 0.510 #2/2 |
| Erlanger, KY | 23,548 | $80,248 | 4.6%/yr | 4.7% | 0.494 |
Conclusion
Considering all these factors, Independence, Kentucky has an overall wealth index grade of B, making it notably better than Kentucky, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Independence, Kentucky.
How Wealthy Is Independence, Kentucky?
Independence has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $105,760, about 64% higher than the Kentucky average of $64,312.
How fast is household income rising in Independence, Kentucky?
Between 2009 and 2024, the median household income in Independence, Kentucky rose 56%, from $67,602 to $105,760. Over the same years, income here kept pace with Kentucky as a whole: +56% against +56%.
What was the median household income in Independence in 2023?
In 2023, the median household income in Independence, Kentucky was $101,093, up 6% from $95,260 in 2022. The Kentucky median that year was $62,783.
What was the median household income in Independence in 2020?
In 2020, the median household income in Independence, Kentucky was $82,554. By 2024 it had risen 28% to $105,760.
How many people earn six figures in Independence, Kentucky?
Yes. 14% of adults in Independence, Kentucky earn $100,000 or more a year (about 1 in 7), against 9% (about 1 in 11) in Kentucky. 13% of households have a combined income of $200,000 or more, compared with 7% in Kentucky.
What is the Gini coefficient in Independence, Kentucky?
The Gini coefficient in Independence is 0.510. 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 Independence, Kentucky?
Since 2009, the income gap between men and women in Independence, Kentucky has narrowed from about 25% to 18% in 2024. Over that period the gap was narrowest at 17% in 2020. In dollar terms, the gap has widened by $1,169 since 2009.
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