Magoffin County, Kentucky Income Statistics
Magoffin County Wealth Score
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.
-
F
Magoffin County Well below averageLess wealthy than 93% of counties in Kentucky
Source: Map AI Methodology
Income Statistics Overview
| Metric | Magoffin County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $33,230 | $64,312 | $80,455 |
| Median Personal Income | $46,047 | $52,849 | $60,758 |
| Average Yearly Income Growth | 1.6% | 4.6% | 4.8% |
| Six-Figure Earners | 2.6% | 8.9% | 13.9% |
| $200k+ Households | 1.9% | 7.2% | 13.2% |
The median household income in Magoffin County is about 48% lower than in Kentucky. Income has been growing slower in Magoffin County (1.6%/yr) than in Kentucky (4.6%/yr).
About 3% of adults in Magoffin County 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 Magoffin County, Kentucky grew by 70.0% from 2009 to 2024, reaching $33,230 in 2024. That's an average of about 1.6% per year.
Income Inequality and the Gender Pay Gap in Magoffin County
| Metric | Magoffin County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.595 | 0.547 | 0.552 |
| Male Median Income | $62,501 | $60,966 | $69,667 |
| Female Median Income | $51,796 | $49,119 | $56,850 |
| Gender Pay Gap | 17.1% | 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 Magoffin County, it is 0.595, higher than Kentucky's 0.547, so income is less evenly distributed here than there, and higher than the US's 0.552, so income is less evenly distributed here than there.
Men's income is about 21% more than women's income in Magoffin County, Kentucky. Over a 35-year career, a 21% wage gap accumulates to roughly $374,675 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Magoffin County, Kentucky has narrowed from about 31% to 17% in 2024. Over that period the gap in 2020 women out-earned men by 4%. In dollar terms, the gap has narrowed by $310 since 2009.
Employment
| Metric | Magoffin County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 9.0% | 4.8% | 5.2% |
| Working from Home | 2.5% | 10.2% | 15.0% |
| Commute time (minutes) | 23 | 20 | 22 |
Approximately 303 people are unemployed in Magoffin County, Kentucky.
The average commute time in Magoffin County is 23 minutes, longer than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Magoffin County, Kentucky has fallen from 10.8% to 9.0% in 2024. Over that period the rate peaked at 16.5% in 2013.
Magoffin County, KY Wealth Compared With Nearby Counties
Magoffin County, KY is the smallest of the 6 counties compared here, 11,344 residents against a local median of 14,053. Magoffin County, KY's income growth, at 1.6%/yr, runs 63% below the 4.4%/yr typical of the counties around it. That is the weaker end of the local range on this measure.
Median household income tells the same story from another angle: $33,230 against a local median of $41,985, 21% below it. Every measure here with a clear better direction points the same way, and it is the wrong way: Magoffin County, KY reads weaker than its neighbours on all of them. The counties themselves spread 1.8%/yr on income growth, so Magoffin County, KY sits at one end of an already wide local range rather than apart from it. Magoffin County, KY has the 6th highest income growth of the 6 areas compared here.
| 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. |
|---|---|---|---|---|---|
| Magoffin County, KY | 11,344 | $33,230 #6/6 | 1.6%/yr #6/6 | 9.0% #4/6 | 0.595 #5/6 |
| Johnson County, KY | 22,334 | $44,929 | 3.2%/yr | 4.2% | 0.560 |
| Morgan County, KY | 14,053 | $48,527 | 5.0%/yr | 3.1% | 0.604 |
| Breathitt County, KY | 13,276 | $34,813 | 4.4%/yr | 9.3% | 0.568 |
| Floyd County, KY | 35,224 | $41,750 | 4.0%/yr | 7.7% | 0.570 |
| Knott County, KY | 13,830 | $41,985 | 5.0%/yr | 9.3% | 0.567 |
Conclusion
Considering all these factors, Magoffin 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 Magoffin County, Kentucky.
How Rich Is Magoffin County, Kentucky?
Magoffin 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 $33,230, about 48% lower than the Kentucky average of $64,312.
How fast is household income rising in Magoffin County, Kentucky?
Between 2009 and 2024, the median household income in Magoffin County, Kentucky rose 70%, from $19,544 to $33,230. Over the same years, income here outpaced Kentucky as a whole: +70% against +56%.
What was the median household income in Magoffin County in 2023?
In 2023, the median household income in Magoffin County, Kentucky was $32,928, up 3% from $31,973 in 2022. The Kentucky median that year was $62,783.
What was the median household income in Magoffin County in 2020?
In 2020, the median household income in Magoffin County, Kentucky was $27,462. By 2024 it had risen 21% to $33,230.
How strong is the job market in Magoffin County, Kentucky?
Unemployment in Magoffin County, Kentucky is 9.0%, well above the Kentucky rate of 4.8%, so job seekers may face more competition than elsewhere.
What is the Gini coefficient in Magoffin County, Kentucky?
The Gini coefficient in Magoffin County is 0.595. 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 0.552, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Magoffin County, Kentucky?
Since 2009, the income gap between men and women in Magoffin County, Kentucky has narrowed from about 31% to 17% in 2024. Over that period the gap in 2020 women out-earned men by 4%. In dollar terms, the gap has narrowed by $310 since 2009.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →