Wealth Index
Less wealthy than 94% 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 | Magoffin County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $32,928 | $62,784 | $78,145 |
| Median Personal Income | $45,089 | $53,643 | $61,726 |
| Average income growth | 1.7% | 4.9% | 5.1% |
| Six-Figure Earners | 2.0% | 8.4% | 13.2% |
The median household income in Magoffin County is about 48% lower than in Kentucky. Income has been growing slower in Magoffin County (1.7%/yr) than in Kentucky (4.9%/yr).
About 2% of adults in Magoffin 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 Magoffin County, Kentucky grew by 68.5% from 2009 to 2023, reaching $32,928 in 2023. That's an average of about 1.7% per year.
Economic Inequality in Magoffin County | Gender Pay Gap | Gini Coefficient
| Metric | Magoffin County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.585 | 0.554 | 0.570 |
| Male Median Income | $47,435 | $59,736 | $67,746 |
| Female Median Income | $43,616 | $47,402 | $54,793 |
| Gender Pay Gap | 8.1% | 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 Magoffin County, it is 0.585, 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 9% more than women's income in Magoffin County, Kentucky. Over a 35-year career, a 9% wage gap accumulates to roughly $133,665 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 8% in 2023. In dollar terms, the gap has narrowed by $7,196 since 2009.
Employment
| Metric | Magoffin County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 12.4% | 4.8% | 5.2% |
| Working from Home | 1.5% | 9.1% | 13.4% |
| Commute time (minutes) | 23 | 20 | 22 |
Approximately 430 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 risen from 10.8% to 12.4% in 2023.
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 $32,928, about 48% lower than the Kentucky average of $62,784.
What is the current median household income in Magoffin County, Kentucky?
As of 2023, the median household income in Magoffin County, Kentucky is $32,928.
What was the median household income in Magoffin County in 2023?
In 2023, the median household income in Magoffin County, Kentucky was $32,928.
What was the median household income in Magoffin County in 2020?
In 2020, the median household income in Magoffin County, Kentucky was $27,463.
What is the Gini coefficient in Magoffin County, Kentucky?
The Gini coefficient in Magoffin County is 0.585. 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 Magoffin County, Kentucky?
Since 2009, the income gap between men and women in Magoffin County, Kentucky has narrowed from about 31% to 8% in 2023. In dollar terms, the gap has narrowed by $7,196 since 2009.