Wealth Index
Among the 5 least wealthy 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 | McCreary County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $37,449 | $62,784 | $78,145 |
| Median Personal Income | $37,644 | $53,643 | $61,726 |
| Average income growth | 10.6% | 4.9% | 5.1% |
| Six-Figure Earners | 1.3% | 8.4% | 13.2% |
The median household income in McCreary County is about 40% lower than in Kentucky. Income has been growing faster in McCreary County (10.6%/yr) than in Kentucky (4.9%/yr).
About 1% of adults in McCreary 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 McCreary County, Kentucky grew by 65.6% from 2009 to 2023, reaching $37,449 in 2023. That's an average of about 10.6% per year.
Economic Inequality in McCreary County | Gender Pay Gap | Gini Coefficient
| Metric | McCreary County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.611 | 0.554 | 0.570 |
| Male Median Income | $41,586 | $59,736 | $67,746 |
| Female Median Income | $31,203 | $47,402 | $54,793 |
| Gender Pay Gap | 25.0% | 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 McCreary County, it is 0.611, 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 33% more than women's income in McCreary County, Kentucky. Over a 35-year career, a 33% wage gap accumulates to roughly $363,405 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in McCreary County, Kentucky has widened from about 14% to 25% in 2023. In dollar terms, the gap has widened by $5,952 since 2009.
Employment
| Metric | McCreary County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.3% | 4.8% | 5.2% |
| Working from Home | 7.6% | 9.1% | 13.4% |
| Commute time (minutes) | 30 | 20 | 22 |
Approximately 115 people are unemployed in McCreary County, Kentucky.
The average commute time in McCreary County is 30 minutes, longer than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in McCreary County, Kentucky has fallen from 16.1% to 2.3% in 2023.
Conclusion
Considering all these factors, McCreary County, Kentucky has an overall wealth index grade of F, making it worse than Kentucky, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in McCreary County, Kentucky.
How Rich Is McCreary County, Kentucky?
McCreary 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 $37,449, about 40% lower than the Kentucky average of $62,784.
What is the current median household income in McCreary County, Kentucky?
As of 2023, the median household income in McCreary County, Kentucky is $37,449.
What was the median household income in McCreary County in 2023?
In 2023, the median household income in McCreary County, Kentucky was $37,449.
What was the median household income in McCreary County in 2020?
In 2020, the median household income in McCreary County, Kentucky was $29,415.
What is the Gini coefficient in McCreary County, Kentucky?
The Gini coefficient in McCreary County is 0.611. 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 McCreary County, Kentucky?
Since 2009, the income gap between men and women in McCreary County, Kentucky has widened from about 14% to 25% in 2023. In dollar terms, the gap has widened by $5,952 since 2009.