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 | Montgomery County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $58,253 | $62,784 | $78,145 |
| Median Personal Income | $48,582 | $53,643 | $61,726 |
| Average income growth | 5.7% | 4.9% | 5.1% |
| Six-Figure Earners | 3.7% | 8.4% | 13.2% |
The median household income in Montgomery County is about 7% lower than in Kentucky. Income has been growing faster in Montgomery County (5.7%/yr) than in Kentucky (4.9%/yr).
About 4% of adults in Montgomery 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 Montgomery County, Kentucky grew by 69.7% from 2009 to 2023, reaching $58,253 in 2023. That's an average of about 5.7% per year.
Economic Inequality in Montgomery County | Gender Pay Gap | Gini Coefficient
| Metric | Montgomery County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.513 | 0.554 | 0.570 |
| Male Median Income | $53,895 | $59,736 | $67,746 |
| Female Median Income | $42,990 | $47,402 | $54,793 |
| Gender Pay Gap | 20.2% | 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 Montgomery County, it is 0.513, 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 25% more than women's income in Montgomery County, Kentucky. Over a 35-year career, a 25% wage gap accumulates to roughly $381,675 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Montgomery County, Kentucky has narrowed from about 25% to 20% in 2023. In dollar terms, the gap has widened by $1,595 since 2009.
Employment
| Metric | Montgomery County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.1% | 4.8% | 5.2% |
| Working from Home | 7.1% | 9.1% | 13.4% |
| Commute time (minutes) | 18 | 20 | 22 |
Approximately 527 people are unemployed in Montgomery County, Kentucky.
The average commute time in Montgomery County is 18 minutes, shorter than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Montgomery County, Kentucky has fallen from 8.8% to 4.1% in 2023.
Conclusion
Considering all these factors, Montgomery County, Kentucky has an overall wealth index grade of D, making it about on par with Kentucky, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Montgomery County, Kentucky.
How Rich Is Montgomery County, Kentucky?
Montgomery County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $58,253, about 7% lower than the Kentucky average of $62,784.
What is the current median household income in Montgomery County, Kentucky?
As of 2023, the median household income in Montgomery County, Kentucky is $58,253.
What was the median household income in Montgomery County in 2023?
In 2023, the median household income in Montgomery County, Kentucky was $58,253.
What was the median household income in Montgomery County in 2020?
In 2020, the median household income in Montgomery County, Kentucky was $47,357.
What is the Gini coefficient in Montgomery County, Kentucky?
The Gini coefficient in Montgomery County is 0.513. 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 Montgomery County, Kentucky?
Since 2009, the income gap between men and women in Montgomery County, Kentucky has narrowed from about 25% to 20% in 2023. In dollar terms, the gap has widened by $1,595 since 2009.