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 | Nicholas County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $52,543 | $62,784 | $78,145 |
| Median Personal Income | $44,556 | $53,643 | $61,726 |
| Average income growth | 5.3% | 4.9% | 5.1% |
| Six-Figure Earners | 5.3% | 8.4% | 13.2% |
The median household income in Nicholas County is about 16% lower than in Kentucky. Income has been growing faster in Nicholas County (5.3%/yr) than in Kentucky (4.9%/yr).
About 5% of adults in Nicholas 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 Nicholas County, Kentucky grew by 43.8% from 2009 to 2023, reaching $52,543 in 2023. That's an average of about 5.3% per year.
Economic Inequality in Nicholas County | Gender Pay Gap | Gini Coefficient
| Metric | Nicholas County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.542 | 0.554 | 0.570 |
| Male Median Income | $49,046 | $59,736 | $67,746 |
| Female Median Income | $39,724 | $47,402 | $54,793 |
| Gender Pay Gap | 19.0% | 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 Nicholas County, it is 0.542, 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 23% more than women's income in Nicholas County, Kentucky. Over a 35-year career, a 23% wage gap accumulates to roughly $326,270 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Nicholas County, Kentucky has widened from about 15% to 19% in 2023. In dollar terms, the gap has widened by $4,106 since 2009.
Employment
| Metric | Nicholas County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.2% | 4.8% | 5.2% |
| Working from Home | 4.7% | 9.1% | 13.4% |
| Commute time (minutes) | 32 | 20 | 22 |
Approximately 233 people are unemployed in Nicholas County, Kentucky.
The average commute time in Nicholas County is 32 minutes, longer than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Nicholas County, Kentucky has risen from 5.3% to 7.2% in 2023.
Conclusion
Considering all these factors, Nicholas County, Kentucky has an overall wealth index grade of D, making it somewhat worse than Kentucky, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Nicholas County, Kentucky.
How Rich Is Nicholas County, Kentucky?
Nicholas 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 $52,543, about 16% lower than the Kentucky average of $62,784.
What is the current median household income in Nicholas County, Kentucky?
As of 2023, the median household income in Nicholas County, Kentucky is $52,543.
What was the median household income in Nicholas County in 2023?
In 2023, the median household income in Nicholas County, Kentucky was $52,543.
What was the median household income in Nicholas County in 2020?
In 2020, the median household income in Nicholas County, Kentucky was $46,239.
What is the Gini coefficient in Nicholas County, Kentucky?
The Gini coefficient in Nicholas County is 0.542. 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 Nicholas County, Kentucky?
Since 2009, the income gap between men and women in Nicholas County, Kentucky has widened from about 15% to 19% in 2023. In dollar terms, the gap has widened by $4,106 since 2009.