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 | Owen County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $59,280 | $62,784 | $78,145 |
| Median Personal Income | $52,403 | $53,643 | $61,726 |
| Average income growth | 5.1% | 4.9% | 5.1% |
| Six-Figure Earners | 5.8% | 8.4% | 13.2% |
The median household income in Owen County is about 6% lower than in Kentucky. Income has been growing faster in Owen County (5.1%/yr) than in Kentucky (4.9%/yr).
About 6% of adults in Owen 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 Owen County, Kentucky grew by 34.3% from 2009 to 2023, reaching $59,280 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Owen County | Gender Pay Gap | Gini Coefficient
| Metric | Owen County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.574 | 0.554 | 0.570 |
| Male Median Income | $60,957 | $59,736 | $67,746 |
| Female Median Income | $47,771 | $47,402 | $54,793 |
| Gender Pay Gap | 21.6% | 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 Owen County, it is 0.574, higher than Kentucky's 0.554, so income is less evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 28% more than women's income in Owen County, Kentucky. Over a 35-year career, a 28% wage gap accumulates to roughly $461,510 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Owen County, Kentucky has stayed about the same since 2009, at around 22%. In dollar terms, the gap has widened by $3,934 since 2009.
Employment
| Metric | Owen County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.2% | 4.8% | 5.2% |
| Working from Home | 11.2% | 9.1% | 13.4% |
| Commute time (minutes) | 37 | 20 | 22 |
Approximately 280 people are unemployed in Owen County, Kentucky.
The average commute time in Owen County is 37 minutes, longer than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Owen County, Kentucky has fallen from 6.0% to 5.2% in 2023.
Conclusion
Considering all these factors, Owen 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 Owen County, Kentucky.
How Wealthy Is Owen County, Kentucky?
Owen 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 $59,280, about 6% lower than the Kentucky average of $62,784.
What is the current median household income in Owen County, Kentucky?
As of 2023, the median household income in Owen County, Kentucky is $59,280.
What was the median household income in Owen County in 2023?
In 2023, the median household income in Owen County, Kentucky was $59,280.
What was the median household income in Owen County in 2020?
In 2020, the median household income in Owen County, Kentucky was $51,631.
What is the Gini coefficient in Owen County, Kentucky?
The Gini coefficient in Owen County is 0.574. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Owen County, Kentucky?
The income gap between men and women in Owen County, Kentucky has stayed about the same since 2009, at around 22%. In dollar terms, the gap has widened by $3,934 since 2009.