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 | Simpson County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $57,912 | $62,784 | $78,145 |
| Median Personal Income | $47,960 | $53,643 | $61,726 |
| Average income growth | 4.8% | 4.9% | 5.1% |
| Six-Figure Earners | 5.3% | 8.4% | 13.2% |
The median household income in Simpson County is about 8% lower than in Kentucky. Income has been growing slower in Simpson County (4.8%/yr) than in Kentucky (4.9%/yr).
About 5% of adults in Simpson 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 Simpson County, Kentucky grew by 41.7% from 2009 to 2023, reaching $57,912 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Simpson County | Gender Pay Gap | Gini Coefficient
| Metric | Simpson County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.529 | 0.554 | 0.570 |
| Male Median Income | $54,278 | $59,736 | $67,746 |
| Female Median Income | $41,735 | $47,402 | $54,793 |
| Gender Pay Gap | 23.1% | 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 Simpson County, it is 0.529, 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 30% more than women's income in Simpson County, Kentucky. Over a 35-year career, a 30% wage gap accumulates to roughly $439,005 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Simpson County, Kentucky has widened from about 19% to 23% in 2023. In dollar terms, the gap has widened by $5,504 since 2009.
Employment
| Metric | Simpson County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.9% | 4.8% | 5.2% |
| Working from Home | 5.2% | 9.1% | 13.4% |
| Commute time (minutes) | 17 | 20 | 22 |
Approximately 370 people are unemployed in Simpson County, Kentucky.
The average commute time in Simpson County is 17 minutes, shorter than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Simpson County, Kentucky has fallen from 8.7% to 3.9% in 2023.
Conclusion
Considering all these factors, Simpson 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 Simpson County, Kentucky.
How Rich Is Simpson County, Kentucky?
Simpson 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 $57,912, about 8% lower than the Kentucky average of $62,784.
What is the current median household income in Simpson County, Kentucky?
As of 2023, the median household income in Simpson County, Kentucky is $57,912.
What was the median household income in Simpson County in 2023?
In 2023, the median household income in Simpson County, Kentucky was $57,912.
What was the median household income in Simpson County in 2020?
In 2020, the median household income in Simpson County, Kentucky was $50,210.
What is the Gini coefficient in Simpson County, Kentucky?
The Gini coefficient in Simpson County is 0.529. 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 Simpson County, Kentucky?
Since 2009, the income gap between men and women in Simpson County, Kentucky has widened from about 19% to 23% in 2023. In dollar terms, the gap has widened by $5,504 since 2009.