Wealth Index
Among the top 3 wealthiest 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 | Spencer County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $99,132 | $62,784 | $78,145 |
| Median Personal Income | $61,324 | $53,643 | $61,726 |
| Average income growth | 6.0% | 4.9% | 5.1% |
| Six-Figure Earners | 11.8% | 8.4% | 13.2% |
The median household income in Spencer County is about 58% higher than in Kentucky. Income has been growing faster in Spencer County (6.0%/yr) than in Kentucky (4.9%/yr).
About 12% of adults in Spencer County earn six figures ($100,000 or more) a year, higher than the Kentucky average of 8%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Spencer County, Kentucky grew by 69.4% from 2009 to 2023, reaching $99,132 in 2023. That's an average of about 6.0% per year.
Economic Inequality in Spencer County | Gender Pay Gap | Gini Coefficient
| Metric | Spencer County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.535 | 0.554 | 0.570 |
| Male Median Income | $70,948 | $59,736 | $67,746 |
| Female Median Income | $51,382 | $47,402 | $54,793 |
| Gender Pay Gap | 27.6% | 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 Spencer County, it is 0.535, 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 38% more than women's income in Spencer County, Kentucky. Over a 35-year career, a 38% wage gap accumulates to roughly $684,810 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Spencer County, Kentucky has narrowed from about 31% to 28% in 2023. In dollar terms, the gap has widened by $3,849 since 2009.
Employment
| Metric | Spencer County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.9% | 4.8% | 5.2% |
| Working from Home | 10.5% | 9.1% | 13.4% |
| Commute time (minutes) | 32 | 20 | 22 |
Approximately 602 people are unemployed in Spencer County, Kentucky.
The average commute time in Spencer County is 32 minutes, longer than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Spencer County, Kentucky has fallen from 9.5% to 5.9% in 2023.
Conclusion
Considering all these factors, Spencer County, Kentucky has an overall wealth index grade of B, making it notably better than Kentucky, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Spencer County, Kentucky.
How Rich Is Spencer County, Kentucky?
Spencer County has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $99,132, about 58% higher than the Kentucky average of $62,784.
What is the current median household income in Spencer County, Kentucky?
As of 2023, the median household income in Spencer County, Kentucky is $99,132.
What was the median household income in Spencer County in 2023?
In 2023, the median household income in Spencer County, Kentucky was $99,132.
What was the median household income in Spencer County in 2020?
In 2020, the median household income in Spencer County, Kentucky was $84,718.
What is the Gini coefficient in Spencer County, Kentucky?
The Gini coefficient in Spencer County is 0.535. 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 Spencer County, Kentucky?
Since 2009, the income gap between men and women in Spencer County, Kentucky has narrowed from about 31% to 28% in 2023. In dollar terms, the gap has widened by $3,849 since 2009.