Spencer County, Kentucky Income Statistics
Spencer County Wealth Score
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.
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B
Spencer County Around averageAmong the top 3 wealthiest counties in Kentucky
Source: Map AI Methodology
Income Statistics Overview
| Metric | Spencer County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $100,880 | $64,312 | $80,455 |
| Median Personal Income | $60,936 | $52,849 | $60,758 |
| Average Yearly Income Growth | 5.4% | 4.6% | 4.8% |
| Six-Figure Earners | 13.4% | 8.9% | 13.9% |
| $200k+ Households | 12.2% | 7.2% | 13.2% |
The median household income in Spencer County is about 57% higher than in Kentucky. Income has been growing faster in Spencer County (5.4%/yr) than in Kentucky (4.6%/yr).
About 13% of adults in Spencer County earn six figures ($100,000 or more) a year, higher than the Kentucky average of 9%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Spencer County, Kentucky grew by 72.4% from 2009 to 2024, reaching $100,880 in 2024. That's an average of about 5.4% per year.
Income Inequality and the Gender Pay Gap in Spencer County
| Metric | Spencer County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.521 | 0.547 | 0.552 |
| Male Median Income | $73,416 | $60,966 | $69,667 |
| Female Median Income | $55,328 | $49,119 | $56,850 |
| Gender Pay Gap | 24.6% | 19.4% | 18.4% |
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 0.521, lower than Kentucky's 0.547, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 33% more than women's income in Spencer County, Kentucky. Over a 35-year career, a 33% wage gap accumulates to roughly $633,080 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 25% in 2024. Over that period the gap was widest at 32% in 2010, and was narrowest at 21% in 2019. In dollar terms, the gap has widened by $2,371 since 2009.
Employment
| Metric | Spencer County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.0% | 4.8% | 5.2% |
| Working from Home | 13.3% | 10.2% | 15.0% |
| Commute time (minutes) | 33 | 20 | 22 |
Approximately 512 people are unemployed in Spencer County, Kentucky.
The average commute time in Spencer County is 33 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 5.0% in 2024. Over that period the rate fell as low as 4.7% in 2019.
Spencer County, KY Wealth Compared With Nearby Counties
Spencer County, KY is the 5th largest of the 6 counties compared here, 20,193 residents against a local median of 47,606. Spencer County, KY's unemployment, at 5.0%, runs 47% above the 3.4% typical of the counties around it. That is the weaker end of the local range on this measure.
Median household income tells the same story from another angle: $100,880 against a local median of $69,976, 44% above it. The picture is mixed rather than uniform: median household income runs ahead of the neighbourhood while unemployment runs behind it, so Spencer County, KY is trading one against the other rather than simply out-performing what surrounds it. The counties themselves spread 2.9% on unemployment, so Spencer County, KY sits at one end of an already wide local range rather than apart from it. Spencer County, KY has the 5th lowest unemployment of the 6 areas compared here.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Spencer County, KY | 20,193 | $100,880 #1/6 | 5.4%/yr #1/6 | 5.0% #5/6 | 0.521 #4/6 |
| Shelby County, KY | 49,096 | $86,215 | 4.2%/yr | 4.2% | 0.534 |
| Nelson County, KY | 47,606 | $69,485 | 3.7%/yr | 3.3% | 0.505 |
| Washington County, KY | 12,140 | $61,907 | 4.8%/yr | 3.4% | 0.519 |
| Anderson County, KY | 24,353 | $74,458 | 4.3%/yr | 2.2% | 0.508 |
| Jefferson County, KY | 781,949 | $69,976 | 4.3%/yr | 5.2% | 0.530 |
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 $100,880, about 57% higher than the Kentucky average of $64,312.
How has median household income changed in Spencer County, Kentucky?
Between 2009 and 2024, the median household income in Spencer County, Kentucky rose 72%, from $58,503 to $100,880. Over the same years, income here outpaced Kentucky as a whole: +72% against +56%.
What was the median household income in Spencer County in 2023?
In 2023, the median household income in Spencer County, Kentucky was $99,132, down 2% from $101,179 in 2022. The Kentucky median that year was $62,783.
What was the median household income in Spencer County in 2020?
In 2020, the median household income in Spencer County, Kentucky was $84,718. By 2024 it had risen 19% to $100,880.
Do many residents of Spencer County, Kentucky earn over $100,000?
Yes. 13% of adults in Spencer County, Kentucky earn $100,000 or more a year (about 1 in 7), against 9% (about 1 in 11) in Kentucky. 12% of households have a combined income of $200,000 or more, compared with 7% in Kentucky.
What is the Gini coefficient in Spencer County, Kentucky?
The Gini coefficient in Spencer County is 0.521. 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 0.552, 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 25% in 2024. Over that period the gap was widest at 32% in 2010, and was narrowest at 21% in 2019. In dollar terms, the gap has widened by $2,371 since 2009.
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