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 | Union County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $61,581 | $62,784 | $78,145 |
| Median Personal Income | $51,789 | $53,643 | $61,726 |
| Average income growth | 5.7% | 4.9% | 5.1% |
| Six-Figure Earners | 5.0% | 8.4% | 13.2% |
The median household income in Union County is about 2% lower than in Kentucky. Income has been growing faster in Union County (5.7%/yr) than in Kentucky (4.9%/yr).
About 5% of adults in Union 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 Union County, Kentucky grew by 57.3% from 2009 to 2023, reaching $61,581 in 2023. That's an average of about 5.7% per year.
Economic Inequality in Union County | Gender Pay Gap | Gini Coefficient
| Metric | Union County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.571 | 0.554 | 0.570 |
| Male Median Income | $59,431 | $59,736 | $67,746 |
| Female Median Income | $39,367 | $47,402 | $54,793 |
| Gender Pay Gap | 33.8% | 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 Union County, it is 0.571, 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 51% more than women's income in Union County, Kentucky. Over a 35-year career, a 51% wage gap accumulates to roughly $702,240 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Union County, Kentucky has widened from about 27% to 34% in 2023. In dollar terms, the gap has widened by $9,587 since 2009.
Employment
| Metric | Union County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.1% | 4.8% | 5.2% |
| Working from Home | 5.0% | 9.1% | 13.4% |
| Commute time (minutes) | 18 | 20 | 22 |
Approximately 177 people are unemployed in Union County, Kentucky.
The average commute time in Union County is 18 minutes, shorter than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Union County, Kentucky has fallen from 9.5% to 3.1% in 2023.
Conclusion
Considering all these factors, Union 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 Union County, Kentucky.
How Wealthy Is Union County, Kentucky?
Union 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 $61,581, about 2% lower than the Kentucky average of $62,784.
What is the current median household income in Union County, Kentucky?
As of 2023, the median household income in Union County, Kentucky is $61,581.
What was the median household income in Union County in 2023?
In 2023, the median household income in Union County, Kentucky was $61,581.
What was the median household income in Union County in 2020?
In 2020, the median household income in Union County, Kentucky was $49,756.
What is the Gini coefficient in Union County, Kentucky?
The Gini coefficient in Union County is 0.571. 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 Union County, Kentucky?
Since 2009, the income gap between men and women in Union County, Kentucky has widened from about 27% to 34% in 2023. In dollar terms, the gap has widened by $9,587 since 2009.