Wealth Index
Among the 3 least wealthy 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 | Wolfe County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $28,787 | $62,784 | $78,145 |
| Median Personal Income | $41,535 | $53,643 | $61,726 |
| Average income growth | 3.8% | 4.9% | 5.1% |
| Six-Figure Earners | 0.5% | 8.4% | 13.2% |
The median household income in Wolfe County is about 54% lower than in Kentucky. Income has been growing slower in Wolfe County (3.8%/yr) than in Kentucky (4.9%/yr).
About 1% of adults in Wolfe 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 Wolfe County, Kentucky grew by 34.1% from 2009 to 2023, reaching $28,787 in 2023. That's an average of about 3.8% per year.
Economic Inequality in Wolfe County | Gender Pay Gap | Gini Coefficient
| Metric | Wolfe County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.590 | 0.554 | 0.570 |
| Male Median Income | $40,653 | $59,736 | $67,746 |
| Female Median Income | $42,642 | $47,402 | $54,793 |
| Gender Pay Gap | -4.9% | 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 Wolfe County, it is 0.590, higher than Kentucky's 0.554, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Women's income is about 5% more than men's income in Wolfe County, Kentucky. Over a 35-year career, a 5% wage gap accumulates to roughly $69,615 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Wolfe County, Kentucky has narrowed from about 22% to -5% in 2023. In dollar terms, the gap has narrowed by $9,422 since 2009.
Employment
| Metric | Wolfe County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 15.8% | 4.8% | 5.2% |
| Working from Home | 7.7% | 9.1% | 13.4% |
| Commute time (minutes) | 28 | 20 | 22 |
Approximately 282 people are unemployed in Wolfe County, Kentucky.
The average commute time in Wolfe County is 28 minutes, longer than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Wolfe County, Kentucky has risen from 8.3% to 15.8% in 2023.
Conclusion
Considering all these factors, Wolfe County, Kentucky has an overall wealth index grade of F, making it worse than Kentucky, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Wolfe County, Kentucky.
How Rich Is Wolfe County, Kentucky?
Wolfe County has a wealth index grade of F. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an F grade means residents are well below the U.S. average. The median household income is $28,787, about 54% lower than the Kentucky average of $62,784.
What is the current median household income in Wolfe County, Kentucky?
As of 2023, the median household income in Wolfe County, Kentucky is $28,787.
What was the median household income in Wolfe County in 2023?
In 2023, the median household income in Wolfe County, Kentucky was $28,787.
What was the median household income in Wolfe County in 2020?
In 2020, the median household income in Wolfe County, Kentucky was $22,878.
What is the Gini coefficient in Wolfe County, Kentucky?
The Gini coefficient in Wolfe County is 0.590. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Wolfe County, Kentucky?
Since 2009, the income gap between men and women in Wolfe County, Kentucky has narrowed from about 22% to -5% in 2023. In dollar terms, the gap has narrowed by $9,422 since 2009.