Wealth Index
Less wealthy than 84% of counties in Louisiana
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 | Franklin Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Household Income | $44,317 | $60,029 | $78,145 |
| Median Personal Income | $46,296 | $54,233 | $61,726 |
| Average income growth | 5.2% | 4.0% | 5.1% |
| Six-Figure Earners | 6.8% | 9.4% | 13.2% |
The median household income in Franklin Parish is about 26% lower than in Louisiana. Income has been growing faster in Franklin Parish (5.2%/yr) than in Louisiana (4.0%/yr).
About 7% of adults in Franklin Parish earn six figures ($100,000 or more) a year, lower than the Louisiana average of 9%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Franklin Parish, Louisiana grew by 41.2% from 2009 to 2023, reaching $44,317 in 2023. That's an average of about 5.2% per year.
Economic Inequality in Franklin Parish | Gender Pay Gap | Gini Coefficient
| Metric | Franklin Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.610 | 0.586 | 0.570 |
| Male Median Income | $58,225 | $63,825 | $67,746 |
| Female Median Income | $37,974 | $46,053 | $54,793 |
| Gender Pay Gap | 34.8% | 27.8% | 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 Franklin Parish, it is 0.610, higher than Louisiana's 0.586, 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.
Men's income is about 53% more than women's income in Franklin Parish, Louisiana. Over a 35-year career, a 53% wage gap accumulates to roughly $708,785 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Franklin Parish, Louisiana has widened from about 31% to 35% in 2023. In dollar terms, the gap has widened by $8,392 since 2009.
Employment
| Metric | Franklin Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 9.8% | 6.3% | 5.2% |
| Working from Home | 5.7% | 7.2% | 13.4% |
| Commute time (minutes) | 20 | 21 | 22 |
Approximately 743 people are unemployed in Franklin Parish, Louisiana.
The average commute time in Franklin Parish is 20 minutes, shorter than the 21 minutes in Louisiana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Franklin Parish, Louisiana has fallen from 12.4% to 9.8% in 2023.
Conclusion
Considering all these factors, Franklin Parish, Louisiana has an overall wealth index grade of D, making it somewhat worse than Louisiana, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Franklin Parish, Louisiana.
How Rich Is Franklin Parish, Louisiana?
Franklin Parish 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 $44,317, about 26% lower than the Louisiana average of $60,029.
What is the current median household income in Franklin Parish, Louisiana?
As of 2023, the median household income in Franklin Parish, Louisiana is $44,317.
What was the median household income in Franklin Parish in 2023?
In 2023, the median household income in Franklin Parish, Louisiana was $44,317.
What was the median household income in Franklin Parish in 2020?
In 2020, the median household income in Franklin Parish, Louisiana was $35,937.
What is the Gini coefficient in Franklin Parish, Louisiana?
The Gini coefficient in Franklin Parish is 0.610. 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 Franklin Parish, Louisiana?
Since 2009, the income gap between men and women in Franklin Parish, Louisiana has widened from about 31% to 35% in 2023. In dollar terms, the gap has widened by $8,392 since 2009.