Wealth Index
Wealthier than 92% 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 | Lafayette Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Household Income | $67,759 | $60,029 | $78,145 |
| Median Personal Income | $57,203 | $54,233 | $61,726 |
| Average income growth | 3.4% | 4.0% | 5.1% |
| Six-Figure Earners | 11.8% | 9.4% | 13.2% |
The median household income in Lafayette Parish is about 13% higher than in Louisiana. Income has been growing slower in Lafayette Parish (3.4%/yr) than in Louisiana (4.0%/yr).
About 12% of adults in Lafayette Parish earn six figures ($100,000 or more) a year, higher than the Louisiana average of 9%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Lafayette Parish, Louisiana grew by 46.3% from 2009 to 2023, reaching $67,759 in 2023. That's an average of about 3.4% per year.
Economic Inequality in Lafayette Parish | Gender Pay Gap | Gini Coefficient
| Metric | Lafayette Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.580 | 0.586 | 0.570 |
| Male Median Income | $68,938 | $63,825 | $67,746 |
| Female Median Income | $47,784 | $46,053 | $54,793 |
| Gender Pay Gap | 30.7% | 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 Lafayette Parish, it is 0.580, lower than Louisiana's 0.586, so income is more 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 44% more than women's income in Lafayette Parish, Louisiana. Over a 35-year career, a 44% wage gap accumulates to roughly $740,390 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lafayette Parish, Louisiana has narrowed from about 35% to 31% in 2023. In dollar terms, the gap has widened by $4,598 since 2009.
Employment
| Metric | Lafayette Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.0% | 6.3% | 5.2% |
| Working from Home | 9.1% | 7.2% | 13.4% |
| Commute time (minutes) | 18 | 21 | 22 |
Approximately 6,258 people are unemployed in Lafayette Parish, Louisiana.
The average commute time in Lafayette Parish is 18 minutes, shorter than the 21 minutes in Louisiana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lafayette Parish, Louisiana has fallen from 5.8% to 5.0% in 2023.
Conclusion
Considering all these factors, Lafayette Parish, Louisiana has an overall wealth index grade of C, making it somewhat better than Louisiana, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lafayette Parish, Louisiana.
How Rich Is Lafayette Parish, Louisiana?
Lafayette Parish has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $67,759, about 13% higher than the Louisiana average of $60,029.
What is the current median household income in Lafayette Parish, Louisiana?
As of 2023, the median household income in Lafayette Parish, Louisiana is $67,759.
What was the median household income in Lafayette Parish in 2023?
In 2023, the median household income in Lafayette Parish, Louisiana was $67,759.
What was the median household income in Lafayette Parish in 2020?
In 2020, the median household income in Lafayette Parish, Louisiana was $58,939.
What is the Gini coefficient in Lafayette Parish, Louisiana?
The Gini coefficient in Lafayette Parish is 0.580. 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 Lafayette Parish, Louisiana?
Since 2009, the income gap between men and women in Lafayette Parish, Louisiana has narrowed from about 35% to 31% in 2023. In dollar terms, the gap has widened by $4,598 since 2009.