Wealth Index
Among the 3 least wealthy 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 | Madison Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Household Income | $37,593 | $60,029 | $78,145 |
| Median Personal Income | $41,923 | $54,233 | $61,726 |
| Average income growth | 5.9% | 4.0% | 5.1% |
| Six-Figure Earners | 2.9% | 9.4% | 13.2% |
The median household income in Madison Parish is about 37% lower than in Louisiana. Income has been growing faster in Madison Parish (5.9%/yr) than in Louisiana (4.0%/yr).
About 3% of adults in Madison 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 Madison Parish, Louisiana grew by 41.1% from 2009 to 2023, reaching $37,593 in 2023. That's an average of about 5.9% per year.
Economic Inequality in Madison Parish | Gender Pay Gap | Gini Coefficient
| Metric | Madison Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.640 | 0.586 | 0.570 |
| Male Median Income | $45,527 | $63,825 | $67,746 |
| Female Median Income | $36,632 | $46,053 | $54,793 |
| Gender Pay Gap | 19.5% | 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 Madison Parish, it is 0.640, 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 24% more than women's income in Madison Parish, Louisiana. Over a 35-year career, a 24% wage gap accumulates to roughly $311,325 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Madison Parish, Louisiana has narrowed from about 33% to 20% in 2023. In dollar terms, the gap has narrowed by $1,939 since 2009.
Employment
| Metric | Madison Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.1% | 6.3% | 5.2% |
| Working from Home | 3.0% | 7.2% | 13.4% |
| Commute time (minutes) | 12 | 21 | 22 |
Approximately 159 people are unemployed in Madison Parish, Louisiana.
The average commute time in Madison Parish is 12 minutes, shorter than the 21 minutes in Louisiana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Madison Parish, Louisiana has fallen from 16.6% to 5.1% in 2023.
Conclusion
Considering all these factors, Madison Parish, Louisiana has an overall wealth index grade of F, making it worse than Louisiana, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Madison Parish, Louisiana.
How Rich Is Madison Parish, Louisiana?
Madison Parish 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 $37,593, about 37% lower than the Louisiana average of $60,029.
What is the current median household income in Madison Parish, Louisiana?
As of 2023, the median household income in Madison Parish, Louisiana is $37,593.
What was the median household income in Madison Parish in 2023?
In 2023, the median household income in Madison Parish, Louisiana was $37,593.
What was the median household income in Madison Parish in 2020?
In 2020, the median household income in Madison Parish, Louisiana was $32,216.
What is the Gini coefficient in Madison Parish, Louisiana?
The Gini coefficient in Madison Parish is 0.640. 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 Madison Parish, Louisiana?
Since 2009, the income gap between men and women in Madison Parish, Louisiana has narrowed from about 33% to 20% in 2023. In dollar terms, the gap has narrowed by $1,939 since 2009.