Wealth Index
Among the 5 least wealthy counties in Massachusetts
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 County | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Household Income | $72,103 | $101,501 | $78,145 |
| Median Personal Income | $64,032 | $81,429 | $61,726 |
| Average income growth | 3.6% | 5.2% | 5.1% |
| Six-Figure Earners | 10.5% | 19.8% | 13.2% |
The median household income in Franklin County is about 29% lower than in Massachusetts. Income has been growing slower in Franklin County (3.6%/yr) than in Massachusetts (5.2%/yr).
About 11% of adults in Franklin County earn six figures ($100,000 or more) a year, lower than the Massachusetts average of 20%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Franklin County, Massachusetts grew by 38.5% from 2009 to 2023, reaching $72,103 in 2023. That's an average of about 3.6% per year.
Economic Inequality in Franklin County | Gender Pay Gap | Gini Coefficient
| Metric | Franklin County | Massachusetts Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.495 | 0.554 | 0.570 |
| Male Median Income | $66,643 | $89,016 | $67,746 |
| Female Median Income | $61,559 | $73,171 | $54,793 |
| Gender Pay Gap | 7.6% | 17.8% | 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 County, it is 0.495, lower than Massachusetts's 0.554, so income is more evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 8% more than women's income in Franklin County, Massachusetts. Over a 35-year career, a 8% wage gap accumulates to roughly $177,940 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 County, Massachusetts has narrowed from about 18% to 8% in 2023. In dollar terms, the gap has narrowed by $3,113 since 2009.
Employment
| Metric | Franklin County | Massachusetts Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.2% | 5.1% | 5.2% |
| Working from Home | 14.7% | 16.7% | 13.4% |
| Commute time (minutes) | 20 | 25 | 22 |
Approximately 2,366 people are unemployed in Franklin County, Massachusetts.
The average commute time in Franklin County is 20 minutes, shorter than the 25 minutes in Massachusetts.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Franklin County, Massachusetts has fallen from 7.8% to 6.2% in 2023.
Conclusion
Considering all these factors, Franklin County, Massachusetts has an overall wealth index grade of B, making it about on par with Massachusetts, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Franklin County, Massachusetts.
How Rich Is Franklin County, Massachusetts?
Franklin County has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $72,103, about 29% lower than the Massachusetts average of $101,501.
What is the current median household income in Franklin County, Massachusetts?
As of 2023, the median household income in Franklin County, Massachusetts is $72,103.
What was the median household income in Franklin County in 2023?
In 2023, the median household income in Franklin County, Massachusetts was $72,103.
What was the median household income in Franklin County in 2020?
In 2020, the median household income in Franklin County, Massachusetts was $61,519.
What is the Gini coefficient in Franklin County, Massachusetts?
The Gini coefficient in Franklin County is 0.495. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Franklin County, Massachusetts?
Since 2009, the income gap between men and women in Franklin County, Massachusetts has narrowed from about 18% to 8% in 2023. In dollar terms, the gap has narrowed by $3,113 since 2009.