Wealth Index
Wealthiest county 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 | Nantucket County | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Household Income | $124,472 | $101,501 | $78,145 |
| Median Personal Income | $97,337 | $81,429 | $61,726 |
| Average income growth | 5.0% | 5.2% | 5.1% |
| Six-Figure Earners | 29.2% | 19.8% | 13.2% |
The median household income in Nantucket County is about 23% higher than in Massachusetts. Income has been growing slower in Nantucket County (5.0%/yr) than in Massachusetts (5.2%/yr).
About 29% of adults in Nantucket County earn six figures ($100,000 or more) a year, higher than the Massachusetts average of 20%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Nantucket County, Massachusetts grew by 53.2% from 2009 to 2023, reaching $124,472 in 2023. That's an average of about 5.0% per year.
Economic Inequality in Nantucket County | Gender Pay Gap | Gini Coefficient
| Metric | Nantucket County | Massachusetts Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.513 | 0.554 | 0.570 |
| Male Median Income | $93,290 | $89,016 | $67,746 |
| Female Median Income | $104,049 | $73,171 | $54,793 |
| Gender Pay Gap | -11.5% | 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 Nantucket County, it is 0.513, 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.
Women's income is about 12% more than men's income in Nantucket County, Massachusetts. Over a 35-year career, a 12% wage gap accumulates to roughly $376,565 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Nantucket County, Massachusetts has narrowed from about 12% to -12% in 2023. In dollar terms, the gap has narrowed by $18,049 since 2009.
Employment
| Metric | Nantucket County | Massachusetts Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.3% | 5.1% | 5.2% |
| Working from Home | 11.8% | 16.7% | 13.4% |
| Commute time (minutes) | 13 | 25 | 22 |
Approximately 455 people are unemployed in Nantucket County, Massachusetts.
The average commute time in Nantucket County is 13 minutes, shorter than the 25 minutes in Massachusetts.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Nantucket County, Massachusetts has risen from 2.8% to 5.3% in 2023.
Conclusion
Considering all these factors, Nantucket County, Massachusetts has an overall wealth index grade of A, making it somewhat better than Massachusetts, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Nantucket County, Massachusetts.
How Rich Is Nantucket County, Massachusetts?
Nantucket County has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $124,472, about 23% higher than the Massachusetts average of $101,501.
What is the current median household income in Nantucket County, Massachusetts?
As of 2023, the median household income in Nantucket County, Massachusetts is $124,472.
What was the median household income in Nantucket County in 2023?
In 2023, the median household income in Nantucket County, Massachusetts was $124,472.
What was the median household income in Nantucket County in 2020?
In 2020, the median household income in Nantucket County, Massachusetts was $114,153.
What is the Gini coefficient in Nantucket County, Massachusetts?
The Gini coefficient in Nantucket County is 0.513. 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 Nantucket County, Massachusetts?
Since 2009, the income gap between men and women in Nantucket County, Massachusetts has narrowed from about 12% to -12% in 2023. In dollar terms, the gap has narrowed by $18,049 since 2009.