Wealth Index
Among the 3 least wealthy counties in Maryland
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 | Allegany County | Maryland Avg | US Average |
|---|---|---|---|
| Median Household Income | $56,769 | $101,971 | $78,145 |
| Median Personal Income | $54,774 | $75,680 | $61,726 |
| Average income growth | 4.5% | 4.3% | 5.1% |
| Six-Figure Earners | 5.4% | 19.8% | 13.2% |
The median household income in Allegany County is about 44% lower than in Maryland. Income has been growing faster in Allegany County (4.5%/yr) than in Maryland (4.3%/yr).
About 5% of adults in Allegany County earn six figures ($100,000 or more) a year, lower than the Maryland average of 20%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Allegany County, Maryland grew by 53.0% from 2009 to 2023, reaching $56,769 in 2023. That's an average of about 4.5% per year.
Economic Inequality in Allegany County | Gender Pay Gap | Gini Coefficient
| Metric | Allegany County | Maryland Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.562 | 0.553 | 0.570 |
| Male Median Income | $59,632 | $81,929 | $67,746 |
| Female Median Income | $48,493 | $70,143 | $54,793 |
| Gender Pay Gap | 18.7% | 14.4% | 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 Allegany County, it is 0.562, higher than Maryland's 0.553, so income is less 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 23% more than women's income in Allegany County, Maryland. Over a 35-year career, a 23% wage gap accumulates to roughly $389,865 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Allegany County, Maryland has narrowed from about 28% to 19% in 2023. In dollar terms, the gap has narrowed by $334 since 2009.
Employment
| Metric | Allegany County | Maryland Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.9% | 4.9% | 5.2% |
| Working from Home | 8.8% | 17.2% | 13.4% |
| Commute time (minutes) | 17 | 28 | 22 |
Approximately 1,609 people are unemployed in Allegany County, Maryland.
The average commute time in Allegany County is 17 minutes, shorter than the 28 minutes in Maryland.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Allegany County, Maryland has fallen from 8.1% to 5.9% in 2023.
Conclusion
Considering all these factors, Allegany County, Maryland has an overall wealth index grade of D, making it worse than Maryland, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Allegany County, Maryland.
How Wealthy Is Allegany County, Maryland?
Allegany County 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 $56,769, about 44% lower than the Maryland average of $101,971.
What is the current median household income in Allegany County, Maryland?
As of 2023, the median household income in Allegany County, Maryland is $56,769.
What was the median household income in Allegany County in 2023?
In 2023, the median household income in Allegany County, Maryland was $56,769.
What was the median household income in Allegany County in 2020?
In 2020, the median household income in Allegany County, Maryland was $49,498.
What is the Gini coefficient in Allegany County, Maryland?
The Gini coefficient in Allegany County is 0.562. 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 Allegany County, Maryland?
Since 2009, the income gap between men and women in Allegany County, Maryland has narrowed from about 28% to 19% in 2023. In dollar terms, the gap has narrowed by $334 since 2009.