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 | Baltimore city | Maryland Avg | US Average |
|---|---|---|---|
| Median Household Income | $59,655 | $101,971 | $78,145 |
| Median Personal Income | $61,342 | $75,680 | $61,726 |
| Average income growth | 4.3% | 4.3% | 5.1% |
| Six-Figure Earners | 11.4% | 19.8% | 13.2% |
The median household income in Baltimore city is about 41% lower than in Maryland. Income has been growing faster in Baltimore city (4.3%/yr) than in Maryland (4.3%/yr).
About 11% of adults in Baltimore city 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 Baltimore city, Maryland grew by 54.0% from 2009 to 2023, reaching $59,655 in 2023. That's an average of about 4.3% per year.
Economic Inequality in Baltimore city | Gender Pay Gap | Gini Coefficient
| Metric | Baltimore city | Maryland Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.573 | 0.553 | 0.570 |
| Male Median Income | $63,618 | $81,929 | $67,746 |
| Female Median Income | $59,523 | $70,143 | $54,793 |
| Gender Pay Gap | 6.4% | 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 Baltimore city, it is 0.573, higher than Maryland's 0.553, so income is less evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 7% more than women's income in Baltimore city, Maryland. Over a 35-year career, a 7% wage gap accumulates to roughly $143,325 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Baltimore city, Maryland has narrowed from about 13% to 6% in 2023. In dollar terms, the gap has narrowed by $1,408 since 2009.
Employment
| Metric | Baltimore city | Maryland Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.5% | 4.9% | 5.2% |
| Working from Home | 15.9% | 17.2% | 13.4% |
| Commute time (minutes) | 25 | 28 | 22 |
Approximately 19,140 people are unemployed in Baltimore city, Maryland.
The average commute time in Baltimore city is 25 minutes, shorter than the 28 minutes in Maryland.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Baltimore city, Maryland has fallen from 12.6% to 6.5% in 2023.
Conclusion
Considering all these factors, Baltimore city, Maryland has an overall wealth index grade of D, making it somewhat worse than Maryland, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Baltimore city, Maryland.
How Rich Is Baltimore city, Maryland?
Baltimore city 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 $59,655, about 41% lower than the Maryland average of $101,971.
What is the current median household income in Baltimore city, Maryland?
As of 2023, the median household income in Baltimore city, Maryland is $59,655.
What was the median household income in Baltimore city in 2023?
In 2023, the median household income in Baltimore city, Maryland was $59,655.
What was the median household income in Baltimore city in 2020?
In 2020, the median household income in Baltimore city, Maryland was $52,319.
What is the Gini coefficient in Baltimore city, Maryland?
The Gini coefficient in Baltimore city is 0.573. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Baltimore city, Maryland?
Since 2009, the income gap between men and women in Baltimore city, Maryland has narrowed from about 13% to 6% in 2023. In dollar terms, the gap has narrowed by $1,408 since 2009.