Wealth Index
Wealthier than 78% of 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 | Charles County | Maryland Avg | US Average |
|---|---|---|---|
| Median Household Income | $120,070 | $101,971 | $78,145 |
| Median Personal Income | $80,624 | $75,680 | $61,726 |
| Average income growth | 4.0% | 4.3% | 5.1% |
| Six-Figure Earners | 21.8% | 19.8% | 13.2% |
The median household income in Charles County is about 18% higher than in Maryland. Income has been growing slower in Charles County (4.0%/yr) than in Maryland (4.3%/yr).
About 22% of adults in Charles County earn six figures ($100,000 or more) a year, higher than the Maryland average of 20%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Charles County, Maryland grew by 39.0% from 2009 to 2023, reaching $120,070 in 2023. That's an average of about 4.0% per year.
Economic Inequality in Charles County | Gender Pay Gap | Gini Coefficient
| Metric | Charles County | Maryland Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.537 | 0.553 | 0.570 |
| Male Median Income | $84,794 | $81,929 | $67,746 |
| Female Median Income | $75,275 | $70,143 | $54,793 |
| Gender Pay Gap | 11.2% | 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 Charles County, it is 0.537, lower than Maryland's 0.553, 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 13% more than women's income in Charles County, Maryland. Over a 35-year career, a 13% wage gap accumulates to roughly $333,165 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Charles County, Maryland has narrowed from about 17% to 11% in 2023. In dollar terms, the gap has narrowed by $1,127 since 2009.
Employment
| Metric | Charles County | Maryland Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.1% | 4.9% | 5.2% |
| Working from Home | 14.2% | 17.2% | 13.4% |
| Commute time (minutes) | 41 | 28 | 22 |
Approximately 4,693 people are unemployed in Charles County, Maryland.
The average commute time in Charles County is 41 minutes, longer than the 28 minutes in Maryland.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Charles County, Maryland has fallen from 6.6% to 5.1% in 2023.
Conclusion
Considering all these factors, Charles County, Maryland has an overall wealth index grade of A, making it somewhat better than Maryland, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Charles County, Maryland.
How Rich Is Charles County, Maryland?
Charles 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 $120,070, about 18% higher than the Maryland average of $101,971.
What is the current median household income in Charles County, Maryland?
As of 2023, the median household income in Charles County, Maryland is $120,070.
What was the median household income in Charles County in 2023?
In 2023, the median household income in Charles County, Maryland was $120,070.
What was the median household income in Charles County in 2020?
In 2020, the median household income in Charles County, Maryland was $104,273.
What is the Gini coefficient in Charles County, Maryland?
The Gini coefficient in Charles County is 0.537. 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 Charles County, Maryland?
Since 2009, the income gap between men and women in Charles County, Maryland has narrowed from about 17% to 11% in 2023. In dollar terms, the gap has narrowed by $1,127 since 2009.