Wealth Index
Among the top 5 wealthiest 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 | Frederick County | Maryland Avg | US Average |
|---|---|---|---|
| Median Household Income | $121,389 | $101,971 | $78,145 |
| Median Personal Income | $84,489 | $75,680 | $61,726 |
| Average income growth | 5.1% | 4.3% | 5.1% |
| Six-Figure Earners | 23.0% | 19.8% | 13.2% |
The median household income in Frederick County is about 19% higher than in Maryland. Income has been growing faster in Frederick County (5.1%/yr) than in Maryland (4.3%/yr).
About 23% of adults in Frederick 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 Frederick County, Maryland grew by 48.8% from 2009 to 2023, reaching $121,389 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Frederick County | Gender Pay Gap | Gini Coefficient
| Metric | Frederick County | Maryland Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.543 | 0.553 | 0.570 |
| Male Median Income | $92,618 | $81,929 | $67,746 |
| Female Median Income | $74,571 | $70,143 | $54,793 |
| Gender Pay Gap | 19.5% | 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 Frederick County, it is 0.543, 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 24% more than women's income in Frederick County, Maryland. Over a 35-year career, a 24% wage gap accumulates to roughly $631,645 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Frederick County, Maryland has narrowed from about 25% to 19% in 2023. In dollar terms, the gap has widened by $2,513 since 2009.
Employment
| Metric | Frederick County | Maryland Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.4% | 4.9% | 5.2% |
| Working from Home | 19.2% | 17.2% | 13.4% |
| Commute time (minutes) | 27 | 28 | 22 |
Approximately 5,294 people are unemployed in Frederick County, Maryland.
The average commute time in Frederick County is 27 minutes, shorter than the 28 minutes in Maryland.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Frederick County, Maryland has fallen from 5.5% to 3.4% in 2023.
Conclusion
Considering all these factors, Frederick 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 Frederick County, Maryland.
How Rich Is Frederick County, Maryland?
Frederick 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 $121,389, about 19% higher than the Maryland average of $101,971.
What is the current median household income in Frederick County, Maryland?
As of 2023, the median household income in Frederick County, Maryland is $121,389.
What was the median household income in Frederick County in 2023?
In 2023, the median household income in Frederick County, Maryland was $121,389.
What was the median household income in Frederick County in 2020?
In 2020, the median household income in Frederick County, Maryland was $100,696.
What is the Gini coefficient in Frederick County, Maryland?
The Gini coefficient in Frederick County is 0.543. 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 Frederick County, Maryland?
Since 2009, the income gap between men and women in Frederick County, Maryland has narrowed from about 25% to 19% in 2023. In dollar terms, the gap has widened by $2,513 since 2009.