Wealth Index
Less wealthy than 74% 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 | Garrett County | Maryland Avg | US Average |
|---|---|---|---|
| Median Household Income | $68,002 | $101,971 | $78,145 |
| Median Personal Income | $56,433 | $75,680 | $61,726 |
| Average income growth | 5.6% | 4.3% | 5.1% |
| Six-Figure Earners | 8.3% | 19.8% | 13.2% |
The median household income in Garrett County is about 33% lower than in Maryland. Income has been growing faster in Garrett County (5.6%/yr) than in Maryland (4.3%/yr).
About 8% of adults in Garrett 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 Garrett County, Maryland grew by 55.7% from 2009 to 2023, reaching $68,002 in 2023. That's an average of about 5.6% per year.
Economic Inequality in Garrett County | Gender Pay Gap | Gini Coefficient
| Metric | Garrett County | Maryland Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.526 | 0.553 | 0.570 |
| Male Median Income | $61,381 | $81,929 | $67,746 |
| Female Median Income | $47,655 | $70,143 | $54,793 |
| Gender Pay Gap | 22.4% | 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 Garrett County, it is 0.526, 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 29% more than women's income in Garrett County, Maryland. Over a 35-year career, a 29% wage gap accumulates to roughly $480,410 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Garrett County, Maryland has narrowed from about 27% to 22% in 2023. In dollar terms, the gap has widened by $3,018 since 2009.
Employment
| Metric | Garrett County | Maryland Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.6% | 4.9% | 5.2% |
| Working from Home | 11.1% | 17.2% | 13.4% |
| Commute time (minutes) | 18 | 28 | 22 |
Approximately 659 people are unemployed in Garrett County, Maryland.
The average commute time in Garrett County is 18 minutes, shorter than the 28 minutes in Maryland.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Garrett County, Maryland has fallen from 5.7% to 4.6% in 2023.
Conclusion
Considering all these factors, Garrett County, Maryland has an overall wealth index grade of C, making it somewhat worse than Maryland, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Garrett County, Maryland.
How Rich Is Garrett County, Maryland?
Garrett County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $68,002, about 33% lower than the Maryland average of $101,971.
What is the current median household income in Garrett County, Maryland?
As of 2023, the median household income in Garrett County, Maryland is $68,002.
What was the median household income in Garrett County in 2023?
In 2023, the median household income in Garrett County, Maryland was $68,002.
What was the median household income in Garrett County in 2020?
In 2020, the median household income in Garrett County, Maryland was $55,580.
What is the Gini coefficient in Garrett County, Maryland?
The Gini coefficient in Garrett County is 0.526. 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 Garrett County, Maryland?
Since 2009, the income gap between men and women in Garrett County, Maryland has narrowed from about 27% to 22% in 2023. In dollar terms, the gap has widened by $3,018 since 2009.