Wealth Index
Wealthiest county 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 | Howard County | Maryland Avg | US Average |
|---|---|---|---|
| Median Household Income | $147,056 | $101,971 | $78,145 |
| Median Personal Income | $102,632 | $75,680 | $61,726 |
| Average income growth | 3.7% | 4.3% | 5.1% |
| Six-Figure Earners | 30.8% | 19.8% | 13.2% |
The median household income in Howard County is about 44% higher than in Maryland. Income has been growing slower in Howard County (3.7%/yr) than in Maryland (4.3%/yr).
About 31% of adults in Howard 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 Howard County, Maryland grew by 45.2% from 2009 to 2023, reaching $147,056 in 2023. That's an average of about 3.7% per year.
Economic Inequality in Howard County | Gender Pay Gap | Gini Coefficient
| Metric | Howard County | Maryland Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.531 | 0.553 | 0.570 |
| Male Median Income | $112,620 | $81,929 | $67,746 |
| Female Median Income | $90,549 | $70,143 | $54,793 |
| Gender Pay Gap | 19.6% | 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 Howard County, it is 0.531, 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 Howard County, Maryland. Over a 35-year career, a 24% wage gap accumulates to roughly $772,485 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Howard County, Maryland has narrowed from about 30% to 20% in 2023. In dollar terms, the gap has narrowed by $2,378 since 2009.
Employment
| Metric | Howard County | Maryland Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.6% | 4.9% | 5.2% |
| Working from Home | 23.2% | 17.2% | 13.4% |
| Commute time (minutes) | 26 | 28 | 22 |
Approximately 6,553 people are unemployed in Howard County, Maryland.
The average commute time in Howard County is 26 minutes, shorter than the 28 minutes in Maryland.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Howard County, Maryland has fallen from 4.5% to 3.6% in 2023.
Conclusion
Considering all these factors, Howard County, Maryland has an overall wealth index grade of A+, making it somewhat better than Maryland, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Howard County, Maryland.
How Rich Is Howard County, Maryland?
Howard 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 it is one of the most prosperous areas in the country. The median household income is $147,056, about 44% higher than the Maryland average of $101,971.
What is the current median household income in Howard County, Maryland?
As of 2023, the median household income in Howard County, Maryland is $147,056.
What was the median household income in Howard County in 2023?
In 2023, the median household income in Howard County, Maryland was $147,056.
What was the median household income in Howard County in 2020?
In 2020, the median household income in Howard County, Maryland was $124,261.
What is the Gini coefficient in Howard County, Maryland?
The Gini coefficient in Howard County is 0.531. 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 Howard County, Maryland?
Since 2009, the income gap between men and women in Howard County, Maryland has narrowed from about 30% to 20% in 2023. In dollar terms, the gap has narrowed by $2,378 since 2009.