Wealth Index
Among the top 3 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 | Montgomery County | Maryland Avg | US Average |
|---|---|---|---|
| Median Household Income | $128,995 | $101,971 | $78,145 |
| Median Personal Income | $92,571 | $75,680 | $61,726 |
| Average income growth | 3.6% | 4.3% | 5.1% |
| Six-Figure Earners | 27.9% | 19.8% | 13.2% |
The median household income in Montgomery County is about 27% higher than in Maryland. Income has been growing slower in Montgomery County (3.6%/yr) than in Maryland (4.3%/yr).
About 28% of adults in Montgomery 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 Montgomery County, Maryland grew by 39.2% from 2009 to 2023, reaching $128,995 in 2023. That's an average of about 3.6% per year.
Economic Inequality in Montgomery County | Gender Pay Gap | Gini Coefficient
| Metric | Montgomery County | Maryland Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.550 | 0.553 | 0.570 |
| Male Median Income | $99,457 | $81,929 | $67,746 |
| Female Median Income | $85,935 | $70,143 | $54,793 |
| Gender Pay Gap | 13.6% | 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 Montgomery County, it is 0.550, about the same as Maryland's 0.553, so income here is about as evenly distributed as there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 16% more than women's income in Montgomery County, Maryland. Over a 35-year career, a 16% wage gap accumulates to roughly $473,270 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Montgomery County, Maryland has narrowed from about 23% to 14% in 2023. In dollar terms, the gap has narrowed by $3,381 since 2009.
Employment
| Metric | Montgomery County | Maryland Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.8% | 4.9% | 5.2% |
| Working from Home | 25.5% | 17.2% | 13.4% |
| Commute time (minutes) | 31 | 28 | 22 |
Approximately 28,183 people are unemployed in Montgomery County, Maryland.
The average commute time in Montgomery County is 31 minutes, longer than the 28 minutes in Maryland.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Montgomery County, Maryland has fallen from 5.7% to 4.8% in 2023.
Conclusion
Considering all these factors, Montgomery 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 Montgomery County, Maryland.
How Rich Is Montgomery County, Maryland?
Montgomery 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 $128,995, about 27% higher than the Maryland average of $101,971.
What is the current median household income in Montgomery County, Maryland?
As of 2023, the median household income in Montgomery County, Maryland is $128,995.
What was the median household income in Montgomery County in 2023?
In 2023, the median household income in Montgomery County, Maryland was $128,995.
What was the median household income in Montgomery County in 2020?
In 2020, the median household income in Montgomery County, Maryland was $112,565.
What is the Gini coefficient in Montgomery County, Maryland?
The Gini coefficient in Montgomery County is 0.550. 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 Montgomery County, Maryland?
Since 2009, the income gap between men and women in Montgomery County, Maryland has narrowed from about 23% to 14% in 2023. In dollar terms, the gap has narrowed by $3,381 since 2009.