Wealth Index
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 | Silver Spring | Maryland Avg | US Average |
|---|---|---|---|
| Median Household Income | $99,663 | $101,971 | $78,145 |
| Median Personal Income | $77,201 | $75,680 | $61,726 |
| Average income growth | 4.5% | 4.3% | 5.1% |
| Six-Figure Earners | 24.4% | 19.8% | 13.2% |
The median household income in Silver Spring is about 2% lower than in Maryland. Income has been growing faster in Silver Spring (4.5%/yr) than in Maryland (4.3%/yr).
About 24% of adults in Silver Spring 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 Silver Spring, Maryland grew by 47.5% from 2009 to 2023, reaching $99,663 in 2023. That's an average of about 4.5% per year.
Economic Inequality in Silver Spring | Gender Pay Gap | Gini Coefficient
| Metric | Silver Spring | Maryland Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.543 | 0.553 | 0.570 |
| Male Median Income | $78,137 | $81,929 | $67,746 |
| Female Median Income | $76,223 | $70,143 | $54,793 |
| Gender Pay Gap | 2.4% | 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 Silver Spring, 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 3% more than women's income in Silver Spring, Maryland. Over a 35-year career, a 3% wage gap accumulates to roughly $66,990 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Silver Spring, Maryland has widened from about 1% to 2% in 2023. In dollar terms, the gap has widened by $1,360 since 2009.
Employment
| Metric | Silver Spring | Maryland Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.9% | 4.9% | 5.2% |
| Working from Home | 23.9% | 17.2% | 13.4% |
| Commute time (minutes) | 31 | 28 | 22 |
Approximately 2,487 people are unemployed in Silver Spring, Maryland.
The average commute time in Silver Spring is 31 minutes, longer than the 28 minutes in Maryland.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Silver Spring, Maryland has fallen from 7.0% to 4.9% in 2023.
Conclusion
Considering all these factors, Silver Spring, Maryland has an overall wealth index grade of B, making it somewhat better than Maryland, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Silver Spring, Maryland.
How Rich Is Silver Spring, Maryland?
Silver Spring has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $99,663, about 2% lower than the Maryland average of $101,971.
What is the current median household income in Silver Spring, Maryland?
As of 2023, the median household income in Silver Spring, Maryland is $99,663.
What was the median household income in Silver Spring in 2023?
In 2023, the median household income in Silver Spring, Maryland was $99,663.
What was the median household income in Silver Spring in 2020?
In 2020, the median household income in Silver Spring, Maryland was $88,861.
What is the Gini coefficient in Silver Spring, Maryland?
The Gini coefficient in Silver Spring 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 Silver Spring, Maryland?
Since 2009, the income gap between men and women in Silver Spring, Maryland has widened from about 1% to 2% in 2023. In dollar terms, the gap has widened by $1,360 since 2009.