Wealth Index
Least wealthy 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 | Somerset County | Maryland Avg | US Average |
|---|---|---|---|
| Median Household Income | $53,904 | $101,971 | $78,145 |
| Median Personal Income | $45,588 | $75,680 | $61,726 |
| Average income growth | 6.2% | 4.3% | 5.1% |
| Six-Figure Earners | 5.2% | 19.8% | 13.2% |
The median household income in Somerset County is about 47% lower than in Maryland. Income has been growing faster in Somerset County (6.2%/yr) than in Maryland (4.3%/yr).
About 5% of adults in Somerset 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 Somerset County, Maryland grew by 30.7% from 2009 to 2023, reaching $53,904 in 2023. That's an average of about 6.2% per year.
Economic Inequality in Somerset County | Gender Pay Gap | Gini Coefficient
| Metric | Somerset County | Maryland Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.636 | 0.553 | 0.570 |
| Male Median Income | $53,316 | $81,929 | $67,746 |
| Female Median Income | $42,322 | $70,143 | $54,793 |
| Gender Pay Gap | 20.6% | 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 Somerset County, it is 0.636, higher than Maryland's 0.553, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 26% more than women's income in Somerset County, Maryland. Over a 35-year career, a 26% wage gap accumulates to roughly $384,790 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Somerset County, Maryland has stayed about the same since 2009, at around 21%. In dollar terms, the gap has widened by $2,436 since 2009.
Employment
| Metric | Somerset County | Maryland Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.7% | 4.9% | 5.2% |
| Working from Home | 8.8% | 17.2% | 13.4% |
| Commute time (minutes) | 20 | 28 | 22 |
Approximately 561 people are unemployed in Somerset County, Maryland.
The average commute time in Somerset County is 20 minutes, shorter than the 28 minutes in Maryland.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Somerset County, Maryland has fallen from 7.8% to 5.7% in 2023.
Conclusion
Considering all these factors, Somerset County, Maryland has an overall wealth index grade of F, making it worse than Maryland, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Somerset County, Maryland.
How Rich Is Somerset County, Maryland?
Somerset County has a wealth index grade of F. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an F grade means residents are well below the U.S. average. The median household income is $53,904, about 47% lower than the Maryland average of $101,971.
What is the current median household income in Somerset County, Maryland?
As of 2023, the median household income in Somerset County, Maryland is $53,904.
What was the median household income in Somerset County in 2023?
In 2023, the median household income in Somerset County, Maryland was $53,904.
What was the median household income in Somerset County in 2020?
In 2020, the median household income in Somerset County, Maryland was $44,971.
What is the Gini coefficient in Somerset County, Maryland?
The Gini coefficient in Somerset County is 0.636. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Somerset County, Maryland?
The income gap between men and women in Somerset County, Maryland has stayed about the same since 2009, at around 21%. In dollar terms, the gap has widened by $2,436 since 2009.