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 | Talbot County | Maryland Avg | US Average |
|---|---|---|---|
| Median Household Income | $84,789 | $101,971 | $78,145 |
| Median Personal Income | $66,656 | $75,680 | $61,726 |
| Average income growth | 4.9% | 4.3% | 5.1% |
| Six-Figure Earners | 16.3% | 19.8% | 13.2% |
The median household income in Talbot County is about 17% lower than in Maryland. Income has been growing faster in Talbot County (4.9%/yr) than in Maryland (4.3%/yr).
About 16% of adults in Talbot 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 Talbot County, Maryland grew by 36.3% from 2009 to 2023, reaching $84,789 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Talbot County | Gender Pay Gap | Gini Coefficient
| Metric | Talbot County | Maryland Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.532 | 0.553 | 0.570 |
| Male Median Income | $75,836 | $81,929 | $67,746 |
| Female Median Income | $60,767 | $70,143 | $54,793 |
| Gender Pay Gap | 19.9% | 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 Talbot County, it is 0.532, 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 25% more than women's income in Talbot County, Maryland. Over a 35-year career, a 25% wage gap accumulates to roughly $527,415 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Talbot County, Maryland has narrowed from about 24% to 20% in 2023. In dollar terms, the gap has widened by $2,721 since 2009.
Employment
| Metric | Talbot County | Maryland Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.8% | 4.9% | 5.2% |
| Working from Home | 14.3% | 17.2% | 13.4% |
| Commute time (minutes) | 18 | 28 | 22 |
Approximately 663 people are unemployed in Talbot County, Maryland.
The average commute time in Talbot County is 18 minutes, shorter than the 28 minutes in Maryland.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Talbot County, Maryland has fallen from 6.7% to 3.8% in 2023.
Conclusion
Considering all these factors, Talbot County, Maryland has an overall wealth index grade of B, making it about on par with Maryland, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Talbot County, Maryland.
How Rich Is Talbot County, Maryland?
Talbot County 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 $84,789, about 17% lower than the Maryland average of $101,971.
What is the current median household income in Talbot County, Maryland?
As of 2023, the median household income in Talbot County, Maryland is $84,789.
What was the median household income in Talbot County in 2023?
In 2023, the median household income in Talbot County, Maryland was $84,789.
What was the median household income in Talbot County in 2020?
In 2020, the median household income in Talbot County, Maryland was $73,004.
What is the Gini coefficient in Talbot County, Maryland?
The Gini coefficient in Talbot County is 0.532. 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 Talbot County, Maryland?
Since 2009, the income gap between men and women in Talbot County, Maryland has narrowed from about 24% to 20% in 2023. In dollar terms, the gap has widened by $2,721 since 2009.