Wealth Index
Among the top 5 wealthiest counties in Maine
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 | Knox County | Maine Avg | US Average |
|---|---|---|---|
| Median Household Income | $72,230 | $72,025 | $78,145 |
| Median Personal Income | $56,370 | $59,309 | $61,726 |
| Average income growth | 4.8% | 5.1% | 5.1% |
| Six-Figure Earners | 10.3% | 10.3% | 13.2% |
The median household income in Knox County is about the same as in Maine. Income has been growing slower in Knox County (4.8%/yr) than in Maine (5.1%/yr).
About 10% of adults in Knox County earn six figures ($100,000 or more) a year, about the same as the Maine average of 10%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Knox County, Maine grew by 59.9% from 2009 to 2023, reaching $72,230 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Knox County | Gender Pay Gap | Gini Coefficient
| Metric | Knox County | Maine Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.515 | 0.519 | 0.570 |
| Male Median Income | $61,754 | $64,651 | $67,746 |
| Female Median Income | $50,057 | $53,280 | $54,793 |
| Gender Pay Gap | 18.9% | 17.6% | 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 Knox County, it is 0.515, about the same as Maine's 0.519, 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 23% more than women's income in Knox County, Maine. Over a 35-year career, a 23% wage gap accumulates to roughly $409,395 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Knox County, Maine has narrowed from about 29% to 19% in 2023. In dollar terms, the gap has narrowed by $732 since 2009.
Employment
| Metric | Knox County | Maine Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.9% | 3.9% | 5.2% |
| Working from Home | 14.5% | 14.1% | 13.4% |
| Commute time (minutes) | 16 | 20 | 22 |
Approximately 787 people are unemployed in Knox County, Maine.
The average commute time in Knox County is 16 minutes, shorter than the 20 minutes in Maine.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Knox County, Maine has fallen from 4.9% to 3.9% in 2023.
Conclusion
Considering all these factors, Knox County, Maine has an overall wealth index grade of B, making it somewhat better than Maine, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Knox County, Maine.
How Rich Is Knox County, Maine?
Knox 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 $72,230, close to the Maine average of $72,025.
What is the current median household income in Knox County, Maine?
As of 2023, the median household income in Knox County, Maine is $72,230.
What was the median household income in Knox County in 2023?
In 2023, the median household income in Knox County, Maine was $72,230.
What was the median household income in Knox County in 2020?
In 2020, the median household income in Knox County, Maine was $57,676.
What is the Gini coefficient in Knox County, Maine?
The Gini coefficient in Knox County is 0.515. 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 Knox County, Maine?
Since 2009, the income gap between men and women in Knox County, Maine has narrowed from about 29% to 19% in 2023. In dollar terms, the gap has narrowed by $732 since 2009.