Wealth Index
Among the 5 least wealthy 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 | Somerset County | Maine Avg | US Average |
|---|---|---|---|
| Median Household Income | $55,812 | $72,025 | $78,145 |
| Median Personal Income | $50,231 | $59,309 | $61,726 |
| Average income growth | 4.7% | 5.1% | 5.1% |
| Six-Figure Earners | 5.7% | 10.3% | 13.2% |
The median household income in Somerset County is about 23% lower than in Maine. Income has been growing slower in Somerset County (4.7%/yr) than in Maine (5.1%/yr).
About 6% of adults in Somerset County earn six figures ($100,000 or more) a year, lower than the Maine average of 10%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Somerset County, Maine grew by 53.2% from 2009 to 2023, reaching $55,812 in 2023. That's an average of about 4.7% per year.
Economic Inequality in Somerset County | Gender Pay Gap | Gini Coefficient
| Metric | Somerset County | Maine Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.518 | 0.519 | 0.570 |
| Male Median Income | $56,245 | $64,651 | $67,746 |
| Female Median Income | $43,564 | $53,280 | $54,793 |
| Gender Pay Gap | 22.5% | 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 Somerset County, it is 0.518, 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 29% more than women's income in Somerset County, Maine. Over a 35-year career, a 29% wage gap accumulates to roughly $443,835 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Somerset County, Maine has narrowed from about 27% to 23% in 2023. In dollar terms, the gap has widened by $1,712 since 2009.
Employment
| Metric | Somerset County | Maine Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.9% | 3.9% | 5.2% |
| Working from Home | 10.1% | 14.1% | 13.4% |
| Commute time (minutes) | 22 | 20 | 22 |
Approximately 920 people are unemployed in Somerset County, Maine.
The average commute time in Somerset County is 22 minutes, longer than the 20 minutes in Maine.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Somerset County, Maine has fallen from 8.8% to 3.9% in 2023.
Conclusion
Considering all these factors, Somerset County, Maine has an overall wealth index grade of D, making it somewhat worse than Maine, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Somerset County, Maine.
How Rich Is Somerset County, Maine?
Somerset County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $55,812, about 23% lower than the Maine average of $72,025.
What is the current median household income in Somerset County, Maine?
As of 2023, the median household income in Somerset County, Maine is $55,812.
What was the median household income in Somerset County in 2023?
In 2023, the median household income in Somerset County, Maine was $55,812.
What was the median household income in Somerset County in 2020?
In 2020, the median household income in Somerset County, Maine was $45,389.
What is the Gini coefficient in Somerset County, Maine?
The Gini coefficient in Somerset County is 0.518. 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 Somerset County, Maine?
Since 2009, the income gap between men and women in Somerset County, Maine has narrowed from about 27% to 23% in 2023. In dollar terms, the gap has widened by $1,712 since 2009.