Wealth Index
Less wealthy than 83% of counties in Michigan
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 | Alcona County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $55,550 | $71,353 | $78,145 |
| Median Personal Income | $53,274 | $60,704 | $61,726 |
| Average income growth | 5.5% | 4.9% | 5.1% |
| Six-Figure Earners | 5.0% | 10.8% | 13.2% |
The median household income in Alcona County is about 22% lower than in Michigan. Income has been growing faster in Alcona County (5.5%/yr) than in Michigan (4.9%/yr).
About 5% of adults in Alcona County earn six figures ($100,000 or more) a year, lower than the Michigan average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Alcona County, Michigan grew by 58.6% from 2009 to 2023, reaching $55,550 in 2023. That's an average of about 5.5% per year.
Economic Inequality in Alcona County | Gender Pay Gap | Gini Coefficient
| Metric | Alcona County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.514 | 0.556 | 0.570 |
| Male Median Income | $59,535 | $67,497 | $67,746 |
| Female Median Income | $45,347 | $52,846 | $54,793 |
| Gender Pay Gap | 23.8% | 21.7% | 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 Alcona County, it is 0.514, lower than Michigan's 0.556, 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 31% more than women's income in Alcona County, Michigan. Over a 35-year career, a 31% wage gap accumulates to roughly $496,580 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Alcona County, Michigan has widened from about 23% to 24% in 2023. In dollar terms, the gap has widened by $6,158 since 2009.
Employment
| Metric | Alcona County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.0% | 5.8% | 5.2% |
| Working from Home | 8.9% | 12.0% | 13.4% |
| Commute time (minutes) | 22 | 21 | 22 |
Approximately 191 people are unemployed in Alcona County, Michigan.
The average commute time in Alcona County is 22 minutes, longer than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Alcona County, Michigan has fallen from 15.5% to 5.0% in 2023.
Conclusion
Considering all these factors, Alcona County, Michigan has an overall wealth index grade of D, making it somewhat worse than Michigan, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Alcona County, Michigan.
How Wealthy Is Alcona County, Michigan?
Alcona 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 $55,550, about 22% lower than the Michigan average of $71,353.
What is the current median household income in Alcona County, Michigan?
As of 2023, the median household income in Alcona County, Michigan is $55,550.
What was the median household income in Alcona County in 2023?
In 2023, the median household income in Alcona County, Michigan was $55,550.
What was the median household income in Alcona County in 2020?
In 2020, the median household income in Alcona County, Michigan was $43,284.
What is the Gini coefficient in Alcona County, Michigan?
The Gini coefficient in Alcona County is 0.514. 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 Alcona County, Michigan?
Since 2009, the income gap between men and women in Alcona County, Michigan has widened from about 23% to 24% in 2023. In dollar terms, the gap has widened by $6,158 since 2009.