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 | Allen Park | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $81,204 | $71,353 | $78,145 |
| Median Personal Income | $68,431 | $60,704 | $61,726 |
| Average income growth | 3.0% | 4.9% | 5.1% |
| Six-Figure Earners | 10.6% | 10.8% | 13.2% |
The median household income in Allen Park is about 14% higher than in Michigan. Income has been growing slower in Allen Park (3.0%/yr) than in Michigan (4.9%/yr).
About 11% of adults in Allen Park earn six figures ($100,000 or more) a year, about the same as the Michigan average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Allen Park, Michigan grew by 44.1% from 2009 to 2023, reaching $81,204 in 2023. That's an average of about 3.0% per year.
Economic Inequality in Allen Park | Gender Pay Gap | Gini Coefficient
| Metric | Allen Park | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.509 | 0.556 | 0.570 |
| Male Median Income | $74,006 | $67,497 | $67,746 |
| Female Median Income | $61,006 | $52,846 | $54,793 |
| Gender Pay Gap | 17.6% | 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 Allen Park, it is 0.509, 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 21% more than women's income in Allen Park, Michigan. Over a 35-year career, a 21% wage gap accumulates to roughly $455,000 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Allen Park, Michigan has narrowed from about 23% to 18% in 2023. In dollar terms, the gap has widened by $37 since 2009.
Employment
| Metric | Allen Park | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.9% | 5.8% | 5.2% |
| Working from Home | 9.9% | 12.0% | 13.4% |
| Commute time (minutes) | 21 | 21 | 22 |
Approximately 746 people are unemployed in Allen Park, Michigan.
The average commute time in Allen Park is 21 minutes, about the same as in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Allen Park, Michigan has fallen from 12.9% to 4.9% in 2023.
Conclusion
Considering all these factors, Allen Park, Michigan has an overall wealth index grade of B, making it somewhat better than Michigan, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Allen Park, Michigan.
How Wealthy Is Allen Park, Michigan?
Allen Park 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 $81,204, about 14% higher than the Michigan average of $71,353.
What is the current median household income in Allen Park, Michigan?
As of 2023, the median household income in Allen Park, Michigan is $81,204.
What was the median household income in Allen Park in 2023?
In 2023, the median household income in Allen Park, Michigan was $81,204.
What was the median household income in Allen Park in 2020?
In 2020, the median household income in Allen Park, Michigan was $69,832.
What is the Gini coefficient in Allen Park, Michigan?
The Gini coefficient in Allen Park is 0.509. 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 Allen Park, Michigan?
Since 2009, the income gap between men and women in Allen Park, Michigan has narrowed from about 23% to 18% in 2023. In dollar terms, the gap has widened by $37 since 2009.