Wealth Index
Less wealthy than 74% 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 | Arenac County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $56,419 | $71,353 | $78,145 |
| Median Personal Income | $48,741 | $60,704 | $61,726 |
| Average income growth | 5.4% | 4.9% | 5.1% |
| Six-Figure Earners | 4.6% | 10.8% | 13.2% |
The median household income in Arenac County is about 21% lower than in Michigan. Income has been growing faster in Arenac County (5.4%/yr) than in Michigan (4.9%/yr).
About 5% of adults in Arenac 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 Arenac County, Michigan grew by 55.7% from 2009 to 2023, reaching $56,419 in 2023. That's an average of about 5.4% per year.
Economic Inequality in Arenac County | Gender Pay Gap | Gini Coefficient
| Metric | Arenac County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.514 | 0.556 | 0.570 |
| Male Median Income | $53,238 | $67,497 | $67,746 |
| Female Median Income | $43,002 | $52,846 | $54,793 |
| Gender Pay Gap | 19.2% | 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 Arenac 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 24% more than women's income in Arenac County, Michigan. Over a 35-year career, a 24% wage gap accumulates to roughly $358,260 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Arenac County, Michigan has narrowed from about 23% to 19% in 2023. In dollar terms, the gap has widened by $1,486 since 2009.
Employment
| Metric | Arenac County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.3% | 5.8% | 5.2% |
| Working from Home | 6.9% | 12.0% | 13.4% |
| Commute time (minutes) | 21 | 21 | 22 |
Approximately 419 people are unemployed in Arenac County, Michigan.
The average commute time in Arenac County is 21 minutes, about the same as in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Arenac County, Michigan has fallen from 13.2% to 6.3% in 2023.
Conclusion
Considering all these factors, Arenac 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 Arenac County, Michigan.
How Wealthy Is Arenac County, Michigan?
Arenac 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 $56,419, about 21% lower than the Michigan average of $71,353.
What is the current median household income in Arenac County, Michigan?
As of 2023, the median household income in Arenac County, Michigan is $56,419.
What was the median household income in Arenac County in 2023?
In 2023, the median household income in Arenac County, Michigan was $56,419.
What was the median household income in Arenac County in 2020?
In 2020, the median household income in Arenac County, Michigan was $45,572.
What is the Gini coefficient in Arenac County, Michigan?
The Gini coefficient in Arenac 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 Arenac County, Michigan?
Since 2009, the income gap between men and women in Arenac County, Michigan has narrowed from about 23% to 19% in 2023. In dollar terms, the gap has widened by $1,486 since 2009.