Wealth Index
Wealthier than 79% 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 | Benzie County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $72,444 | $71,353 | $78,145 |
| Median Personal Income | $54,836 | $60,704 | $61,726 |
| Average income growth | 5.9% | 4.9% | 5.1% |
| Six-Figure Earners | 7.8% | 10.8% | 13.2% |
The median household income in Benzie County is about 2% higher than in Michigan. Income has been growing faster in Benzie County (5.9%/yr) than in Michigan (4.9%/yr).
About 8% of adults in Benzie 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 Benzie County, Michigan grew by 63.4% from 2009 to 2023, reaching $72,444 in 2023. That's an average of about 5.9% per year.
Economic Inequality in Benzie County | Gender Pay Gap | Gini Coefficient
| Metric | Benzie County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.491 | 0.556 | 0.570 |
| Male Median Income | $62,101 | $67,497 | $67,746 |
| Female Median Income | $46,949 | $52,846 | $54,793 |
| Gender Pay Gap | 24.4% | 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 Benzie County, it is 0.491, 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 32% more than women's income in Benzie County, Michigan. Over a 35-year career, a 32% wage gap accumulates to roughly $530,320 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Benzie County, Michigan has widened from about 18% to 24% in 2023. In dollar terms, the gap has widened by $8,258 since 2009.
Employment
| Metric | Benzie County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.1% | 5.8% | 5.2% |
| Working from Home | 10.5% | 12.0% | 13.4% |
| Commute time (minutes) | 22 | 21 | 22 |
Approximately 347 people are unemployed in Benzie County, Michigan.
The average commute time in Benzie County is 22 minutes, longer than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Benzie County, Michigan has fallen from 11.2% to 4.1% in 2023.
Conclusion
Considering all these factors, Benzie County, Michigan has an overall wealth index grade of C, making it somewhat better than Michigan, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Benzie County, Michigan.
How Rich Is Benzie County, Michigan?
Benzie County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $72,444, about 2% higher than the Michigan average of $71,353.
What is the current median household income in Benzie County, Michigan?
As of 2023, the median household income in Benzie County, Michigan is $72,444.
What was the median household income in Benzie County in 2023?
In 2023, the median household income in Benzie County, Michigan was $72,444.
What was the median household income in Benzie County in 2020?
In 2020, the median household income in Benzie County, Michigan was $63,880.
What is the Gini coefficient in Benzie County, Michigan?
The Gini coefficient in Benzie County is 0.491. 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 Benzie County, Michigan?
Since 2009, the income gap between men and women in Benzie County, Michigan has widened from about 18% to 24% in 2023. In dollar terms, the gap has widened by $8,258 since 2009.