Wealth Index
Wealthier than 82% 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 | Charlevoix County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $76,866 | $71,353 | $78,145 |
| Median Personal Income | $57,459 | $60,704 | $61,726 |
| Average income growth | 6.8% | 4.9% | 5.1% |
| Six-Figure Earners | 11.7% | 10.8% | 13.2% |
The median household income in Charlevoix County is about 8% higher than in Michigan. Income has been growing faster in Charlevoix County (6.8%/yr) than in Michigan (4.9%/yr).
About 12% of adults in Charlevoix County earn six figures ($100,000 or more) a year, higher than the Michigan average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Charlevoix County, Michigan grew by 58.7% from 2009 to 2023, reaching $76,866 in 2023. That's an average of about 6.8% per year.
Economic Inequality in Charlevoix County | Gender Pay Gap | Gini Coefficient
| Metric | Charlevoix County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.506 | 0.556 | 0.570 |
| Male Median Income | $66,818 | $67,497 | $67,746 |
| Female Median Income | $46,754 | $52,846 | $54,793 |
| Gender Pay Gap | 30.0% | 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 Charlevoix County, it is 0.506, 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 43% more than women's income in Charlevoix County, Michigan. Over a 35-year career, a 43% wage gap accumulates to roughly $702,240 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Charlevoix County, Michigan has widened from about 25% to 30% in 2023. In dollar terms, the gap has widened by $8,960 since 2009.
Employment
| Metric | Charlevoix County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.8% | 5.8% | 5.2% |
| Working from Home | 10.9% | 12.0% | 13.4% |
| Commute time (minutes) | 18 | 21 | 22 |
Approximately 492 people are unemployed in Charlevoix County, Michigan.
The average commute time in Charlevoix County is 18 minutes, shorter than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Charlevoix County, Michigan has fallen from 9.5% to 3.8% in 2023.
Conclusion
Considering all these factors, Charlevoix County, 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 Charlevoix County, Michigan.
How Rich Is Charlevoix County, Michigan?
Charlevoix County 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 $76,866, about 8% higher than the Michigan average of $71,353.
What is the current median household income in Charlevoix County, Michigan?
As of 2023, the median household income in Charlevoix County, Michigan is $76,866.
What was the median household income in Charlevoix County in 2023?
In 2023, the median household income in Charlevoix County, Michigan was $76,866.
What was the median household income in Charlevoix County in 2020?
In 2020, the median household income in Charlevoix County, Michigan was $60,531.
What is the Gini coefficient in Charlevoix County, Michigan?
The Gini coefficient in Charlevoix County is 0.506. 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 Charlevoix County, Michigan?
Since 2009, the income gap between men and women in Charlevoix County, Michigan has widened from about 25% to 30% in 2023. In dollar terms, the gap has widened by $8,960 since 2009.