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 | Cheboygan County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $61,782 | $71,353 | $78,145 |
| Median Personal Income | $48,365 | $60,704 | $61,726 |
| Average income growth | 6.0% | 4.9% | 5.1% |
| Six-Figure Earners | 6.2% | 10.8% | 13.2% |
The median household income in Cheboygan County is about 13% lower than in Michigan. Income has been growing faster in Cheboygan County (6.0%/yr) than in Michigan (4.9%/yr).
About 6% of adults in Cheboygan 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 Cheboygan County, Michigan grew by 61.9% from 2009 to 2023, reaching $61,782 in 2023. That's an average of about 6.0% per year.
Economic Inequality in Cheboygan County | Gender Pay Gap | Gini Coefficient
| Metric | Cheboygan County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.512 | 0.556 | 0.570 |
| Male Median Income | $54,635 | $67,497 | $67,746 |
| Female Median Income | $43,706 | $52,846 | $54,793 |
| Gender Pay Gap | 20.0% | 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 Cheboygan County, it is 0.512, 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 25% more than women's income in Cheboygan County, Michigan. Over a 35-year career, a 25% wage gap accumulates to roughly $382,515 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Cheboygan County, Michigan has narrowed from about 21% to 20% in 2023. In dollar terms, the gap has widened by $3,265 since 2009.
Employment
| Metric | Cheboygan County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.0% | 5.8% | 5.2% |
| Working from Home | 9.8% | 12.0% | 13.4% |
| Commute time (minutes) | 21 | 21 | 22 |
Approximately 797 people are unemployed in Cheboygan County, Michigan.
The average commute time in Cheboygan County is 21 minutes, about the same as in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Cheboygan County, Michigan has fallen from 18.1% to 7.0% in 2023.
Conclusion
Considering all these factors, Cheboygan County, Michigan has an overall wealth index grade of D, making it about on par with Michigan, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Cheboygan County, Michigan.
How Rich Is Cheboygan County, Michigan?
Cheboygan 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 $61,782, about 13% lower than the Michigan average of $71,353.
What is the current median household income in Cheboygan County, Michigan?
As of 2023, the median household income in Cheboygan County, Michigan is $61,782.
What was the median household income in Cheboygan County in 2023?
In 2023, the median household income in Cheboygan County, Michigan was $61,782.
What was the median household income in Cheboygan County in 2020?
In 2020, the median household income in Cheboygan County, Michigan was $49,552.
What is the Gini coefficient in Cheboygan County, Michigan?
The Gini coefficient in Cheboygan County is 0.512. 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 Cheboygan County, Michigan?
Since 2009, the income gap between men and women in Cheboygan County, Michigan has narrowed from about 21% to 20% in 2023. In dollar terms, the gap has widened by $3,265 since 2009.