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 | Farmington Hills | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $101,585 | $71,353 | $78,145 |
| Median Personal Income | $84,336 | $60,704 | $61,726 |
| Average income growth | 5.1% | 4.9% | 5.1% |
| Six-Figure Earners | 20.8% | 10.8% | 13.2% |
The median household income in Farmington Hills is about 42% higher than in Michigan. Income has been growing faster in Farmington Hills (5.1%/yr) than in Michigan (4.9%/yr).
About 21% of adults in Farmington Hills 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 Farmington Hills, Michigan grew by 41.3% from 2009 to 2023, reaching $101,585 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Farmington Hills | Gender Pay Gap | Gini Coefficient
| Metric | Farmington Hills | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.537 | 0.556 | 0.570 |
| Male Median Income | $98,292 | $67,497 | $67,746 |
| Female Median Income | $67,413 | $52,846 | $54,793 |
| Gender Pay Gap | 31.4% | 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 Farmington Hills, it is 0.537, 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 46% more than women's income in Farmington Hills, Michigan. Over a 35-year career, a 46% wage gap accumulates to roughly $1,080,765 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Farmington Hills, Michigan has narrowed from about 33% to 31% in 2023. In dollar terms, the gap has widened by $6,259 since 2009.
Employment
| Metric | Farmington Hills | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.0% | 5.8% | 5.2% |
| Working from Home | 20.2% | 12.0% | 13.4% |
| Commute time (minutes) | 23 | 21 | 22 |
Approximately 2,342 people are unemployed in Farmington Hills, Michigan.
The average commute time in Farmington Hills is 23 minutes, longer than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Farmington Hills, Michigan has fallen from 6.7% to 5.0% in 2023.
Conclusion
Considering all these factors, Farmington Hills, 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 Farmington Hills, Michigan.
How Rich Is Farmington Hills, Michigan?
Farmington Hills 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 $101,585, about 42% higher than the Michigan average of $71,353.
What is the current median household income in Farmington Hills, Michigan?
As of 2023, the median household income in Farmington Hills, Michigan is $101,585.
What was the median household income in Farmington Hills in 2023?
In 2023, the median household income in Farmington Hills, Michigan was $101,585.
What was the median household income in Farmington Hills in 2020?
In 2020, the median household income in Farmington Hills, Michigan was $85,468.
What is the Gini coefficient in Farmington Hills, Michigan?
The Gini coefficient in Farmington Hills is 0.537. 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 Farmington Hills, Michigan?
Since 2009, the income gap between men and women in Farmington Hills, Michigan has narrowed from about 33% to 31% in 2023. In dollar terms, the gap has widened by $6,259 since 2009.