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 | Garden City | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $65,817 | $71,353 | $78,145 |
| Median Personal Income | $55,112 | $60,704 | $61,726 |
| Average income growth | 3.2% | 4.9% | 5.1% |
| Six-Figure Earners | 5.9% | 10.8% | 13.2% |
The median household income in Garden City is about 8% lower than in Michigan. Income has been growing slower in Garden City (3.2%/yr) than in Michigan (4.9%/yr).
About 6% of adults in Garden City 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 Garden City, Michigan grew by 19.5% from 2009 to 2023, reaching $65,817 in 2023. That's an average of about 3.2% per year.
Economic Inequality in Garden City | Gender Pay Gap | Gini Coefficient
| Metric | Garden City | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.500 | 0.556 | 0.570 |
| Male Median Income | $60,959 | $67,497 | $67,746 |
| Female Median Income | $45,366 | $52,846 | $54,793 |
| Gender Pay Gap | 25.6% | 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 Garden City, it is 0.500, 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 34% more than women's income in Garden City, Michigan. Over a 35-year career, a 34% wage gap accumulates to roughly $545,755 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Garden City, Michigan has widened from about 19% to 26% in 2023. In dollar terms, the gap has widened by $6,265 since 2009.
Employment
| Metric | Garden City | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.9% | 5.8% | 5.2% |
| Working from Home | 7.8% | 12.0% | 13.4% |
| Commute time (minutes) | 23 | 21 | 22 |
Approximately 1,115 people are unemployed in Garden City, Michigan.
The average commute time in Garden City is 23 minutes, longer than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Garden City, Michigan has fallen from 12.5% to 7.9% in 2023.
Conclusion
Considering all these factors, Garden City, 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 Garden City, Michigan.
How Rich Is Garden City, Michigan?
Garden City 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 $65,817, about 8% lower than the Michigan average of $71,353.
What is the current median household income in Garden City, Michigan?
As of 2023, the median household income in Garden City, Michigan is $65,817.
What was the median household income in Garden City in 2023?
In 2023, the median household income in Garden City, Michigan was $65,817.
What was the median household income in Garden City in 2020?
In 2020, the median household income in Garden City, Michigan was $58,350.
What is the Gini coefficient in Garden City, Michigan?
The Gini coefficient in Garden City is 0.500. 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 Garden City, Michigan?
Since 2009, the income gap between men and women in Garden City, Michigan has widened from about 19% to 26% in 2023. In dollar terms, the gap has widened by $6,265 since 2009.