Wealth Index
Less wealthy than 87% 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 | Gogebic County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $49,737 | $71,353 | $78,145 |
| Median Personal Income | $53,743 | $60,704 | $61,726 |
| Average income growth | 4.8% | 4.9% | 5.1% |
| Six-Figure Earners | 6.1% | 10.8% | 13.2% |
The median household income in Gogebic County is about 30% lower than in Michigan. Income has been growing slower in Gogebic County (4.8%/yr) than in Michigan (4.9%/yr).
About 6% of adults in Gogebic 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 Gogebic County, Michigan grew by 53.2% from 2009 to 2023, reaching $49,737 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Gogebic County | Gender Pay Gap | Gini Coefficient
| Metric | Gogebic County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.540 | 0.556 | 0.570 |
| Male Median Income | $65,124 | $67,497 | $67,746 |
| Female Median Income | $45,970 | $52,846 | $54,793 |
| Gender Pay Gap | 29.4% | 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 Gogebic County, it is 0.540, 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 42% more than women's income in Gogebic County, Michigan. Over a 35-year career, a 42% wage gap accumulates to roughly $670,390 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Gogebic County, Michigan has widened from about 23% to 29% in 2023. In dollar terms, the gap has widened by $10,629 since 2009.
Employment
| Metric | Gogebic County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.9% | 5.8% | 5.2% |
| Working from Home | 6.9% | 12.0% | 13.4% |
| Commute time (minutes) | 13 | 21 | 22 |
Approximately 437 people are unemployed in Gogebic County, Michigan.
The average commute time in Gogebic County is 13 minutes, shorter than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Gogebic County, Michigan has fallen from 9.4% to 6.9% in 2023.
Conclusion
Considering all these factors, Gogebic County, Michigan has an overall wealth index grade of D, making it somewhat worse than Michigan, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Gogebic County, Michigan.
How Rich Is Gogebic County, Michigan?
Gogebic 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 $49,737, about 30% lower than the Michigan average of $71,353.
What is the current median household income in Gogebic County, Michigan?
As of 2023, the median household income in Gogebic County, Michigan is $49,737.
What was the median household income in Gogebic County in 2023?
In 2023, the median household income in Gogebic County, Michigan was $49,737.
What was the median household income in Gogebic County in 2020?
In 2020, the median household income in Gogebic County, Michigan was $38,834.
What is the Gini coefficient in Gogebic County, Michigan?
The Gini coefficient in Gogebic County is 0.540. 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 Gogebic County, Michigan?
Since 2009, the income gap between men and women in Gogebic County, Michigan has widened from about 23% to 29% in 2023. In dollar terms, the gap has widened by $10,629 since 2009.