Wealth Index
Wealthier than 93% 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 | Grand Traverse County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $79,939 | $71,353 | $78,145 |
| Median Personal Income | $57,367 | $60,704 | $61,726 |
| Average income growth | 5.1% | 4.9% | 5.1% |
| Six-Figure Earners | 10.5% | 10.8% | 13.2% |
The median household income in Grand Traverse County is about 12% higher than in Michigan. Income has been growing faster in Grand Traverse County (5.1%/yr) than in Michigan (4.9%/yr).
About 11% of adults in Grand Traverse County earn six figures ($100,000 or more) a year, about the same as the Michigan average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Grand Traverse County, Michigan grew by 57.3% from 2009 to 2023, reaching $79,939 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Grand Traverse County | Gender Pay Gap | Gini Coefficient
| Metric | Grand Traverse County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.524 | 0.556 | 0.570 |
| Male Median Income | $61,765 | $67,497 | $67,746 |
| Female Median Income | $52,503 | $52,846 | $54,793 |
| Gender Pay Gap | 15.0% | 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 Grand Traverse County, it is 0.524, 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 18% more than women's income in Grand Traverse County, Michigan. Over a 35-year career, a 18% wage gap accumulates to roughly $324,170 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Grand Traverse County, Michigan has narrowed from about 26% to 15% in 2023. In dollar terms, the gap has narrowed by $2,189 since 2009.
Employment
| Metric | Grand Traverse County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.6% | 5.8% | 5.2% |
| Working from Home | 13.7% | 12.0% | 13.4% |
| Commute time (minutes) | 18 | 21 | 22 |
Approximately 1,828 people are unemployed in Grand Traverse County, Michigan.
The average commute time in Grand Traverse County is 18 minutes, shorter than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Grand Traverse County, Michigan has fallen from 8.7% to 3.6% in 2023.
Conclusion
Considering all these factors, Grand Traverse 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 Grand Traverse County, Michigan.
How Rich Is Grand Traverse County, Michigan?
Grand Traverse 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 $79,939, about 12% higher than the Michigan average of $71,353.
What is the current median household income in Grand Traverse County, Michigan?
As of 2023, the median household income in Grand Traverse County, Michigan is $79,939.
What was the median household income in Grand Traverse County in 2023?
In 2023, the median household income in Grand Traverse County, Michigan was $79,939.
What was the median household income in Grand Traverse County in 2020?
In 2020, the median household income in Grand Traverse County, Michigan was $66,440.
What is the Gini coefficient in Grand Traverse County, Michigan?
The Gini coefficient in Grand Traverse County is 0.524. 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 Grand Traverse County, Michigan?
Since 2009, the income gap between men and women in Grand Traverse County, Michigan has narrowed from about 26% to 15% in 2023. In dollar terms, the gap has narrowed by $2,189 since 2009.