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 | Hillsdale County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $60,768 | $71,353 | $78,145 |
| Median Personal Income | $49,835 | $60,704 | $61,726 |
| Average income growth | 4.6% | 4.9% | 5.1% |
| Six-Figure Earners | 6.0% | 10.8% | 13.2% |
The median household income in Hillsdale County is about 15% lower than in Michigan. Income has been growing slower in Hillsdale County (4.6%/yr) than in Michigan (4.9%/yr).
About 6% of adults in Hillsdale 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 Hillsdale County, Michigan grew by 41.9% from 2009 to 2023, reaching $60,768 in 2023. That's an average of about 4.6% per year.
Economic Inequality in Hillsdale County | Gender Pay Gap | Gini Coefficient
| Metric | Hillsdale County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.534 | 0.556 | 0.570 |
| Male Median Income | $57,710 | $67,497 | $67,746 |
| Female Median Income | $42,467 | $52,846 | $54,793 |
| Gender Pay Gap | 26.4% | 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 Hillsdale County, it is 0.534, 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 36% more than women's income in Hillsdale County, Michigan. Over a 35-year career, a 36% wage gap accumulates to roughly $533,505 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Hillsdale County, Michigan has narrowed from about 27% to 26% in 2023. In dollar terms, the gap has widened by $4,376 since 2009.
Employment
| Metric | Hillsdale County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.5% | 5.8% | 5.2% |
| Working from Home | 7.9% | 12.0% | 13.4% |
| Commute time (minutes) | 20 | 21 | 22 |
Approximately 947 people are unemployed in Hillsdale County, Michigan.
The average commute time in Hillsdale County is 20 minutes, shorter than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hillsdale County, Michigan has fallen from 12.7% to 4.5% in 2023.
Conclusion
Considering all these factors, Hillsdale 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 Hillsdale County, Michigan.
How Rich Is Hillsdale County, Michigan?
Hillsdale 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 $60,768, about 15% lower than the Michigan average of $71,353.
What is the current median household income in Hillsdale County, Michigan?
As of 2023, the median household income in Hillsdale County, Michigan is $60,768.
What was the median household income in Hillsdale County in 2023?
In 2023, the median household income in Hillsdale County, Michigan was $60,768.
What was the median household income in Hillsdale County in 2020?
In 2020, the median household income in Hillsdale County, Michigan was $51,547.
What is the Gini coefficient in Hillsdale County, Michigan?
The Gini coefficient in Hillsdale County is 0.534. 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 Hillsdale County, Michigan?
Since 2009, the income gap between men and women in Hillsdale County, Michigan has narrowed from about 27% to 26% in 2023. In dollar terms, the gap has widened by $4,376 since 2009.