Wealth Index
Less wealthy than 89% 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 | Houghton County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $57,053 | $71,353 | $78,145 |
| Median Personal Income | $50,578 | $60,704 | $61,726 |
| Average income growth | 5.5% | 4.9% | 5.1% |
| Six-Figure Earners | 6.8% | 10.8% | 13.2% |
The median household income in Houghton County is about 20% lower than in Michigan. Income has been growing faster in Houghton County (5.5%/yr) than in Michigan (4.9%/yr).
About 7% of adults in Houghton 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 Houghton County, Michigan grew by 78.2% from 2009 to 2023, reaching $57,053 in 2023. That's an average of about 5.5% per year.
Economic Inequality in Houghton County | Gender Pay Gap | Gini Coefficient
| Metric | Houghton County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.590 | 0.556 | 0.570 |
| Male Median Income | $54,344 | $67,497 | $67,746 |
| Female Median Income | $44,185 | $52,846 | $54,793 |
| Gender Pay Gap | 18.7% | 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 Houghton County, it is 0.590, higher than Michigan's 0.556, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 23% more than women's income in Houghton County, Michigan. Over a 35-year career, a 23% wage gap accumulates to roughly $355,565 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Houghton County, Michigan has narrowed from about 29% to 19% in 2023. In dollar terms, the gap has narrowed by $990 since 2009.
Employment
| Metric | Houghton County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.6% | 5.8% | 5.2% |
| Working from Home | 9.7% | 12.0% | 13.4% |
| Commute time (minutes) | 13 | 21 | 22 |
Approximately 1,020 people are unemployed in Houghton County, Michigan.
The average commute time in Houghton County is 13 minutes, shorter than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Houghton County, Michigan has fallen from 8.7% to 5.6% in 2023.
Conclusion
Considering all these factors, Houghton 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 Houghton County, Michigan.
How Rich Is Houghton County, Michigan?
Houghton 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 $57,053, about 20% lower than the Michigan average of $71,353.
What is the current median household income in Houghton County, Michigan?
As of 2023, the median household income in Houghton County, Michigan is $57,053.
What was the median household income in Houghton County in 2023?
In 2023, the median household income in Houghton County, Michigan was $57,053.
What was the median household income in Houghton County in 2020?
In 2020, the median household income in Houghton County, Michigan was $44,853.
What is the Gini coefficient in Houghton County, Michigan?
The Gini coefficient in Houghton County is 0.590. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Houghton County, Michigan?
Since 2009, the income gap between men and women in Houghton County, Michigan has narrowed from about 29% to 19% in 2023. In dollar terms, the gap has narrowed by $990 since 2009.