Wealth Index
Less wealthy than 80% 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 | Iosco County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $47,431 | $71,353 | $78,145 |
| Median Personal Income | $45,086 | $60,704 | $61,726 |
| Average income growth | 2.8% | 4.9% | 5.1% |
| Six-Figure Earners | 4.6% | 10.8% | 13.2% |
The median household income in Iosco County is about 34% lower than in Michigan. Income has been growing slower in Iosco County (2.8%/yr) than in Michigan (4.9%/yr).
About 5% of adults in Iosco 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 Iosco County, Michigan grew by 29.8% from 2009 to 2023, reaching $47,431 in 2023. That's an average of about 2.8% per year.
Economic Inequality in Iosco County | Gender Pay Gap | Gini Coefficient
| Metric | Iosco County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.508 | 0.556 | 0.570 |
| Male Median Income | $50,249 | $67,497 | $67,746 |
| Female Median Income | $40,194 | $52,846 | $54,793 |
| Gender Pay Gap | 20.0% | 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 Iosco County, it is 0.508, 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 25% more than women's income in Iosco County, Michigan. Over a 35-year career, a 25% wage gap accumulates to roughly $351,925 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Iosco County, Michigan has narrowed from about 30% to 20% in 2023. In dollar terms, the gap has narrowed by $1,875 since 2009.
Employment
| Metric | Iosco County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.3% | 5.8% | 5.2% |
| Working from Home | 6.5% | 12.0% | 13.4% |
| Commute time (minutes) | 15 | 21 | 22 |
Approximately 732 people are unemployed in Iosco County, Michigan.
The average commute time in Iosco County is 15 minutes, shorter than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Iosco County, Michigan has fallen from 14.9% to 7.3% in 2023.
Conclusion
Considering all these factors, Iosco 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 Iosco County, Michigan.
How Wealthy Is Iosco County, Michigan?
Iosco 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 $47,431, about 34% lower than the Michigan average of $71,353.
What is the current median household income in Iosco County, Michigan?
As of 2023, the median household income in Iosco County, Michigan is $47,431.
What was the median household income in Iosco County in 2023?
In 2023, the median household income in Iosco County, Michigan was $47,431.
What was the median household income in Iosco County in 2020?
In 2020, the median household income in Iosco County, Michigan was $43,237.
What is the Gini coefficient in Iosco County, Michigan?
The Gini coefficient in Iosco County is 0.508. 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 Iosco County, Michigan?
Since 2009, the income gap between men and women in Iosco County, Michigan has narrowed from about 30% to 20% in 2023. In dollar terms, the gap has narrowed by $1,875 since 2009.