Wealth Index
Wealthier 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 | Kent County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $80,993 | $71,353 | $78,145 |
| Median Personal Income | $60,821 | $60,704 | $61,726 |
| Average income growth | 5.7% | 4.9% | 5.1% |
| Six-Figure Earners | 11.1% | 10.8% | 13.2% |
The median household income in Kent County is about 14% higher than in Michigan. Income has been growing faster in Kent County (5.7%/yr) than in Michigan (4.9%/yr).
About 11% of adults in Kent 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 Kent County, Michigan grew by 62.3% from 2009 to 2023, reaching $80,993 in 2023. That's an average of about 5.7% per year.
Economic Inequality in Kent County | Gender Pay Gap | Gini Coefficient
| Metric | Kent County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.534 | 0.556 | 0.570 |
| Male Median Income | $66,296 | $67,497 | $67,746 |
| Female Median Income | $53,718 | $52,846 | $54,793 |
| Gender Pay Gap | 19.0% | 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 Kent 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 23% more than women's income in Kent County, Michigan. Over a 35-year career, a 23% wage gap accumulates to roughly $440,230 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Kent County, Michigan has narrowed from about 24% to 19% in 2023. In dollar terms, the gap has widened by $1,395 since 2009.
Employment
| Metric | Kent County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.2% | 5.8% | 5.2% |
| Working from Home | 12.7% | 12.0% | 13.4% |
| Commute time (minutes) | 18 | 21 | 22 |
Approximately 14,913 people are unemployed in Kent County, Michigan.
The average commute time in Kent County is 18 minutes, shorter than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Kent County, Michigan has fallen from 9.8% to 4.2% in 2023.
Conclusion
Considering all these factors, Kent 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 Kent County, Michigan.
How Rich Is Kent County, Michigan?
Kent 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 $80,993, about 14% higher than the Michigan average of $71,353.
What is the current median household income in Kent County, Michigan?
As of 2023, the median household income in Kent County, Michigan is $80,993.
What was the median household income in Kent County in 2023?
In 2023, the median household income in Kent County, Michigan was $80,993.
What was the median household income in Kent County in 2020?
In 2020, the median household income in Kent County, Michigan was $65,829.
What is the Gini coefficient in Kent County, Michigan?
The Gini coefficient in Kent 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 Kent County, Michigan?
Since 2009, the income gap between men and women in Kent County, Michigan has narrowed from about 24% to 19% in 2023. In dollar terms, the gap has widened by $1,395 since 2009.