Wealth Index
Wealthier than 72% 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 | Keweenaw County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $54,888 | $71,353 | $78,145 |
| Median Personal Income | $48,975 | $60,704 | $61,726 |
| Average income growth | 4.2% | 4.9% | 5.1% |
| Six-Figure Earners | 10.1% | 10.8% | 13.2% |
The median household income in Keweenaw County is about 23% lower than in Michigan. Income has been growing slower in Keweenaw County (4.2%/yr) than in Michigan (4.9%/yr).
About 10% of adults in Keweenaw 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 Keweenaw County, Michigan grew by 52.2% from 2009 to 2023, reaching $54,888 in 2023. That's an average of about 4.2% per year.
Economic Inequality in Keweenaw County | Gender Pay Gap | Gini Coefficient
| Metric | Keweenaw County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.483 | 0.556 | 0.570 |
| Male Median Income | $48,124 | $67,497 | $67,746 |
| Female Median Income | $51,249 | $52,846 | $54,793 |
| Gender Pay Gap | -6.5% | 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 Keweenaw County, it is 0.483, 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.
Women's income is about 6% more than men's income in Keweenaw County, Michigan. Over a 35-year career, a 6% wage gap accumulates to roughly $109,375 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Keweenaw County, Michigan has narrowed from about 23% to -6% in 2023. In dollar terms, the gap has narrowed by $11,156 since 2009.
Employment
| Metric | Keweenaw County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.8% | 5.8% | 5.2% |
| Working from Home | 16.9% | 12.0% | 13.4% |
| Commute time (minutes) | 18 | 21 | 22 |
Approximately 40 people are unemployed in Keweenaw County, Michigan.
The average commute time in Keweenaw County is 18 minutes, shorter than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Keweenaw County, Michigan has fallen from 8.3% to 4.8% in 2023.
Conclusion
Considering all these factors, Keweenaw County, Michigan has an overall wealth index grade of C, making it about on par with Michigan, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Keweenaw County, Michigan.
How Rich Is Keweenaw County, Michigan?
Keweenaw County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $54,888, about 23% lower than the Michigan average of $71,353.
What is the current median household income in Keweenaw County, Michigan?
As of 2023, the median household income in Keweenaw County, Michigan is $54,888.
What was the median household income in Keweenaw County in 2023?
In 2023, the median household income in Keweenaw County, Michigan was $54,888.
What was the median household income in Keweenaw County in 2020?
In 2020, the median household income in Keweenaw County, Michigan was $53,141.
What is the Gini coefficient in Keweenaw County, Michigan?
The Gini coefficient in Keweenaw County is 0.483. 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 Keweenaw County, Michigan?
Since 2009, the income gap between men and women in Keweenaw County, Michigan has narrowed from about 23% to -6% in 2023. In dollar terms, the gap has narrowed by $11,156 since 2009.