Wealth Index
Among the 3 least wealthy 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 | Lake County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $49,694 | $71,353 | $78,145 |
| Median Personal Income | $47,656 | $60,704 | $61,726 |
| Average income growth | 7.0% | 4.9% | 5.1% |
| Six-Figure Earners | 4.0% | 10.8% | 13.2% |
The median household income in Lake County is about 30% lower than in Michigan. Income has been growing faster in Lake County (7.0%/yr) than in Michigan (4.9%/yr).
About 4% of adults in Lake 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 Lake County, Michigan grew by 62.5% from 2009 to 2023, reaching $49,694 in 2023. That's an average of about 7.0% per year.
Economic Inequality in Lake County | Gender Pay Gap | Gini Coefficient
| Metric | Lake County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.536 | 0.556 | 0.570 |
| Male Median Income | $49,290 | $67,497 | $67,746 |
| Female Median Income | $45,402 | $52,846 | $54,793 |
| Gender Pay Gap | 7.9% | 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 Lake County, it is 0.536, 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 9% more than women's income in Lake County, Michigan. Over a 35-year career, a 9% wage gap accumulates to roughly $136,080 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lake County, Michigan has narrowed from about 25% to 8% in 2023. In dollar terms, the gap has narrowed by $5,693 since 2009.
Employment
| Metric | Lake County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.6% | 5.8% | 5.2% |
| Working from Home | 7.3% | 12.0% | 13.4% |
| Commute time (minutes) | 27 | 21 | 22 |
Approximately 346 people are unemployed in Lake County, Michigan.
The average commute time in Lake County is 27 minutes, longer than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lake County, Michigan has fallen from 14.8% to 7.6% in 2023.
Conclusion
Considering all these factors, Lake 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 Lake County, Michigan.
How Rich Is Lake County, Michigan?
Lake 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 $49,694, about 30% lower than the Michigan average of $71,353.
What is the current median household income in Lake County, Michigan?
As of 2023, the median household income in Lake County, Michigan is $49,694.
What was the median household income in Lake County in 2023?
In 2023, the median household income in Lake County, Michigan was $49,694.
What was the median household income in Lake County in 2020?
In 2020, the median household income in Lake County, Michigan was $38,267.
What is the Gini coefficient in Lake County, Michigan?
The Gini coefficient in Lake County is 0.536. 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 Lake County, Michigan?
Since 2009, the income gap between men and women in Lake County, Michigan has narrowed from about 25% to 8% in 2023. In dollar terms, the gap has narrowed by $5,693 since 2009.