Wealth Index
Wealthier 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 | Lapeer County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $76,910 | $71,353 | $78,145 |
| Median Personal Income | $60,624 | $60,704 | $61,726 |
| Average income growth | 4.8% | 4.9% | 5.1% |
| Six-Figure Earners | 9.8% | 10.8% | 13.2% |
The median household income in Lapeer County is about 8% higher than in Michigan. Income has been growing slower in Lapeer County (4.8%/yr) than in Michigan (4.9%/yr).
About 10% of adults in Lapeer 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 Lapeer County, Michigan grew by 36.9% from 2009 to 2023, reaching $76,910 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Lapeer County | Gender Pay Gap | Gini Coefficient
| Metric | Lapeer County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.550 | 0.556 | 0.570 |
| Male Median Income | $70,359 | $67,497 | $67,746 |
| Female Median Income | $47,755 | $52,846 | $54,793 |
| Gender Pay Gap | 32.1% | 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 Lapeer County, it is 0.550, 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 47% more than women's income in Lapeer County, Michigan. Over a 35-year career, a 47% wage gap accumulates to roughly $791,140 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lapeer County, Michigan has narrowed from about 35% to 32% in 2023. In dollar terms, the gap has widened by $3,886 since 2009.
Employment
| Metric | Lapeer County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.1% | 5.8% | 5.2% |
| Working from Home | 7.8% | 12.0% | 13.4% |
| Commute time (minutes) | 31 | 21 | 22 |
Approximately 2,210 people are unemployed in Lapeer County, Michigan.
The average commute time in Lapeer County is 31 minutes, longer than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lapeer County, Michigan has fallen from 12.6% to 5.1% in 2023.
Conclusion
Considering all these factors, Lapeer County, Michigan has an overall wealth index grade of C, making it somewhat better than Michigan, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lapeer County, Michigan.
How Rich Is Lapeer County, Michigan?
Lapeer 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 $76,910, about 8% higher than the Michigan average of $71,353.
What is the current median household income in Lapeer County, Michigan?
As of 2023, the median household income in Lapeer County, Michigan is $76,910.
What was the median household income in Lapeer County in 2023?
In 2023, the median household income in Lapeer County, Michigan was $76,910.
What was the median household income in Lapeer County in 2020?
In 2020, the median household income in Lapeer County, Michigan was $64,837.
What is the Gini coefficient in Lapeer County, Michigan?
The Gini coefficient in Lapeer County is 0.550. 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 Lapeer County, Michigan?
Since 2009, the income gap between men and women in Lapeer County, Michigan has narrowed from about 35% to 32% in 2023. In dollar terms, the gap has widened by $3,886 since 2009.