Wealth Index
Wealthier than 94% 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 | Leelanau County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $93,500 | $71,353 | $78,145 |
| Median Personal Income | $62,861 | $60,704 | $61,726 |
| Average income growth | 6.8% | 4.9% | 5.1% |
| Six-Figure Earners | 15.4% | 10.8% | 13.2% |
The median household income in Leelanau County is about 31% higher than in Michigan. Income has been growing faster in Leelanau County (6.8%/yr) than in Michigan (4.9%/yr).
About 15% of adults in Leelanau County earn six figures ($100,000 or more) a year, higher than the Michigan average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Leelanau County, Michigan grew by 64.6% from 2009 to 2023, reaching $93,500 in 2023. That's an average of about 6.8% per year.
Economic Inequality in Leelanau County | Gender Pay Gap | Gini Coefficient
| Metric | Leelanau County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.517 | 0.556 | 0.570 |
| Male Median Income | $65,658 | $67,497 | $67,746 |
| Female Median Income | $58,963 | $52,846 | $54,793 |
| Gender Pay Gap | 10.2% | 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 Leelanau County, it is 0.517, 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 11% more than women's income in Leelanau County, Michigan. Over a 35-year career, a 11% wage gap accumulates to roughly $234,325 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Leelanau County, Michigan has narrowed from about 24% to 10% in 2023. In dollar terms, the gap has narrowed by $4,477 since 2009.
Employment
| Metric | Leelanau County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.9% | 5.8% | 5.2% |
| Working from Home | 15.1% | 12.0% | 13.4% |
| Commute time (minutes) | 21 | 21 | 22 |
Approximately 398 people are unemployed in Leelanau County, Michigan.
The average commute time in Leelanau County is 21 minutes, about the same as in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Leelanau County, Michigan has fallen from 8.4% to 3.9% in 2023.
Conclusion
Considering all these factors, Leelanau 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 Leelanau County, Michigan.
How Rich Is Leelanau County, Michigan?
Leelanau 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 $93,500, about 31% higher than the Michigan average of $71,353.
What is the current median household income in Leelanau County, Michigan?
As of 2023, the median household income in Leelanau County, Michigan is $93,500.
What was the median household income in Leelanau County in 2023?
In 2023, the median household income in Leelanau County, Michigan was $93,500.
What was the median household income in Leelanau County in 2020?
In 2020, the median household income in Leelanau County, Michigan was $67,803.
What is the Gini coefficient in Leelanau County, Michigan?
The Gini coefficient in Leelanau County is 0.517. 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 Leelanau County, Michigan?
Since 2009, the income gap between men and women in Leelanau County, Michigan has narrowed from about 24% to 10% in 2023. In dollar terms, the gap has narrowed by $4,477 since 2009.