Wealth Index
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 | Lincoln Park | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $56,926 | $71,353 | $78,145 |
| Median Personal Income | $50,466 | $60,704 | $61,726 |
| Average income growth | 4.7% | 4.9% | 5.1% |
| Six-Figure Earners | 5.2% | 10.8% | 13.2% |
The median household income in Lincoln Park is about 20% lower than in Michigan. Income has been growing slower in Lincoln Park (4.7%/yr) than in Michigan (4.9%/yr).
About 5% of adults in Lincoln Park 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 Lincoln Park, Michigan grew by 22.8% from 2009 to 2023, reaching $56,926 in 2023. That's an average of about 4.7% per year.
Economic Inequality in Lincoln Park | Gender Pay Gap | Gini Coefficient
| Metric | Lincoln Park | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.541 | 0.556 | 0.570 |
| Male Median Income | $57,270 | $67,497 | $67,746 |
| Female Median Income | $42,244 | $52,846 | $54,793 |
| Gender Pay Gap | 26.2% | 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 Lincoln Park, it is 0.541, 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 36% more than women's income in Lincoln Park, Michigan. Over a 35-year career, a 36% wage gap accumulates to roughly $525,910 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lincoln Park, Michigan has narrowed from about 32% to 26% in 2023. In dollar terms, the gap has narrowed by $245 since 2009.
Employment
| Metric | Lincoln Park | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.5% | 5.8% | 5.2% |
| Working from Home | 6.1% | 12.0% | 13.4% |
| Commute time (minutes) | 21 | 21 | 22 |
Approximately 1,371 people are unemployed in Lincoln Park, Michigan.
The average commute time in Lincoln Park is 21 minutes, about the same as in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lincoln Park, Michigan has fallen from 13.6% to 7.5% in 2023.
Conclusion
Considering all these factors, Lincoln Park, 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 Lincoln Park, Michigan.
How Rich Is Lincoln Park, Michigan?
Lincoln Park 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 $56,926, about 20% lower than the Michigan average of $71,353.
What is the current median household income in Lincoln Park, Michigan?
As of 2023, the median household income in Lincoln Park, Michigan is $56,926.
What was the median household income in Lincoln Park in 2023?
In 2023, the median household income in Lincoln Park, Michigan was $56,926.
What was the median household income in Lincoln Park in 2020?
In 2020, the median household income in Lincoln Park, Michigan was $46,592.
What is the Gini coefficient in Lincoln Park, Michigan?
The Gini coefficient in Lincoln Park is 0.541. 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 Lincoln Park, Michigan?
Since 2009, the income gap between men and women in Lincoln Park, Michigan has narrowed from about 32% to 26% in 2023. In dollar terms, the gap has narrowed by $245 since 2009.