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 | Luce County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $56,553 | $71,353 | $78,145 |
| Median Personal Income | $48,879 | $60,704 | $61,726 |
| Average income growth | 5.9% | 4.9% | 5.1% |
| Six-Figure Earners | 4.5% | 10.8% | 13.2% |
The median household income in Luce County is about 21% lower than in Michigan. Income has been growing faster in Luce County (5.9%/yr) than in Michigan (4.9%/yr).
About 4% of adults in Luce 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 Luce County, Michigan grew by 50.7% from 2009 to 2023, reaching $56,553 in 2023. That's an average of about 5.9% per year.
Economic Inequality in Luce County | Gender Pay Gap | Gini Coefficient
| Metric | Luce County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.561 | 0.556 | 0.570 |
| Male Median Income | $50,124 | $67,497 | $67,746 |
| Female Median Income | $47,371 | $52,846 | $54,793 |
| Gender Pay Gap | 5.5% | 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 Luce County, it is 0.561, about the same as Michigan's 0.556, so income here is about as evenly distributed as there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 6% more than women's income in Luce County, Michigan. Over a 35-year career, a 6% wage gap accumulates to roughly $96,355 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Luce County, Michigan has narrowed from about 33% to 5% in 2023. In dollar terms, the gap has narrowed by $11,944 since 2009.
Employment
| Metric | Luce County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 9.9% | 5.8% | 5.2% |
| Working from Home | 7.3% | 12.0% | 13.4% |
| Commute time (minutes) | 10 | 21 | 22 |
Approximately 222 people are unemployed in Luce County, Michigan.
The average commute time in Luce County is 10 minutes, shorter than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Luce County, Michigan has risen from 9.7% to 9.9% in 2023.
Conclusion
Considering all these factors, Luce 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 Luce County, Michigan.
How Rich Is Luce County, Michigan?
Luce 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 $56,553, about 21% lower than the Michigan average of $71,353.
What is the current median household income in Luce County, Michigan?
As of 2023, the median household income in Luce County, Michigan is $56,553.
What was the median household income in Luce County in 2023?
In 2023, the median household income in Luce County, Michigan was $56,553.
What was the median household income in Luce County in 2020?
In 2020, the median household income in Luce County, Michigan was $49,999.
What is the Gini coefficient in Luce County, Michigan?
The Gini coefficient in Luce County is 0.561. 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 Luce County, Michigan?
Since 2009, the income gap between men and women in Luce County, Michigan has narrowed from about 33% to 5% in 2023. In dollar terms, the gap has narrowed by $11,944 since 2009.