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 | Mackinac County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $58,536 | $71,353 | $78,145 |
| Median Personal Income | $48,834 | $60,704 | $61,726 |
| Average income growth | 5.4% | 4.9% | 5.1% |
| Six-Figure Earners | 7.0% | 10.8% | 13.2% |
The median household income in Mackinac County is about 18% lower than in Michigan. Income has been growing faster in Mackinac County (5.4%/yr) than in Michigan (4.9%/yr).
About 7% of adults in Mackinac 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 Mackinac County, Michigan grew by 46.5% from 2009 to 2023, reaching $58,536 in 2023. That's an average of about 5.4% per year.
Economic Inequality in Mackinac County | Gender Pay Gap | Gini Coefficient
| Metric | Mackinac County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.496 | 0.556 | 0.570 |
| Male Median Income | $55,725 | $67,497 | $67,746 |
| Female Median Income | $43,526 | $52,846 | $54,793 |
| Gender Pay Gap | 21.9% | 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 Mackinac County, it is 0.496, 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 28% more than women's income in Mackinac County, Michigan. Over a 35-year career, a 28% wage gap accumulates to roughly $426,965 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Mackinac County, Michigan has widened from about 21% to 22% in 2023. In dollar terms, the gap has widened by $3,740 since 2009.
Employment
| Metric | Mackinac County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 9.3% | 5.8% | 5.2% |
| Working from Home | 9.5% | 12.0% | 13.4% |
| Commute time (minutes) | 13 | 21 | 22 |
Approximately 449 people are unemployed in Mackinac County, Michigan.
The average commute time in Mackinac County is 13 minutes, shorter than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Mackinac County, Michigan has fallen from 14.4% to 9.3% in 2023.
Conclusion
Considering all these factors, Mackinac County, Michigan has an overall wealth index grade of D, making it about on par with Michigan, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Mackinac County, Michigan.
How Rich Is Mackinac County, Michigan?
Mackinac 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 $58,536, about 18% lower than the Michigan average of $71,353.
What is the current median household income in Mackinac County, Michigan?
As of 2023, the median household income in Mackinac County, Michigan is $58,536.
What was the median household income in Mackinac County in 2023?
In 2023, the median household income in Mackinac County, Michigan was $58,536.
What was the median household income in Mackinac County in 2020?
In 2020, the median household income in Mackinac County, Michigan was $50,052.
What is the Gini coefficient in Mackinac County, Michigan?
The Gini coefficient in Mackinac County is 0.496. 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 Mackinac County, Michigan?
Since 2009, the income gap between men and women in Mackinac County, Michigan has widened from about 21% to 22% in 2023. In dollar terms, the gap has widened by $3,740 since 2009.