Wealth Index
Among the top 3 wealthiest 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 | Oakland County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $95,651 | $71,353 | $78,145 |
| Median Personal Income | $79,646 | $60,704 | $61,726 |
| Average income growth | 4.6% | 4.9% | 5.1% |
| Six-Figure Earners | 20.1% | 10.8% | 13.2% |
The median household income in Oakland County is about 34% higher than in Michigan. Income has been growing slower in Oakland County (4.6%/yr) than in Michigan (4.9%/yr).
About 20% of adults in Oakland 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 Oakland County, Michigan grew by 41.3% from 2009 to 2023, reaching $95,651 in 2023. That's an average of about 4.6% per year.
Economic Inequality in Oakland County | Gender Pay Gap | Gini Coefficient
| Metric | Oakland County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.554 | 0.556 | 0.570 |
| Male Median Income | $92,909 | $67,497 | $67,746 |
| Female Median Income | $65,691 | $52,846 | $54,793 |
| Gender Pay Gap | 29.3% | 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 Oakland County, it is 0.554, 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 41% more than women's income in Oakland County, Michigan. Over a 35-year career, a 41% wage gap accumulates to roughly $952,630 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Oakland County, Michigan has narrowed from about 33% to 29% in 2023. In dollar terms, the gap has widened by $4,198 since 2009.
Employment
| Metric | Oakland County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.8% | 5.8% | 5.2% |
| Working from Home | 18.0% | 12.0% | 13.4% |
| Commute time (minutes) | 23 | 21 | 22 |
Approximately 32,989 people are unemployed in Oakland County, Michigan.
The average commute time in Oakland County is 23 minutes, longer than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Oakland County, Michigan has fallen from 9.9% to 4.8% in 2023.
Conclusion
Considering all these factors, Oakland 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 Oakland County, Michigan.
How Wealthy Is Oakland County, Michigan?
Oakland 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 $95,651, about 34% higher than the Michigan average of $71,353.
What is the current median household income in Oakland County, Michigan?
As of 2023, the median household income in Oakland County, Michigan is $95,651.
What was the median household income in Oakland County in 2023?
In 2023, the median household income in Oakland County, Michigan was $95,651.
What was the median household income in Oakland County in 2020?
In 2020, the median household income in Oakland County, Michigan was $82,243.
What is the Gini coefficient in Oakland County, Michigan?
The Gini coefficient in Oakland County is 0.554. 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 Oakland County, Michigan?
Since 2009, the income gap between men and women in Oakland County, Michigan has narrowed from about 33% to 29% in 2023. In dollar terms, the gap has widened by $4,198 since 2009.