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 | Taylor | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $59,462 | $71,353 | $78,145 |
| Median Personal Income | $52,721 | $60,704 | $61,726 |
| Average income growth | 5.1% | 4.9% | 5.1% |
| Six-Figure Earners | 5.7% | 10.8% | 13.2% |
The median household income in Taylor is about 17% lower than in Michigan. Income has been growing faster in Taylor (5.1%/yr) than in Michigan (4.9%/yr).
About 6% of adults in Taylor 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 Taylor, Michigan grew by 25.3% from 2009 to 2023, reaching $59,462 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Taylor | Gender Pay Gap | Gini Coefficient
| Metric | Taylor | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.525 | 0.556 | 0.570 |
| Male Median Income | $57,236 | $67,497 | $67,746 |
| Female Median Income | $48,075 | $52,846 | $54,793 |
| Gender Pay Gap | 16.0% | 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 Taylor, it is 0.525, 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 19% more than women's income in Taylor, Michigan. Over a 35-year career, a 19% wage gap accumulates to roughly $320,635 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Taylor, Michigan has narrowed from about 28% to 16% in 2023. In dollar terms, the gap has narrowed by $3,468 since 2009.
Employment
| Metric | Taylor | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.0% | 5.8% | 5.2% |
| Working from Home | 9.3% | 12.0% | 13.4% |
| Commute time (minutes) | 18 | 21 | 22 |
Approximately 2,096 people are unemployed in Taylor, Michigan.
The average commute time in Taylor is 18 minutes, shorter than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Taylor, Michigan has fallen from 17.7% to 7.0% in 2023.
Conclusion
Considering all these factors, Taylor, 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 Taylor, Michigan.
How Rich Is Taylor, Michigan?
Taylor 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 $59,462, about 17% lower than the Michigan average of $71,353.
What is the current median household income in Taylor, Michigan?
As of 2023, the median household income in Taylor, Michigan is $59,462.
What was the median household income in Taylor in 2023?
In 2023, the median household income in Taylor, Michigan was $59,462.
What was the median household income in Taylor in 2020?
In 2020, the median household income in Taylor, Michigan was $52,899.
What is the Gini coefficient in Taylor, Michigan?
The Gini coefficient in Taylor is 0.525. 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 Taylor, Michigan?
Since 2009, the income gap between men and women in Taylor, Michigan has narrowed from about 28% to 16% in 2023. In dollar terms, the gap has narrowed by $3,468 since 2009.