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 | Wexford County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $63,434 | $71,353 | $78,145 |
| Median Personal Income | $50,313 | $60,704 | $61,726 |
| Average income growth | 6.6% | 4.9% | 5.1% |
| Six-Figure Earners | 6.4% | 10.8% | 13.2% |
The median household income in Wexford County is about 11% lower than in Michigan. Income has been growing faster in Wexford County (6.6%/yr) than in Michigan (4.9%/yr).
About 6% of adults in Wexford 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 Wexford County, Michigan grew by 57.6% from 2009 to 2023, reaching $63,434 in 2023. That's an average of about 6.6% per year.
Economic Inequality in Wexford County | Gender Pay Gap | Gini Coefficient
| Metric | Wexford County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.521 | 0.556 | 0.570 |
| Male Median Income | $53,466 | $67,497 | $67,746 |
| Female Median Income | $44,656 | $52,846 | $54,793 |
| Gender Pay Gap | 16.5% | 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 Wexford County, it is 0.521, 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 20% more than women's income in Wexford County, Michigan. Over a 35-year career, a 20% wage gap accumulates to roughly $308,350 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Wexford County, Michigan has narrowed from about 27% to 16% in 2023. In dollar terms, the gap has narrowed by $2,074 since 2009.
Employment
| Metric | Wexford County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.7% | 5.8% | 5.2% |
| Working from Home | 5.8% | 12.0% | 13.4% |
| Commute time (minutes) | 16 | 21 | 22 |
Approximately 857 people are unemployed in Wexford County, Michigan.
The average commute time in Wexford County is 16 minutes, shorter than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Wexford County, Michigan has fallen from 13.7% to 5.7% in 2023.
Conclusion
Considering all these factors, Wexford 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 Wexford County, Michigan.
How Rich Is Wexford County, Michigan?
Wexford 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 $63,434, about 11% lower than the Michigan average of $71,353.
What is the current median household income in Wexford County, Michigan?
As of 2023, the median household income in Wexford County, Michigan is $63,434.
What was the median household income in Wexford County in 2023?
In 2023, the median household income in Wexford County, Michigan was $63,434.
What was the median household income in Wexford County in 2020?
In 2020, the median household income in Wexford County, Michigan was $50,353.
What is the Gini coefficient in Wexford County, Michigan?
The Gini coefficient in Wexford County is 0.521. 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 Wexford County, Michigan?
Since 2009, the income gap between men and women in Wexford County, Michigan has narrowed from about 27% to 16% in 2023. In dollar terms, the gap has narrowed by $2,074 since 2009.