Wealth Index
Wealthiest county in Minnesota
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 | Carver County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $122,969 | $88,383 | $78,145 |
| Median Personal Income | $83,840 | $67,709 | $61,726 |
| Average income growth | 4.7% | 4.8% | 5.1% |
| Six-Figure Earners | 23.1% | 14.5% | 13.2% |
The median household income in Carver County is about 39% higher than in Minnesota. Income has been growing slower in Carver County (4.7%/yr) than in Minnesota (4.8%/yr).
About 23% of adults in Carver County earn six figures ($100,000 or more) a year, higher than the Minnesota average of 14%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Carver County, Minnesota grew by 55.8% from 2009 to 2023, reaching $122,969 in 2023. That's an average of about 4.7% per year.
Economic Inequality in Carver County | Gender Pay Gap | Gini Coefficient
| Metric | Carver County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.523 | 0.520 | 0.570 |
| Male Median Income | $93,665 | $73,285 | $67,746 |
| Female Median Income | $71,515 | $61,000 | $54,793 |
| Gender Pay Gap | 23.6% | 16.8% | 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 Carver County, it is 0.523, about the same as Minnesota's 0.520, 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 31% more than women's income in Carver County, Minnesota. Over a 35-year career, a 31% wage gap accumulates to roughly $775,250 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Carver County, Minnesota has narrowed from about 30% to 24% in 2023. In dollar terms, the gap has widened by $3,745 since 2009.
Employment
| Metric | Carver County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.1% | 3.9% | 5.2% |
| Working from Home | 22.1% | 15.9% | 13.4% |
| Commute time (minutes) | 23 | 20 | 22 |
Approximately 1,910 people are unemployed in Carver County, Minnesota.
The average commute time in Carver County is 23 minutes, longer than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Carver County, Minnesota has fallen from 5.0% to 3.1% in 2023.
Conclusion
Considering all these factors, Carver County, Minnesota has an overall wealth index grade of A+, making it somewhat better than Minnesota, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Carver County, Minnesota.
How Rich Is Carver County, Minnesota?
Carver County has a wealth index grade of A+. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A+ grade means it is one of the most prosperous areas in the country. The median household income is $122,969, about 39% higher than the Minnesota average of $88,383.
What is the current median household income in Carver County, Minnesota?
As of 2023, the median household income in Carver County, Minnesota is $122,969.
What was the median household income in Carver County in 2023?
In 2023, the median household income in Carver County, Minnesota was $122,969.
What was the median household income in Carver County in 2020?
In 2020, the median household income in Carver County, Minnesota was $104,604.
What is the Gini coefficient in Carver County, Minnesota?
The Gini coefficient in Carver County is 0.523. 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 Carver County, Minnesota?
Since 2009, the income gap between men and women in Carver County, Minnesota has narrowed from about 30% to 24% in 2023. In dollar terms, the gap has widened by $3,745 since 2009.