Wealth Index
Among the top 5 wealthiest counties 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 | Dakota County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $105,239 | $88,383 | $78,145 |
| Median Personal Income | $75,659 | $67,709 | $61,726 |
| Average income growth | 4.5% | 4.8% | 5.1% |
| Six-Figure Earners | 18.6% | 14.5% | 13.2% |
The median household income in Dakota County is about 19% higher than in Minnesota. Income has been growing slower in Dakota County (4.5%/yr) than in Minnesota (4.8%/yr).
About 19% of adults in Dakota 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 Dakota County, Minnesota grew by 43.5% from 2009 to 2023, reaching $105,239 in 2023. That's an average of about 4.5% per year.
Economic Inequality in Dakota County | Gender Pay Gap | Gini Coefficient
| Metric | Dakota County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.509 | 0.520 | 0.570 |
| Male Median Income | $83,593 | $73,285 | $67,746 |
| Female Median Income | $68,026 | $61,000 | $54,793 |
| Gender Pay Gap | 18.6% | 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 Dakota County, it is 0.509, lower than Minnesota's 0.520, 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 23% more than women's income in Dakota County, Minnesota. Over a 35-year career, a 23% wage gap accumulates to roughly $544,845 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Dakota County, Minnesota has narrowed from about 23% to 19% in 2023. In dollar terms, the gap has widened by $2,059 since 2009.
Employment
| Metric | Dakota County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.6% | 3.9% | 5.2% |
| Working from Home | 18.9% | 15.9% | 13.4% |
| Commute time (minutes) | 22 | 20 | 22 |
Approximately 8,979 people are unemployed in Dakota County, Minnesota.
The average commute time in Dakota County is 22 minutes, longer than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Dakota County, Minnesota has fallen from 6.3% to 3.6% in 2023.
Conclusion
Considering all these factors, Dakota County, Minnesota has an overall wealth index grade of A, making it somewhat better than Minnesota, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Dakota County, Minnesota.
How Rich Is Dakota County, Minnesota?
Dakota 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 residents are much better off than the U.S. average. The median household income is $105,239, about 19% higher than the Minnesota average of $88,383.
What is the current median household income in Dakota County, Minnesota?
As of 2023, the median household income in Dakota County, Minnesota is $105,239.
What was the median household income in Dakota County in 2023?
In 2023, the median household income in Dakota County, Minnesota was $105,239.
What was the median household income in Dakota County in 2020?
In 2020, the median household income in Dakota County, Minnesota was $88,895.
What is the Gini coefficient in Dakota County, Minnesota?
The Gini coefficient in Dakota County is 0.509. 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 Dakota County, Minnesota?
Since 2009, the income gap between men and women in Dakota County, Minnesota has narrowed from about 23% to 19% in 2023. In dollar terms, the gap has widened by $2,059 since 2009.