Wealth Index
Less wealthy than 70% of 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 | Faribault County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $63,662 | $88,383 | $78,145 |
| Median Personal Income | $53,247 | $67,709 | $61,726 |
| Average income growth | 3.9% | 4.8% | 5.1% |
| Six-Figure Earners | 8.1% | 14.5% | 13.2% |
The median household income in Faribault County is about 28% lower than in Minnesota. Income has been growing slower in Faribault County (3.9%/yr) than in Minnesota (4.8%/yr).
About 8% of adults in Faribault County earn six figures ($100,000 or more) a year, lower than the Minnesota average of 14%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Faribault County, Minnesota grew by 57.2% from 2009 to 2023, reaching $63,662 in 2023. That's an average of about 3.9% per year.
Economic Inequality in Faribault County | Gender Pay Gap | Gini Coefficient
| Metric | Faribault County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.472 | 0.520 | 0.570 |
| Male Median Income | $60,013 | $73,285 | $67,746 |
| Female Median Income | $45,518 | $61,000 | $54,793 |
| Gender Pay Gap | 24.2% | 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 Faribault County, it is 0.472, 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 32% more than women's income in Faribault County, Minnesota. Over a 35-year career, a 32% wage gap accumulates to roughly $507,325 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Faribault County, Minnesota has stayed about the same since 2009, at around 24%. In dollar terms, the gap has widened by $5,734 since 2009.
Employment
| Metric | Faribault County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.8% | 3.9% | 5.2% |
| Working from Home | 8.6% | 15.9% | 13.4% |
| Commute time (minutes) | 15 | 20 | 22 |
Approximately 273 people are unemployed in Faribault County, Minnesota.
The average commute time in Faribault County is 15 minutes, shorter than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Faribault County, Minnesota has fallen from 5.4% to 3.8% in 2023.
Conclusion
Considering all these factors, Faribault County, Minnesota has an overall wealth index grade of B, making it about on par with Minnesota, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Faribault County, Minnesota.
How Rich Is Faribault County, Minnesota?
Faribault 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 $63,662, about 28% lower than the Minnesota average of $88,383.
What is the current median household income in Faribault County, Minnesota?
As of 2023, the median household income in Faribault County, Minnesota is $63,662.
What was the median household income in Faribault County in 2023?
In 2023, the median household income in Faribault County, Minnesota was $63,662.
What was the median household income in Faribault County in 2020?
In 2020, the median household income in Faribault County, Minnesota was $54,644.
What is the Gini coefficient in Faribault County, Minnesota?
The Gini coefficient in Faribault County is 0.472. 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 Faribault County, Minnesota?
The income gap between men and women in Faribault County, Minnesota has stayed about the same since 2009, at around 24%. In dollar terms, the gap has widened by $5,734 since 2009.