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 | Freeborn County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $72,695 | $88,383 | $78,145 |
| Median Personal Income | $57,537 | $67,709 | $61,726 |
| Average income growth | 5.0% | 4.8% | 5.1% |
| Six-Figure Earners | 9.0% | 14.5% | 13.2% |
The median household income in Freeborn County is about 18% lower than in Minnesota. Income has been growing faster in Freeborn County (5.0%/yr) than in Minnesota (4.8%/yr).
About 9% of adults in Freeborn 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 Freeborn County, Minnesota grew by 65.5% from 2009 to 2023, reaching $72,695 in 2023. That's an average of about 5.0% per year.
Economic Inequality in Freeborn County | Gender Pay Gap | Gini Coefficient
| Metric | Freeborn County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.491 | 0.520 | 0.570 |
| Male Median Income | $64,727 | $73,285 | $67,746 |
| Female Median Income | $47,589 | $61,000 | $54,793 |
| Gender Pay Gap | 26.5% | 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 Freeborn County, it is 0.491, 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 36% more than women's income in Freeborn County, Minnesota. Over a 35-year career, a 36% wage gap accumulates to roughly $599,830 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Freeborn County, Minnesota has narrowed from about 30% to 26% in 2023. In dollar terms, the gap has widened by $5,690 since 2009.
Employment
| Metric | Freeborn County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.8% | 3.9% | 5.2% |
| Working from Home | 7.7% | 15.9% | 13.4% |
| Commute time (minutes) | 15 | 20 | 22 |
Approximately 579 people are unemployed in Freeborn County, Minnesota.
The average commute time in Freeborn County is 15 minutes, shorter than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Freeborn County, Minnesota has fallen from 5.0% to 3.8% in 2023.
Conclusion
Considering all these factors, Freeborn 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 Freeborn County, Minnesota.
How Rich Is Freeborn County, Minnesota?
Freeborn 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 $72,695, about 18% lower than the Minnesota average of $88,383.
What is the current median household income in Freeborn County, Minnesota?
As of 2023, the median household income in Freeborn County, Minnesota is $72,695.
What was the median household income in Freeborn County in 2023?
In 2023, the median household income in Freeborn County, Minnesota was $72,695.
What was the median household income in Freeborn County in 2020?
In 2020, the median household income in Freeborn County, Minnesota was $58,884.
What is the Gini coefficient in Freeborn County, Minnesota?
The Gini coefficient in Freeborn County is 0.491. 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 Freeborn County, Minnesota?
Since 2009, the income gap between men and women in Freeborn County, Minnesota has narrowed from about 30% to 26% in 2023. In dollar terms, the gap has widened by $5,690 since 2009.