Wealth Index
Wealthier than 84% 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 | Goodhue County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $82,881 | $88,383 | $78,145 |
| Median Personal Income | $61,253 | $67,709 | $61,726 |
| Average income growth | 4.6% | 4.8% | 5.1% |
| Six-Figure Earners | 10.9% | 14.5% | 13.2% |
The median household income in Goodhue County is about 6% lower than in Minnesota. Income has been growing slower in Goodhue County (4.6%/yr) than in Minnesota (4.8%/yr).
About 11% of adults in Goodhue 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 Goodhue County, Minnesota grew by 47.7% from 2009 to 2023, reaching $82,881 in 2023. That's an average of about 4.6% per year.
Economic Inequality in Goodhue County | Gender Pay Gap | Gini Coefficient
| Metric | Goodhue County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.492 | 0.520 | 0.570 |
| Male Median Income | $66,793 | $73,285 | $67,746 |
| Female Median Income | $52,889 | $61,000 | $54,793 |
| Gender Pay Gap | 20.8% | 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 Goodhue County, it is 0.492, 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 26% more than women's income in Goodhue County, Minnesota. Over a 35-year career, a 26% wage gap accumulates to roughly $486,640 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Goodhue County, Minnesota has narrowed from about 28% to 21% in 2023. In dollar terms, the gap has widened by $642 since 2009.
Employment
| Metric | Goodhue County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.6% | 3.9% | 5.2% |
| Working from Home | 10.2% | 15.9% | 13.4% |
| Commute time (minutes) | 20 | 20 | 22 |
Approximately 898 people are unemployed in Goodhue County, Minnesota.
The average commute time in Goodhue County is 20 minutes, about the same as in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Goodhue County, Minnesota has fallen from 6.1% to 3.6% in 2023.
Conclusion
Considering all these factors, Goodhue 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 Goodhue County, Minnesota.
How Rich Is Goodhue County, Minnesota?
Goodhue 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 $82,881, about 6% lower than the Minnesota average of $88,383.
What is the current median household income in Goodhue County, Minnesota?
As of 2023, the median household income in Goodhue County, Minnesota is $82,881.
What was the median household income in Goodhue County in 2023?
In 2023, the median household income in Goodhue County, Minnesota was $82,881.
What was the median household income in Goodhue County in 2020?
In 2020, the median household income in Goodhue County, Minnesota was $69,694.
What is the Gini coefficient in Goodhue County, Minnesota?
The Gini coefficient in Goodhue County is 0.492. 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 Goodhue County, Minnesota?
Since 2009, the income gap between men and women in Goodhue County, Minnesota has narrowed from about 28% to 21% in 2023. In dollar terms, the gap has widened by $642 since 2009.