Wealth Index
Wealthier than 93% 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 | Hennepin County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $96,581 | $88,383 | $78,145 |
| Median Personal Income | $78,129 | $67,709 | $61,726 |
| Average income growth | 5.1% | 4.8% | 5.1% |
| Six-Figure Earners | 20.3% | 14.5% | 13.2% |
The median household income in Hennepin County is about 9% higher than in Minnesota. Income has been growing faster in Hennepin County (5.1%/yr) than in Minnesota (4.8%/yr).
About 20% of adults in Hennepin 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 Hennepin County, Minnesota grew by 57.0% from 2009 to 2023, reaching $96,581 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Hennepin County | Gender Pay Gap | Gini Coefficient
| Metric | Hennepin County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.527 | 0.520 | 0.570 |
| Male Median Income | $85,316 | $73,285 | $67,746 |
| Female Median Income | $71,037 | $61,000 | $54,793 |
| Gender Pay Gap | 16.7% | 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 Hennepin County, it is 0.527, higher than Minnesota's 0.520, so income is less 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 20% more than women's income in Hennepin County, Minnesota. Over a 35-year career, a 20% wage gap accumulates to roughly $499,765 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Hennepin County, Minnesota has narrowed from about 19% to 17% in 2023. In dollar terms, the gap has widened by $3,837 since 2009.
Employment
| Metric | Hennepin County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.3% | 3.9% | 5.2% |
| Working from Home | 22.4% | 15.9% | 13.4% |
| Commute time (minutes) | 21 | 20 | 22 |
Approximately 31,475 people are unemployed in Hennepin County, Minnesota.
The average commute time in Hennepin County is 21 minutes, longer than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hennepin County, Minnesota has fallen from 7.5% to 4.3% in 2023.
Conclusion
Considering all these factors, Hennepin County, Minnesota has an overall wealth index grade of B, making it somewhat better than Minnesota, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Hennepin County, Minnesota.
How Rich Is Hennepin County, Minnesota?
Hennepin 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 $96,581, about 9% higher than the Minnesota average of $88,383.
What is the current median household income in Hennepin County, Minnesota?
As of 2023, the median household income in Hennepin County, Minnesota is $96,581.
What was the median household income in Hennepin County in 2023?
In 2023, the median household income in Hennepin County, Minnesota was $96,581.
What was the median household income in Hennepin County in 2020?
In 2020, the median household income in Hennepin County, Minnesota was $81,671.
What is the Gini coefficient in Hennepin County, Minnesota?
The Gini coefficient in Hennepin County is 0.527. 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 Hennepin County, Minnesota?
Since 2009, the income gap between men and women in Hennepin County, Minnesota has narrowed from about 19% to 17% in 2023. In dollar terms, the gap has widened by $3,837 since 2009.