Wealth Index
Less wealthy than 72% 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 | Kanabec County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $72,696 | $88,383 | $78,145 |
| Median Personal Income | $57,322 | $67,709 | $61,726 |
| Average income growth | 6.1% | 4.8% | 5.1% |
| Six-Figure Earners | 6.8% | 14.5% | 13.2% |
The median household income in Kanabec County is about 18% lower than in Minnesota. Income has been growing faster in Kanabec County (6.1%/yr) than in Minnesota (4.8%/yr).
About 7% of adults in Kanabec 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 Kanabec County, Minnesota grew by 60.2% from 2009 to 2023, reaching $72,696 in 2023. That's an average of about 6.1% per year.
Economic Inequality in Kanabec County | Gender Pay Gap | Gini Coefficient
| Metric | Kanabec County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.488 | 0.520 | 0.570 |
| Male Median Income | $63,073 | $73,285 | $67,746 |
| Female Median Income | $49,081 | $61,000 | $54,793 |
| Gender Pay Gap | 22.2% | 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 Kanabec County, it is 0.488, 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 29% more than women's income in Kanabec County, Minnesota. Over a 35-year career, a 29% wage gap accumulates to roughly $489,720 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Kanabec County, Minnesota has narrowed from about 26% to 22% in 2023. In dollar terms, the gap has widened by $3,519 since 2009.
Employment
| Metric | Kanabec County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.9% | 3.9% | 5.2% |
| Working from Home | 8.4% | 15.9% | 13.4% |
| Commute time (minutes) | 23 | 20 | 22 |
Approximately 387 people are unemployed in Kanabec County, Minnesota.
The average commute time in Kanabec County is 23 minutes, longer than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Kanabec County, Minnesota has fallen from 11.0% to 4.9% in 2023.
Conclusion
Considering all these factors, Kanabec County, Minnesota has an overall wealth index grade of B, making it somewhat worse than Minnesota, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Kanabec County, Minnesota.
How Rich Is Kanabec County, Minnesota?
Kanabec 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 $72,696, about 18% lower than the Minnesota average of $88,383.
What is the current median household income in Kanabec County, Minnesota?
As of 2023, the median household income in Kanabec County, Minnesota is $72,696.
What was the median household income in Kanabec County in 2023?
In 2023, the median household income in Kanabec County, Minnesota was $72,696.
What was the median household income in Kanabec County in 2020?
In 2020, the median household income in Kanabec County, Minnesota was $58,116.
What is the Gini coefficient in Kanabec County, Minnesota?
The Gini coefficient in Kanabec County is 0.488. 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 Kanabec County, Minnesota?
Since 2009, the income gap between men and women in Kanabec County, Minnesota has narrowed from about 26% to 22% in 2023. In dollar terms, the gap has widened by $3,519 since 2009.