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 | Lac qui Parle County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $71,106 | $88,383 | $78,145 |
| Median Personal Income | $58,381 | $67,709 | $61,726 |
| Average income growth | 5.5% | 4.8% | 5.1% |
| Six-Figure Earners | 9.3% | 14.5% | 13.2% |
The median household income in Lac qui Parle County is about 20% lower than in Minnesota. Income has been growing faster in Lac qui Parle County (5.5%/yr) than in Minnesota (4.8%/yr).
About 9% of adults in Lac qui Parle 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 Lac qui Parle County, Minnesota grew by 58.8% from 2009 to 2023, reaching $71,106 in 2023. That's an average of about 5.5% per year.
Economic Inequality in Lac qui Parle County | Gender Pay Gap | Gini Coefficient
| Metric | Lac qui Parle County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.491 | 0.520 | 0.570 |
| Male Median Income | $64,061 | $73,285 | $67,746 |
| Female Median Income | $48,499 | $61,000 | $54,793 |
| Gender Pay Gap | 24.3% | 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 Lac qui Parle 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 32% more than women's income in Lac qui Parle County, Minnesota. Over a 35-year career, a 32% wage gap accumulates to roughly $544,670 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lac qui Parle County, Minnesota has narrowed from about 30% to 24% in 2023. In dollar terms, the gap has widened by $3,348 since 2009.
Employment
| Metric | Lac qui Parle County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.8% | 3.9% | 5.2% |
| Working from Home | 12.6% | 15.9% | 13.4% |
| Commute time (minutes) | 13 | 20 | 22 |
Approximately 60 people are unemployed in Lac qui Parle County, Minnesota.
The average commute time in Lac qui Parle County is 13 minutes, shorter than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lac qui Parle County, Minnesota has fallen from 3.6% to 1.8% in 2023.
Conclusion
Considering all these factors, Lac qui Parle 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 Lac qui Parle County, Minnesota.
How Rich Is Lac qui Parle County, Minnesota?
Lac qui Parle 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 $71,106, about 20% lower than the Minnesota average of $88,383.
What is the current median household income in Lac qui Parle County, Minnesota?
As of 2023, the median household income in Lac qui Parle County, Minnesota is $71,106.
What was the median household income in Lac qui Parle County in 2023?
In 2023, the median household income in Lac qui Parle County, Minnesota was $71,106.
What was the median household income in Lac qui Parle County in 2020?
In 2020, the median household income in Lac qui Parle County, Minnesota was $58,089.
What is the Gini coefficient in Lac qui Parle County, Minnesota?
The Gini coefficient in Lac qui Parle 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 Lac qui Parle County, Minnesota?
Since 2009, the income gap between men and women in Lac qui Parle County, Minnesota has narrowed from about 30% to 24% in 2023. In dollar terms, the gap has widened by $3,348 since 2009.