Wealth Index
Wealthier than 74% 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 | Nicollet County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $79,369 | $88,383 | $78,145 |
| Median Personal Income | $60,522 | $67,709 | $61,726 |
| Average income growth | 3.8% | 4.8% | 5.1% |
| Six-Figure Earners | 9.8% | 14.5% | 13.2% |
The median household income in Nicollet County is about 10% lower than in Minnesota. Income has been growing slower in Nicollet County (3.8%/yr) than in Minnesota (4.8%/yr).
About 10% of adults in Nicollet 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 Nicollet County, Minnesota grew by 42.9% from 2009 to 2023, reaching $79,369 in 2023. That's an average of about 3.8% per year.
Economic Inequality in Nicollet County | Gender Pay Gap | Gini Coefficient
| Metric | Nicollet County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.508 | 0.520 | 0.570 |
| Male Median Income | $65,886 | $73,285 | $67,746 |
| Female Median Income | $53,466 | $61,000 | $54,793 |
| Gender Pay Gap | 18.9% | 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 Nicollet County, it is 0.508, 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 23% more than women's income in Nicollet County, Minnesota. Over a 35-year career, a 23% wage gap accumulates to roughly $434,700 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Nicollet County, Minnesota has narrowed from about 25% to 19% in 2023. In dollar terms, the gap has widened by $1,338 since 2009.
Employment
| Metric | Nicollet County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.6% | 3.9% | 5.2% |
| Working from Home | 14.0% | 15.9% | 13.4% |
| Commute time (minutes) | 13 | 20 | 22 |
Approximately 310 people are unemployed in Nicollet County, Minnesota.
The average commute time in Nicollet County is 13 minutes, shorter than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Nicollet County, Minnesota has fallen from 5.6% to 1.6% in 2023.
Conclusion
Considering all these factors, Nicollet 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 Nicollet County, Minnesota.
How Rich Is Nicollet County, Minnesota?
Nicollet 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 $79,369, about 10% lower than the Minnesota average of $88,383.
What is the current median household income in Nicollet County, Minnesota?
As of 2023, the median household income in Nicollet County, Minnesota is $79,369.
What was the median household income in Nicollet County in 2023?
In 2023, the median household income in Nicollet County, Minnesota was $79,369.
What was the median household income in Nicollet County in 2020?
In 2020, the median household income in Nicollet County, Minnesota was $69,471.
What is the Gini coefficient in Nicollet County, Minnesota?
The Gini coefficient in Nicollet County is 0.508. 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 Nicollet County, Minnesota?
Since 2009, the income gap between men and women in Nicollet County, Minnesota has narrowed from about 25% to 19% in 2023. In dollar terms, the gap has widened by $1,338 since 2009.