Wealth Index
Wealthier than 92% 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 | Olmsted County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $94,625 | $88,383 | $78,145 |
| Median Personal Income | $71,647 | $67,709 | $61,726 |
| Average income growth | 4.4% | 4.8% | 5.1% |
| Six-Figure Earners | 16.6% | 14.5% | 13.2% |
The median household income in Olmsted County is about 7% higher than in Minnesota. Income has been growing slower in Olmsted County (4.4%/yr) than in Minnesota (4.8%/yr).
About 17% of adults in Olmsted 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 Olmsted County, Minnesota grew by 46.1% from 2009 to 2023, reaching $94,625 in 2023. That's an average of about 4.4% per year.
Economic Inequality in Olmsted County | Gender Pay Gap | Gini Coefficient
| Metric | Olmsted County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.507 | 0.520 | 0.570 |
| Male Median Income | $77,524 | $73,285 | $67,746 |
| Female Median Income | $65,518 | $61,000 | $54,793 |
| Gender Pay Gap | 15.5% | 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 Olmsted County, it is 0.507, 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 18% more than women's income in Olmsted County, Minnesota. Over a 35-year career, a 18% wage gap accumulates to roughly $420,210 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Olmsted County, Minnesota has narrowed from about 19% to 15% in 2023. In dollar terms, the gap has widened by $2,141 since 2009.
Employment
| Metric | Olmsted County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.6% | 3.9% | 5.2% |
| Working from Home | 13.6% | 15.9% | 13.4% |
| Commute time (minutes) | 16 | 20 | 22 |
Approximately 3,231 people are unemployed in Olmsted County, Minnesota.
The average commute time in Olmsted County is 16 minutes, shorter than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Olmsted County, Minnesota has fallen from 4.2% to 3.6% in 2023.
Conclusion
Considering all these factors, Olmsted 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 Olmsted County, Minnesota.
How Wealthy Is Olmsted County, Minnesota?
Olmsted 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 $94,625, about 7% higher than the Minnesota average of $88,383.
What is the current median household income in Olmsted County, Minnesota?
As of 2023, the median household income in Olmsted County, Minnesota is $94,625.
What was the median household income in Olmsted County in 2023?
In 2023, the median household income in Olmsted County, Minnesota was $94,625.
What was the median household income in Olmsted County in 2020?
In 2020, the median household income in Olmsted County, Minnesota was $80,927.
What is the Gini coefficient in Olmsted County, Minnesota?
The Gini coefficient in Olmsted County is 0.507. 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 Olmsted County, Minnesota?
Since 2009, the income gap between men and women in Olmsted County, Minnesota has narrowed from about 19% to 15% in 2023. In dollar terms, the gap has widened by $2,141 since 2009.