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 | Polk County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $68,407 | $88,383 | $78,145 |
| Median Personal Income | $60,296 | $67,709 | $61,726 |
| Average income growth | 3.7% | 4.8% | 5.1% |
| Six-Figure Earners | 8.9% | 14.5% | 13.2% |
The median household income in Polk County is about 23% lower than in Minnesota. Income has been growing slower in Polk County (3.7%/yr) than in Minnesota (4.8%/yr).
About 9% of adults in Polk 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 Polk County, Minnesota grew by 51.8% from 2009 to 2023, reaching $68,407 in 2023. That's an average of about 3.7% per year.
Economic Inequality in Polk County | Gender Pay Gap | Gini Coefficient
| Metric | Polk County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.490 | 0.520 | 0.570 |
| Male Median Income | $67,228 | $73,285 | $67,746 |
| Female Median Income | $50,394 | $61,000 | $54,793 |
| Gender Pay Gap | 25.0% | 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 Polk County, it is 0.490, 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 33% more than women's income in Polk County, Minnesota. Over a 35-year career, a 33% wage gap accumulates to roughly $589,190 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Polk County, Minnesota has narrowed from about 28% to 25% in 2023. In dollar terms, the gap has widened by $5,261 since 2009.
Employment
| Metric | Polk County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.6% | 3.9% | 5.2% |
| Working from Home | 6.0% | 15.9% | 13.4% |
| Commute time (minutes) | 13 | 20 | 22 |
Approximately 570 people are unemployed in Polk County, Minnesota.
The average commute time in Polk County is 13 minutes, shorter than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Polk County, Minnesota has fallen from 6.0% to 3.6% in 2023.
Conclusion
Considering all these factors, Polk 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 Polk County, Minnesota.
How Rich Is Polk County, Minnesota?
Polk 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 $68,407, about 23% lower than the Minnesota average of $88,383.
What is the current median household income in Polk County, Minnesota?
As of 2023, the median household income in Polk County, Minnesota is $68,407.
What was the median household income in Polk County in 2023?
In 2023, the median household income in Polk County, Minnesota was $68,407.
What was the median household income in Polk County in 2020?
In 2020, the median household income in Polk County, Minnesota was $59,183.
What is the Gini coefficient in Polk County, Minnesota?
The Gini coefficient in Polk County is 0.490. 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 Polk County, Minnesota?
Since 2009, the income gap between men and women in Polk County, Minnesota has narrowed from about 28% to 25% in 2023. In dollar terms, the gap has widened by $5,261 since 2009.