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 | Redwood County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $65,644 | $88,383 | $78,145 |
| Median Personal Income | $53,721 | $67,709 | $61,726 |
| Average income growth | 4.4% | 4.8% | 5.1% |
| Six-Figure Earners | 6.5% | 14.5% | 13.2% |
The median household income in Redwood County is about 26% lower than in Minnesota. Income has been growing slower in Redwood County (4.4%/yr) than in Minnesota (4.8%/yr).
About 6% of adults in Redwood 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 Redwood County, Minnesota grew by 49.4% from 2009 to 2023, reaching $65,644 in 2023. That's an average of about 4.4% per year.
Economic Inequality in Redwood County | Gender Pay Gap | Gini Coefficient
| Metric | Redwood County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.490 | 0.520 | 0.570 |
| Male Median Income | $56,849 | $73,285 | $67,746 |
| Female Median Income | $50,424 | $61,000 | $54,793 |
| Gender Pay Gap | 11.3% | 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 Redwood 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 13% more than women's income in Redwood County, Minnesota. Over a 35-year career, a 13% wage gap accumulates to roughly $224,875 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Redwood County, Minnesota has narrowed from about 25% to 11% in 2023. In dollar terms, the gap has narrowed by $3,170 since 2009.
Employment
| Metric | Redwood County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.9% | 3.9% | 5.2% |
| Working from Home | 10.0% | 15.9% | 13.4% |
| Commute time (minutes) | 11 | 20 | 22 |
Approximately 142 people are unemployed in Redwood County, Minnesota.
The average commute time in Redwood County is 11 minutes, shorter than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Redwood County, Minnesota has fallen from 4.7% to 1.9% in 2023.
Conclusion
Considering all these factors, Redwood 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 Redwood County, Minnesota.
How Rich Is Redwood County, Minnesota?
Redwood 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 $65,644, about 26% lower than the Minnesota average of $88,383.
What is the current median household income in Redwood County, Minnesota?
As of 2023, the median household income in Redwood County, Minnesota is $65,644.
What was the median household income in Redwood County in 2023?
In 2023, the median household income in Redwood County, Minnesota was $65,644.
What was the median household income in Redwood County in 2020?
In 2020, the median household income in Redwood County, Minnesota was $57,321.
What is the Gini coefficient in Redwood County, Minnesota?
The Gini coefficient in Redwood 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 Redwood County, Minnesota?
Since 2009, the income gap between men and women in Redwood County, Minnesota has narrowed from about 25% to 11% in 2023. In dollar terms, the gap has narrowed by $3,170 since 2009.