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 | Rice County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $83,986 | $88,383 | $78,145 |
| Median Personal Income | $62,336 | $67,709 | $61,726 |
| Average income growth | 4.5% | 4.8% | 5.1% |
| Six-Figure Earners | 9.4% | 14.5% | 13.2% |
The median household income in Rice County is about 5% lower than in Minnesota. Income has been growing slower in Rice County (4.5%/yr) than in Minnesota (4.8%/yr).
About 9% of adults in Rice 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 Rice County, Minnesota grew by 45.3% from 2009 to 2023, reaching $83,986 in 2023. That's an average of about 4.5% per year.
Economic Inequality in Rice County | Gender Pay Gap | Gini Coefficient
| Metric | Rice County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.542 | 0.520 | 0.570 |
| Male Median Income | $68,019 | $73,285 | $67,746 |
| Female Median Income | $56,155 | $61,000 | $54,793 |
| Gender Pay Gap | 17.4% | 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 Rice County, it is 0.542, higher than Minnesota's 0.520, so income is less 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 21% more than women's income in Rice County, Minnesota. Over a 35-year career, a 21% wage gap accumulates to roughly $415,240 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Rice County, Minnesota has narrowed from about 24% to 17% in 2023. In dollar terms, the gap has widened by $602 since 2009.
Employment
| Metric | Rice County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.6% | 3.9% | 5.2% |
| Working from Home | 12.8% | 15.9% | 13.4% |
| Commute time (minutes) | 17 | 20 | 22 |
Approximately 1,624 people are unemployed in Rice County, Minnesota.
The average commute time in Rice County is 17 minutes, shorter than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Rice County, Minnesota has fallen from 6.5% to 4.6% in 2023.
Conclusion
Considering all these factors, Rice 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 Rice County, Minnesota.
How Rich Is Rice County, Minnesota?
Rice 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 $83,986, about 5% lower than the Minnesota average of $88,383.
What is the current median household income in Rice County, Minnesota?
As of 2023, the median household income in Rice County, Minnesota is $83,986.
What was the median household income in Rice County in 2023?
In 2023, the median household income in Rice County, Minnesota was $83,986.
What was the median household income in Rice County in 2020?
In 2020, the median household income in Rice County, Minnesota was $70,817.
What is the Gini coefficient in Rice County, Minnesota?
The Gini coefficient in Rice County is 0.542. 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 Rice County, Minnesota?
Since 2009, the income gap between men and women in Rice County, Minnesota has narrowed from about 24% to 17% in 2023. In dollar terms, the gap has widened by $602 since 2009.