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 | Stearns County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $76,786 | $88,383 | $78,145 |
| Median Personal Income | $57,574 | $67,709 | $61,726 |
| Average income growth | 4.3% | 4.8% | 5.1% |
| Six-Figure Earners | 8.5% | 14.5% | 13.2% |
The median household income in Stearns County is about 13% lower than in Minnesota. Income has been growing slower in Stearns County (4.3%/yr) than in Minnesota (4.8%/yr).
About 8% of adults in Stearns 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 Stearns County, Minnesota grew by 48.5% from 2009 to 2023, reaching $76,786 in 2023. That's an average of about 4.3% per year.
Economic Inequality in Stearns County | Gender Pay Gap | Gini Coefficient
| Metric | Stearns County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.508 | 0.520 | 0.570 |
| Male Median Income | $62,629 | $73,285 | $67,746 |
| Female Median Income | $51,345 | $61,000 | $54,793 |
| Gender Pay Gap | 18.0% | 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 Stearns 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 22% more than women's income in Stearns County, Minnesota. Over a 35-year career, a 22% wage gap accumulates to roughly $394,940 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Stearns County, Minnesota has narrowed from about 27% to 18% in 2023. In dollar terms, the gap has narrowed by $620 since 2009.
Employment
| Metric | Stearns County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.3% | 3.9% | 5.2% |
| Working from Home | 9.3% | 15.9% | 13.4% |
| Commute time (minutes) | 17 | 20 | 22 |
Approximately 3,784 people are unemployed in Stearns County, Minnesota.
The average commute time in Stearns County is 17 minutes, shorter than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Stearns County, Minnesota has fallen from 6.7% to 4.3% in 2023.
Conclusion
Considering all these factors, Stearns 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 Stearns County, Minnesota.
How Rich Is Stearns County, Minnesota?
Stearns 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 $76,786, about 13% lower than the Minnesota average of $88,383.
What is the current median household income in Stearns County, Minnesota?
As of 2023, the median household income in Stearns County, Minnesota is $76,786.
What was the median household income in Stearns County in 2023?
In 2023, the median household income in Stearns County, Minnesota was $76,786.
What was the median household income in Stearns County in 2020?
In 2020, the median household income in Stearns County, Minnesota was $65,974.
What is the Gini coefficient in Stearns County, Minnesota?
The Gini coefficient in Stearns 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 Stearns County, Minnesota?
Since 2009, the income gap between men and women in Stearns County, Minnesota has narrowed from about 27% to 18% in 2023. In dollar terms, the gap has narrowed by $620 since 2009.