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 | Watonwan County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $72,066 | $88,383 | $78,145 |
| Median Personal Income | $57,513 | $67,709 | $61,726 |
| Average income growth | 5.4% | 4.8% | 5.1% |
| Six-Figure Earners | 7.6% | 14.5% | 13.2% |
The median household income in Watonwan County is about 18% lower than in Minnesota. Income has been growing faster in Watonwan County (5.4%/yr) than in Minnesota (4.8%/yr).
About 8% of adults in Watonwan 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 Watonwan County, Minnesota grew by 68.0% from 2009 to 2023, reaching $72,066 in 2023. That's an average of about 5.4% per year.
Economic Inequality in Watonwan County | Gender Pay Gap | Gini Coefficient
| Metric | Watonwan County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.502 | 0.520 | 0.570 |
| Male Median Income | $63,446 | $73,285 | $67,746 |
| Female Median Income | $44,013 | $61,000 | $54,793 |
| Gender Pay Gap | 30.6% | 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 Watonwan County, it is 0.502, 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 44% more than women's income in Watonwan County, Minnesota. Over a 35-year career, a 44% wage gap accumulates to roughly $680,155 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Watonwan County, Minnesota has widened from about 13% to 31% in 2023. In dollar terms, the gap has widened by $14,578 since 2009.
Employment
| Metric | Watonwan County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.5% | 3.9% | 5.2% |
| Working from Home | 6.8% | 15.9% | 13.4% |
| Commute time (minutes) | 17 | 20 | 22 |
Approximately 308 people are unemployed in Watonwan County, Minnesota.
The average commute time in Watonwan County is 17 minutes, shorter than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Watonwan County, Minnesota has fallen from 5.7% to 5.5% in 2023.
Conclusion
Considering all these factors, Watonwan 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 Watonwan County, Minnesota.
How Rich Is Watonwan County, Minnesota?
Watonwan 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 $72,066, about 18% lower than the Minnesota average of $88,383.
What is the current median household income in Watonwan County, Minnesota?
As of 2023, the median household income in Watonwan County, Minnesota is $72,066.
What was the median household income in Watonwan County in 2023?
In 2023, the median household income in Watonwan County, Minnesota was $72,066.
What was the median household income in Watonwan County in 2020?
In 2020, the median household income in Watonwan County, Minnesota was $53,382.
What is the Gini coefficient in Watonwan County, Minnesota?
The Gini coefficient in Watonwan County is 0.502. 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 Watonwan County, Minnesota?
Since 2009, the income gap between men and women in Watonwan County, Minnesota has widened from about 13% to 31% in 2023. In dollar terms, the gap has widened by $14,578 since 2009.