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 | Carroll County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Household Income | $54,907 | $55,084 | $78,145 |
| Median Personal Income | $58,762 | $48,244 | $61,726 |
| Average income growth | 5.0% | 4.5% | 5.1% |
| Six-Figure Earners | 6.4% | 6.9% | 13.2% |
The median household income in Carroll County is about the same as in Mississippi. Income has been growing faster in Carroll County (5.0%/yr) than in Mississippi (4.5%/yr).
About 6% of adults in Carroll County earn six figures ($100,000 or more) a year, about the same as the Mississippi average of 7%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Carroll County, Mississippi grew by 98.8% from 2009 to 2023, reaching $54,907 in 2023. That's an average of about 5.0% per year.
Economic Inequality in Carroll County | Gender Pay Gap | Gini Coefficient
| Metric | Carroll County | Mississippi Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.579 | 0.574 | 0.570 |
| Male Median Income | $63,939 | $55,143 | $67,746 |
| Female Median Income | $48,880 | $42,143 | $54,793 |
| Gender Pay Gap | 23.6% | 23.6% | 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 Carroll County, it is 0.579, about the same as Mississippi's 0.574, so income here is about as evenly distributed as there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 31% more than women's income in Carroll County, Mississippi. Over a 35-year career, a 31% wage gap accumulates to roughly $527,065 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Carroll County, Mississippi has narrowed from about 44% to 24% in 2023. In dollar terms, the gap has narrowed by $2,174 since 2009.
Employment
| Metric | Carroll County | Mississippi Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.6% | 5.9% | 5.2% |
| Working from Home | 7.8% | 5.3% | 13.4% |
| Commute time (minutes) | 28 | 21 | 22 |
Approximately 98 people are unemployed in Carroll County, Mississippi.
The average commute time in Carroll County is 28 minutes, longer than the 21 minutes in Mississippi.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Carroll County, Mississippi has fallen from 13.5% to 2.6% in 2023.
Conclusion
Considering all these factors, Carroll County, Mississippi has an overall wealth index grade of D, making it about on par with Mississippi, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Carroll County, Mississippi.
How Rich Is Carroll County, Mississippi?
Carroll County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $54,907, close to the Mississippi average of $55,084.
What is the current median household income in Carroll County, Mississippi?
As of 2023, the median household income in Carroll County, Mississippi is $54,907.
What was the median household income in Carroll County in 2023?
In 2023, the median household income in Carroll County, Mississippi was $54,907.
What was the median household income in Carroll County in 2020?
In 2020, the median household income in Carroll County, Mississippi was $47,837.
What is the Gini coefficient in Carroll County, Mississippi?
The Gini coefficient in Carroll County is 0.579. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Carroll County, Mississippi?
Since 2009, the income gap between men and women in Carroll County, Mississippi has narrowed from about 44% to 24% in 2023. In dollar terms, the gap has narrowed by $2,174 since 2009.