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 | Covington County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Household Income | $47,076 | $55,084 | $78,145 |
| Median Personal Income | $41,963 | $48,244 | $61,726 |
| Average income growth | 6.3% | 4.5% | 5.1% |
| Six-Figure Earners | 5.2% | 6.9% | 13.2% |
The median household income in Covington County is about 15% lower than in Mississippi. Income has been growing faster in Covington County (6.3%/yr) than in Mississippi (4.5%/yr).
About 5% of adults in Covington County earn six figures ($100,000 or more) a year, lower than the Mississippi average of 7%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Covington County, Mississippi grew by 53.7% from 2009 to 2023, reaching $47,076 in 2023. That's an average of about 6.3% per year.
Economic Inequality in Covington County | Gender Pay Gap | Gini Coefficient
| Metric | Covington County | Mississippi Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.565 | 0.574 | 0.570 |
| Male Median Income | $53,213 | $55,143 | $67,746 |
| Female Median Income | $35,341 | $42,143 | $54,793 |
| Gender Pay Gap | 33.6% | 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 Covington County, it is 0.565, lower than Mississippi's 0.574, so income is more evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 51% more than women's income in Covington County, Mississippi. Over a 35-year career, a 51% wage gap accumulates to roughly $625,520 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Covington County, Mississippi has widened from about 25% to 34% in 2023. In dollar terms, the gap has widened by $9,176 since 2009.
Employment
| Metric | Covington County | Mississippi Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.6% | 5.9% | 5.2% |
| Working from Home | 3.9% | 5.3% | 13.4% |
| Commute time (minutes) | 23 | 21 | 22 |
Approximately 373 people are unemployed in Covington County, Mississippi.
The average commute time in Covington County is 23 minutes, longer than the 21 minutes in Mississippi.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Covington County, Mississippi has fallen from 7.1% to 4.6% in 2023.
Conclusion
Considering all these factors, Covington 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 Covington County, Mississippi.
How Rich Is Covington County, Mississippi?
Covington 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 $47,076, about 15% lower than the Mississippi average of $55,084.
What is the current median household income in Covington County, Mississippi?
As of 2023, the median household income in Covington County, Mississippi is $47,076.
What was the median household income in Covington County in 2023?
In 2023, the median household income in Covington County, Mississippi was $47,076.
What was the median household income in Covington County in 2020?
In 2020, the median household income in Covington County, Mississippi was $33,707.
What is the Gini coefficient in Covington County, Mississippi?
The Gini coefficient in Covington County is 0.565. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Covington County, Mississippi?
Since 2009, the income gap between men and women in Covington County, Mississippi has widened from about 25% to 34% in 2023. In dollar terms, the gap has widened by $9,176 since 2009.