Wealth Index
Among the top 3 wealthiest counties in Mississippi
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 | DeSoto County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Household Income | $83,150 | $55,084 | $78,145 |
| Median Personal Income | $56,116 | $48,244 | $61,726 |
| Average income growth | 4.7% | 4.5% | 5.1% |
| Six-Figure Earners | 10.6% | 6.9% | 13.2% |
The median household income in DeSoto County is about 51% higher than in Mississippi. Income has been growing faster in DeSoto County (4.7%/yr) than in Mississippi (4.5%/yr).
About 11% of adults in DeSoto County earn six figures ($100,000 or more) a year, higher than the Mississippi average of 7%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in DeSoto County, Mississippi grew by 42.9% from 2009 to 2023, reaching $83,150 in 2023. That's an average of about 4.7% per year.
Economic Inequality in DeSoto County | Gender Pay Gap | Gini Coefficient
| Metric | DeSoto County | Mississippi Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.534 | 0.574 | 0.570 |
| Male Median Income | $63,585 | $55,143 | $67,746 |
| Female Median Income | $50,972 | $42,143 | $54,793 |
| Gender Pay Gap | 19.8% | 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 DeSoto County, it is 0.534, lower than Mississippi's 0.574, 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 25% more than women's income in DeSoto County, Mississippi. Over a 35-year career, a 25% wage gap accumulates to roughly $441,455 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in DeSoto County, Mississippi has narrowed from about 26% to 20% in 2023. In dollar terms, the gap has widened by $196 since 2009.
Employment
| Metric | DeSoto County | Mississippi Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.7% | 5.9% | 5.2% |
| Working from Home | 7.4% | 5.3% | 13.4% |
| Commute time (minutes) | 23 | 21 | 22 |
Approximately 3,670 people are unemployed in DeSoto County, Mississippi.
The average commute time in DeSoto County is 23 minutes, longer than the 21 minutes in Mississippi.
Unemployment Rate Over Time
Since 2011, the unemployment rate in DeSoto County, Mississippi has fallen from 7.5% to 3.7% in 2023.
Conclusion
Considering all these factors, DeSoto County, Mississippi has an overall wealth index grade of B, making it notably better than Mississippi, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in DeSoto County, Mississippi.
How Rich Is DeSoto County, Mississippi?
DeSoto 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 $83,150, about 51% higher than the Mississippi average of $55,084.
What is the current median household income in DeSoto County, Mississippi?
As of 2023, the median household income in DeSoto County, Mississippi is $83,150.
What was the median household income in DeSoto County in 2023?
In 2023, the median household income in DeSoto County, Mississippi was $83,150.
What was the median household income in DeSoto County in 2020?
In 2020, the median household income in DeSoto County, Mississippi was $69,892.
What is the Gini coefficient in DeSoto County, Mississippi?
The Gini coefficient in DeSoto County is 0.534. 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 DeSoto County, Mississippi?
Since 2009, the income gap between men and women in DeSoto County, Mississippi has narrowed from about 26% to 20% in 2023. In dollar terms, the gap has widened by $196 since 2009.