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 | Franklin County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Household Income | $45,611 | $55,084 | $78,145 |
| Median Personal Income | $50,617 | $48,244 | $61,726 |
| Average income growth | 2.0% | 4.5% | 5.1% |
| Six-Figure Earners | 6.4% | 6.9% | 13.2% |
The median household income in Franklin County is about 17% lower than in Mississippi. Income has been growing slower in Franklin County (2.0%/yr) than in Mississippi (4.5%/yr).
About 6% of adults in Franklin 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 Franklin County, Mississippi grew by 34.0% from 2009 to 2023, reaching $45,611 in 2023. That's an average of about 2.0% per year.
Economic Inequality in Franklin County | Gender Pay Gap | Gini Coefficient
| Metric | Franklin County | Mississippi Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.604 | 0.574 | 0.570 |
| Male Median Income | $61,050 | $55,143 | $67,746 |
| Female Median Income | $41,927 | $42,143 | $54,793 |
| Gender Pay Gap | 31.3% | 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 Franklin County, it is 0.604, higher than Mississippi's 0.574, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 46% more than women's income in Franklin County, Mississippi. Over a 35-year career, a 46% wage gap accumulates to roughly $669,305 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Franklin County, Mississippi has widened from about 7% to 31% in 2023. In dollar terms, the gap has widened by $16,833 since 2009.
Employment
| Metric | Franklin County | Mississippi Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.3% | 5.9% | 5.2% |
| Working from Home | 1.7% | 5.3% | 13.4% |
| Commute time (minutes) | 30 | 21 | 22 |
Approximately 119 people are unemployed in Franklin County, Mississippi.
The average commute time in Franklin County is 30 minutes, longer than the 21 minutes in Mississippi.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Franklin County, Mississippi has fallen from 12.3% to 4.3% in 2023.
Conclusion
Considering all these factors, Franklin 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 Franklin County, Mississippi.
How Rich Is Franklin County, Mississippi?
Franklin 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 $45,611, about 17% lower than the Mississippi average of $55,084.
What is the current median household income in Franklin County, Mississippi?
As of 2023, the median household income in Franklin County, Mississippi is $45,611.
What was the median household income in Franklin County in 2023?
In 2023, the median household income in Franklin County, Mississippi was $45,611.
What was the median household income in Franklin County in 2020?
In 2020, the median household income in Franklin County, Mississippi was $38,924.
What is the Gini coefficient in Franklin County, Mississippi?
The Gini coefficient in Franklin County is 0.604. 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 Franklin County, Mississippi?
Since 2009, the income gap between men and women in Franklin County, Mississippi has widened from about 7% to 31% in 2023. In dollar terms, the gap has widened by $16,833 since 2009.