Wealth Index
Among the 3 least wealthy 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 | Holmes County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Household Income | $29,291 | $55,084 | $78,145 |
| Median Personal Income | $36,422 | $48,244 | $61,726 |
| Average income growth | 4.9% | 4.5% | 5.1% |
| Six-Figure Earners | 3.6% | 6.9% | 13.2% |
The median household income in Holmes County is about 47% lower than in Mississippi. Income has been growing faster in Holmes County (4.9%/yr) than in Mississippi (4.5%/yr).
About 4% of adults in Holmes 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 Holmes County, Mississippi grew by 33.5% from 2009 to 2023, reaching $29,291 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Holmes County | Gender Pay Gap | Gini Coefficient
| Metric | Holmes County | Mississippi Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.643 | 0.574 | 0.570 |
| Male Median Income | $37,926 | $55,143 | $67,746 |
| Female Median Income | $35,176 | $42,143 | $54,793 |
| Gender Pay Gap | 7.2% | 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 Holmes County, it is 0.643, 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 8% more than women's income in Holmes County, Mississippi. Over a 35-year career, a 8% wage gap accumulates to roughly $96,250 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Holmes County, Mississippi has narrowed from about 17% to 7% in 2023. In dollar terms, the gap has narrowed by $2,281 since 2009.
Employment
| Metric | Holmes County | Mississippi Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.8% | 5.9% | 5.2% |
| Working from Home | 2.7% | 5.3% | 13.4% |
| Commute time (minutes) | 32 | 21 | 22 |
Approximately 507 people are unemployed in Holmes County, Mississippi.
The average commute time in Holmes County is 32 minutes, longer than the 21 minutes in Mississippi.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Holmes County, Mississippi has fallen from 20.0% to 8.8% in 2023.
Conclusion
Considering all these factors, Holmes County, Mississippi has an overall wealth index grade of F, making it somewhat worse than Mississippi, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Holmes County, Mississippi.
How Rich Is Holmes County, Mississippi?
Holmes County has a wealth index grade of F. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an F grade means residents are well below the U.S. average. The median household income is $29,291, about 47% lower than the Mississippi average of $55,084.
What is the current median household income in Holmes County, Mississippi?
As of 2023, the median household income in Holmes County, Mississippi is $29,291.
What was the median household income in Holmes County in 2023?
In 2023, the median household income in Holmes County, Mississippi was $29,291.
What was the median household income in Holmes County in 2020?
In 2020, the median household income in Holmes County, Mississippi was $24,162.
What is the Gini coefficient in Holmes County, Mississippi?
The Gini coefficient in Holmes County is 0.643. 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 Holmes County, Mississippi?
Since 2009, the income gap between men and women in Holmes County, Mississippi has narrowed from about 17% to 7% in 2023. In dollar terms, the gap has narrowed by $2,281 since 2009.