Madison, Mississippi Income Statistics
Madison Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
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A+
Madison Top grade
Source: Map AI Methodology
Income Statistics Overview
| Metric | Madison | Mississippi Avg | US Average |
|---|---|---|---|
| Median Household Income | $118,326 | $56,669 | $80,455 |
| Median Personal Income | $76,058 | $48,086 | $60,758 |
| Average Yearly Income Growth | 2.4% | 4.3% | 4.8% |
| Six-Figure Earners | 21.8% | 7.4% | 13.9% |
| $200k+ Households | 27.1% | 5.8% | 13.2% |
The median household income in Madison is about 109% higher than in Mississippi. Income has been growing slower in Madison (2.4%/yr) than in Mississippi (4.3%/yr).
About 22% of adults in Madison earn six figures ($100,000 or more) a year, higher than the Mississippi average of 7%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Madison, Mississippi grew by 31.2% from 2009 to 2024, reaching $118,326 in 2024. That's an average of about 2.4% per year.
Income Inequality and the Gender Pay Gap in Madison
| Metric | Madison | Mississippi Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.550 | 0.566 | 0.552 |
| Male Median Income | $91,260 | $56,525 | $69,667 |
| Female Median Income | $64,886 | $43,645 | $56,850 |
| Gender Pay Gap | 28.9% | 22.8% | 18.4% |
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 Madison, it is 0.550, lower than Mississippi's 0.566, so income is more evenly distributed here than there, and about the same as the US's 0.552, so income here is about as evenly distributed as there.
Men's income is about 41% more than women's income in Madison, Mississippi. Over a 35-year career, a 41% wage gap accumulates to roughly $923,090 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Madison, Mississippi has narrowed from about 36% to 29% in 2024. Over that period the gap was widest at 39% in 2013, and was narrowest at 29% in 2017. In dollar terms, the gap has widened by $226 since 2009.
Employment
| Metric | Madison | Mississippi Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.8% | 5.7% | 5.2% |
| Working from Home | 15.3% | 5.9% | 15.0% |
| Commute time (minutes) | 21 | 21 | 22 |
Approximately 289 people are unemployed in Madison, Mississippi.
The average commute time in Madison is 21 minutes, about the same as in Mississippi.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Madison, Mississippi has fallen from 3.0% to 2.8% in 2024. Over that period the rate peaked at 4.3% in 2013 and fell as low as 1.8% in 2018.
Madison, MS Wealth Compared With Nearby Cities
How Madison, MS compares with the 2 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Madison, MS | 21,023 | $118,326 #1/3 | 2.4%/yr #2/3 | 2.8% #1/3 | 0.550 #2/3 |
| Ridgeland, MS | 22,132 | $69,897 | 2.3%/yr | 4.1% | 0.523 |
| Jackson, MS | 145,698 | $42,786 | 3.3%/yr | 9.0% | 0.561 |
Conclusion
Considering all these factors, Madison, Mississippi has an overall wealth index grade of A+, making it far better than Mississippi, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Madison, Mississippi.
How Rich Is Madison, Mississippi?
Madison has a wealth index grade of A+. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A+ grade means it is one of the most prosperous areas in the country. The median household income is $118,326, about 109% higher than the Mississippi average of $56,669.
How has median household income changed in Madison, Mississippi?
Between 2009 and 2024, the median household income in Madison, Mississippi rose 31%, from $90,154 to $118,326. Over the same years, income here lagged behind Mississippi as a whole: +31% against +54%.
What was the median household income in Madison in 2023?
In 2023, the median household income in Madison, Mississippi was $119,047, down 2% from $122,022 in 2022. The Mississippi median that year was $55,083.
What was the median household income in Madison in 2020?
In 2020, the median household income in Madison, Mississippi was $117,333. By 2024 it had risen 1% to $118,326.
How many people earn six figures in Madison, Mississippi?
Yes. 22% of adults in Madison, Mississippi earn $100,000 or more a year (about 1 in 5), against 7% (about 1 in 14) in Mississippi. 27% of households have a combined income of $200,000 or more, compared with 6% in Mississippi.
Is unemployment high in Madison, Mississippi?
Unemployment in Madison, Mississippi is only 2.8%, well below the Mississippi rate of 5.7%, a sign of a tight labor market where employers compete for workers.
What is the Gini coefficient in Madison, Mississippi?
The Gini coefficient in Madison is 0.550. 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 0.552, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Madison, Mississippi?
Since 2009, the income gap between men and women in Madison, Mississippi has narrowed from about 36% to 29% in 2024. Over that period the gap was widest at 39% in 2013, and was narrowest at 29% in 2017. In dollar terms, the gap has widened by $226 since 2009.
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