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 | Rankin County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Household Income | $77,699 | $55,084 | $78,145 |
| Median Personal Income | $55,817 | $48,244 | $61,726 |
| Average income growth | 3.9% | 4.5% | 5.1% |
| Six-Figure Earners | 10.1% | 6.9% | 13.2% |
The median household income in Rankin County is about 41% higher than in Mississippi. Income has been growing slower in Rankin County (3.9%/yr) than in Mississippi (4.5%/yr).
About 10% of adults in Rankin 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 Rankin County, Mississippi grew by 44.5% from 2009 to 2023, reaching $77,699 in 2023. That's an average of about 3.9% per year.
Economic Inequality in Rankin County | Gender Pay Gap | Gini Coefficient
| Metric | Rankin County | Mississippi Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.542 | 0.574 | 0.570 |
| Male Median Income | $62,894 | $55,143 | $67,746 |
| Female Median Income | $50,989 | $42,143 | $54,793 |
| Gender Pay Gap | 18.9% | 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 Rankin County, it is 0.542, 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 23% more than women's income in Rankin County, Mississippi. Over a 35-year career, a 23% wage gap accumulates to roughly $416,675 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Rankin County, Mississippi has narrowed from about 20% to 19% in 2023. In dollar terms, the gap has widened by $2,701 since 2009.
Employment
| Metric | Rankin County | Mississippi Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.2% | 5.9% | 5.2% |
| Working from Home | 6.4% | 5.3% | 13.4% |
| Commute time (minutes) | 23 | 21 | 22 |
Approximately 3,368 people are unemployed in Rankin County, Mississippi.
The average commute time in Rankin County is 23 minutes, longer than the 21 minutes in Mississippi.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Rankin County, Mississippi has fallen from 5.4% to 4.2% in 2023.
Conclusion
Considering all these factors, Rankin 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 Rankin County, Mississippi.
How Rich Is Rankin County, Mississippi?
Rankin 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 $77,699, about 41% higher than the Mississippi average of $55,084.
What is the current median household income in Rankin County, Mississippi?
As of 2023, the median household income in Rankin County, Mississippi is $77,699.
What was the median household income in Rankin County in 2023?
In 2023, the median household income in Rankin County, Mississippi was $77,699.
What was the median household income in Rankin County in 2020?
In 2020, the median household income in Rankin County, Mississippi was $69,538.
What is the Gini coefficient in Rankin County, Mississippi?
The Gini coefficient in Rankin County is 0.542. 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 Rankin County, Mississippi?
Since 2009, the income gap between men and women in Rankin County, Mississippi has narrowed from about 20% to 19% in 2023. In dollar terms, the gap has widened by $2,701 since 2009.