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 | Broadwater County | Montana Avg | US Average |
|---|---|---|---|
| Median Household Income | $63,902 | $69,624 | $78,145 |
| Median Personal Income | $62,539 | $55,820 | $61,726 |
| Average income growth | 3.2% | 5.3% | 5.1% |
| Six-Figure Earners | 10.8% | 10.0% | 13.2% |
The median household income in Broadwater County is about 8% lower than in Montana. Income has been growing slower in Broadwater County (3.2%/yr) than in Montana (5.3%/yr).
About 11% of adults in Broadwater County earn six figures ($100,000 or more) a year, higher than the Montana average of 10%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Broadwater County, Montana grew by 50.5% from 2009 to 2023, reaching $63,902 in 2023. That's an average of about 3.2% per year.
Economic Inequality in Broadwater County | Gender Pay Gap | Gini Coefficient
| Metric | Broadwater County | Montana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.512 | 0.532 | 0.570 |
| Male Median Income | $75,309 | $62,811 | $67,746 |
| Female Median Income | $47,787 | $48,331 | $54,793 |
| Gender Pay Gap | 36.5% | 23.1% | 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 Broadwater County, it is 0.512, lower than Montana's 0.532, 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 58% more than women's income in Broadwater County, Montana. Over a 35-year career, a 58% wage gap accumulates to roughly $963,270 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Broadwater County, Montana has widened from about -9% to 37% in 2023. In dollar terms, the gap has widened by $30,434 since 2009.
Employment
| Metric | Broadwater County | Montana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.3% | 3.7% | 5.2% |
| Working from Home | 10.1% | 11.6% | 13.4% |
| Commute time (minutes) | 30 | 16 | 22 |
Approximately 161 people are unemployed in Broadwater County, Montana.
The average commute time in Broadwater County is 30 minutes, longer than the 16 minutes in Montana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Broadwater County, Montana has fallen from 4.9% to 4.3% in 2023.
Conclusion
Considering all these factors, Broadwater County, Montana has an overall wealth index grade of C, making it somewhat better than Montana, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Broadwater County, Montana.
How Rich Is Broadwater County, Montana?
Broadwater County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $63,902, about 8% lower than the Montana average of $69,624.
What is the current median household income in Broadwater County, Montana?
As of 2023, the median household income in Broadwater County, Montana is $63,902.
What was the median household income in Broadwater County in 2023?
In 2023, the median household income in Broadwater County, Montana was $63,902.
What was the median household income in Broadwater County in 2020?
In 2020, the median household income in Broadwater County, Montana was $55,799.
What is the Gini coefficient in Broadwater County, Montana?
The Gini coefficient in Broadwater County is 0.512. 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 Broadwater County, Montana?
Since 2009, the income gap between men and women in Broadwater County, Montana has widened from about -9% to 37% in 2023. In dollar terms, the gap has widened by $30,434 since 2009.