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 | Carter County | Montana Avg | US Average |
|---|---|---|---|
| Median Household Income | $54,464 | $69,624 | $78,145 |
| Median Personal Income | $49,696 | $55,820 | $61,726 |
| Average income growth | 2.3% | 5.3% | 5.1% |
| Six-Figure Earners | 5.0% | 10.0% | 13.2% |
The median household income in Carter County is about 22% lower than in Montana. Income has been growing slower in Carter County (2.3%/yr) than in Montana (5.3%/yr).
About 5% of adults in Carter County earn six figures ($100,000 or more) a year, lower than the Montana average of 10%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Carter County, Montana grew by 50.0% from 2009 to 2023, reaching $54,464 in 2023. That's an average of about 2.3% per year.
Economic Inequality in Carter County | Gender Pay Gap | Gini Coefficient
| Metric | Carter County | Montana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.530 | 0.532 | 0.570 |
| Male Median Income | $54,721 | $62,811 | $67,746 |
| Female Median Income | $35,312 | $48,331 | $54,793 |
| Gender Pay Gap | 35.5% | 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 Carter County, it is 0.530, about the same as Montana's 0.532, so income here is about as evenly distributed as there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 55% more than women's income in Carter County, Montana. Over a 35-year career, a 55% wage gap accumulates to roughly $679,315 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Carter County, Montana has narrowed from about 48% to 35% in 2023. In dollar terms, the gap has widened by $2,413 since 2009.
Employment
| Metric | Carter County | Montana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.6% | 3.7% | 5.2% |
| Working from Home | 29.7% | 11.6% | 13.4% |
| Commute time (minutes) | 8 | 16 | 22 |
Approximately 24 people are unemployed in Carter County, Montana.
The average commute time in Carter County is 8 minutes, shorter than the 16 minutes in Montana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Carter County, Montana has risen from 1.0% to 3.6% in 2023.
Conclusion
Considering all these factors, Carter County, Montana has an overall wealth index grade of C, making it about on par with Montana, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Carter County, Montana.
How Rich Is Carter County, Montana?
Carter 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 $54,464, about 22% lower than the Montana average of $69,624.
What is the current median household income in Carter County, Montana?
As of 2023, the median household income in Carter County, Montana is $54,464.
What was the median household income in Carter County in 2023?
In 2023, the median household income in Carter County, Montana was $54,464.
What was the median household income in Carter County in 2020?
In 2020, the median household income in Carter County, Montana was $43,383.
What is the Gini coefficient in Carter County, Montana?
The Gini coefficient in Carter County is 0.530. 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 Carter County, Montana?
Since 2009, the income gap between men and women in Carter County, Montana has narrowed from about 48% to 35% in 2023. In dollar terms, the gap has widened by $2,413 since 2009.