Wealth Index
Among the top 5 wealthiest counties in Montana
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 | Gallatin County | Montana Avg | US Average |
|---|---|---|---|
| Median Household Income | $89,485 | $69,624 | $78,145 |
| Median Personal Income | $64,252 | $55,820 | $61,726 |
| Average income growth | 6.7% | 5.3% | 5.1% |
| Six-Figure Earners | 15.1% | 10.0% | 13.2% |
The median household income in Gallatin County is about 29% higher than in Montana. Income has been growing faster in Gallatin County (6.7%/yr) than in Montana (5.3%/yr).
About 15% of adults in Gallatin 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 Gallatin County, Montana grew by 81.6% from 2009 to 2023, reaching $89,485 in 2023. That's an average of about 6.7% per year.
Economic Inequality in Gallatin County | Gender Pay Gap | Gini Coefficient
| Metric | Gallatin County | Montana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.534 | 0.532 | 0.570 |
| Male Median Income | $69,939 | $62,811 | $67,746 |
| Female Median Income | $56,391 | $48,331 | $54,793 |
| Gender Pay Gap | 19.4% | 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 Gallatin County, it is 0.534, 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 24% more than women's income in Gallatin County, Montana. Over a 35-year career, a 24% wage gap accumulates to roughly $474,180 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Gallatin County, Montana has narrowed from about 26% to 19% in 2023. In dollar terms, the gap has widened by $2,691 since 2009.
Employment
| Metric | Gallatin County | Montana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.3% | 3.7% | 5.2% |
| Working from Home | 14.9% | 11.6% | 13.4% |
| Commute time (minutes) | 16 | 16 | 22 |
Approximately 1,689 people are unemployed in Gallatin County, Montana.
The average commute time in Gallatin County is 16 minutes, about the same as in Montana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Gallatin County, Montana has fallen from 5.8% to 2.3% in 2023.
Conclusion
Considering all these factors, Gallatin County, Montana has an overall wealth index grade of B, making it somewhat better than Montana, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Gallatin County, Montana.
How Rich Is Gallatin County, Montana?
Gallatin 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 $89,485, about 29% higher than the Montana average of $69,624.
What is the current median household income in Gallatin County, Montana?
As of 2023, the median household income in Gallatin County, Montana is $89,485.
What was the median household income in Gallatin County in 2023?
In 2023, the median household income in Gallatin County, Montana was $89,485.
What was the median household income in Gallatin County in 2020?
In 2020, the median household income in Gallatin County, Montana was $70,514.
What is the Gini coefficient in Gallatin County, Montana?
The Gini coefficient in Gallatin County is 0.534. 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 Gallatin County, Montana?
Since 2009, the income gap between men and women in Gallatin County, Montana has narrowed from about 26% to 19% in 2023. In dollar terms, the gap has widened by $2,691 since 2009.