Wealth Index
Less wealthy than 73% of 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 | Lake County | Montana Avg | US Average |
|---|---|---|---|
| Median Household Income | $62,752 | $69,624 | $78,145 |
| Median Personal Income | $52,637 | $55,820 | $61,726 |
| Average income growth | 6.7% | 5.3% | 5.1% |
| Six-Figure Earners | 7.7% | 10.0% | 13.2% |
The median household income in Lake County is about 10% lower than in Montana. Income has been growing faster in Lake County (6.7%/yr) than in Montana (5.3%/yr).
About 8% of adults in Lake 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 Lake County, Montana grew by 60.9% from 2009 to 2023, reaching $62,752 in 2023. That's an average of about 6.7% per year.
Economic Inequality in Lake County | Gender Pay Gap | Gini Coefficient
| Metric | Lake County | Montana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.549 | 0.532 | 0.570 |
| Male Median Income | $58,531 | $62,811 | $67,746 |
| Female Median Income | $45,968 | $48,331 | $54,793 |
| Gender Pay Gap | 21.5% | 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 Lake County, it is 0.549, higher than Montana's 0.532, so income is less 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 27% more than women's income in Lake County, Montana. Over a 35-year career, a 27% wage gap accumulates to roughly $439,705 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lake County, Montana has narrowed from about 24% to 21% in 2023. In dollar terms, the gap has widened by $3,459 since 2009.
Employment
| Metric | Lake County | Montana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.4% | 3.7% | 5.2% |
| Working from Home | 11.1% | 11.6% | 13.4% |
| Commute time (minutes) | 16 | 16 | 22 |
Approximately 916 people are unemployed in Lake County, Montana.
The average commute time in Lake County is 16 minutes, about the same as in Montana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lake County, Montana has fallen from 11.7% to 6.4% in 2023.
Conclusion
Considering all these factors, Lake 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 Lake County, Montana.
How Rich Is Lake County, Montana?
Lake 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 $62,752, about 10% lower than the Montana average of $69,624.
What is the current median household income in Lake County, Montana?
As of 2023, the median household income in Lake County, Montana is $62,752.
What was the median household income in Lake County in 2023?
In 2023, the median household income in Lake County, Montana was $62,752.
What was the median household income in Lake County in 2020?
In 2020, the median household income in Lake County, Montana was $52,084.
What is the Gini coefficient in Lake County, Montana?
The Gini coefficient in Lake County is 0.549. 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 Lake County, Montana?
Since 2009, the income gap between men and women in Lake County, Montana has narrowed from about 24% to 21% in 2023. In dollar terms, the gap has widened by $3,459 since 2009.