Wealth Index
Wealthier than 84% 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 | Petroleum County | Montana Avg | US Average |
|---|---|---|---|
| Median Household Income | $57,856 | $69,624 | $78,145 |
| Median Personal Income | $55,882 | $55,820 | $61,726 |
| Average income growth | 8.0% | 5.3% | 5.1% |
| Six-Figure Earners | 7.4% | 10.0% | 13.2% |
The median household income in Petroleum County is about 17% lower than in Montana. Income has been growing faster in Petroleum County (8.0%/yr) than in Montana (5.3%/yr).
About 7% of adults in Petroleum 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 Petroleum County, Montana grew by 51.2% from 2009 to 2023, reaching $57,856 in 2023. That's an average of about 8.0% per year.
Economic Inequality in Petroleum County | Gender Pay Gap | Gini Coefficient
| Metric | Petroleum County | Montana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.510 | 0.532 | 0.570 |
| Male Median Income | $58,541 | $62,811 | $67,746 |
| Female Median Income | $43,332 | $48,331 | $54,793 |
| Gender Pay Gap | 26.0% | 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 Petroleum County, it is 0.510, 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 35% more than women's income in Petroleum County, Montana. Over a 35-year career, a 35% wage gap accumulates to roughly $532,315 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Petroleum County, Montana has widened from about -1% to 26% in 2023. In dollar terms, the gap has widened by $15,505 since 2009.
Employment
| Metric | Petroleum County | Montana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.0% | 3.7% | 5.2% |
| Working from Home | 13.4% | 11.6% | 13.4% |
| Commute time (minutes) | 8 | 16 | 22 |
Approximately 2 people are unemployed in Petroleum County, Montana.
The average commute time in Petroleum County is 8 minutes, shorter than the 16 minutes in Montana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Petroleum County, Montana has fallen from 2.7% to 1.0% in 2023.
Conclusion
Considering all these factors, Petroleum 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 Petroleum County, Montana.
How Rich Is Petroleum County, Montana?
Petroleum 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 $57,856, about 17% lower than the Montana average of $69,624.
What is the current median household income in Petroleum County, Montana?
As of 2023, the median household income in Petroleum County, Montana is $57,856.
What was the median household income in Petroleum County in 2023?
In 2023, the median household income in Petroleum County, Montana was $57,856.
What was the median household income in Petroleum County in 2020?
In 2020, the median household income in Petroleum County, Montana was $40,000.
What is the Gini coefficient in Petroleum County, Montana?
The Gini coefficient in Petroleum County is 0.510. 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 Petroleum County, Montana?
Since 2009, the income gap between men and women in Petroleum County, Montana has widened from about -1% to 26% in 2023. In dollar terms, the gap has widened by $15,505 since 2009.