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 | Phillips County | Montana Avg | US Average |
|---|---|---|---|
| Median Household Income | $57,979 | $69,624 | $78,145 |
| Median Personal Income | $47,229 | $55,820 | $61,726 |
| Average income growth | 6.3% | 5.3% | 5.1% |
| Six-Figure Earners | 8.4% | 10.0% | 13.2% |
The median household income in Phillips County is about 17% lower than in Montana. Income has been growing faster in Phillips County (6.3%/yr) than in Montana (5.3%/yr).
About 8% of adults in Phillips 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 Phillips County, Montana grew by 53.4% from 2009 to 2023, reaching $57,979 in 2023. That's an average of about 6.3% per year.
Economic Inequality in Phillips County | Gender Pay Gap | Gini Coefficient
| Metric | Phillips County | Montana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.525 | 0.532 | 0.570 |
| Male Median Income | $55,842 | $62,811 | $67,746 |
| Female Median Income | $37,547 | $48,331 | $54,793 |
| Gender Pay Gap | 32.8% | 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 Phillips County, it is 0.525, 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 49% more than women's income in Phillips County, Montana. Over a 35-year career, a 49% wage gap accumulates to roughly $640,325 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Phillips County, Montana has narrowed from about 46% to 33% in 2023. In dollar terms, the gap has narrowed by $1,878 since 2009.
Employment
| Metric | Phillips County | Montana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.4% | 3.7% | 5.2% |
| Working from Home | 17.1% | 11.6% | 13.4% |
| Commute time (minutes) | 8 | 16 | 22 |
Approximately 67 people are unemployed in Phillips County, Montana.
The average commute time in Phillips County is 8 minutes, shorter than the 16 minutes in Montana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Phillips County, Montana has fallen from 4.8% to 3.4% in 2023.
Conclusion
Considering all these factors, Phillips 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 Phillips County, Montana.
How Rich Is Phillips County, Montana?
Phillips 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 $57,979, about 17% lower than the Montana average of $69,624.
What is the current median household income in Phillips County, Montana?
As of 2023, the median household income in Phillips County, Montana is $57,979.
What was the median household income in Phillips County in 2023?
In 2023, the median household income in Phillips County, Montana was $57,979.
What was the median household income in Phillips County in 2020?
In 2020, the median household income in Phillips County, Montana was $46,479.
What is the Gini coefficient in Phillips County, Montana?
The Gini coefficient in Phillips County is 0.525. 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 Phillips County, Montana?
Since 2009, the income gap between men and women in Phillips County, Montana has narrowed from about 46% to 33% in 2023. In dollar terms, the gap has narrowed by $1,878 since 2009.