Wealth Index
Wealthier than 81% of counties in North Carolina
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 | Buncombe County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Household Income | $70,631 | $69,937 | $78,145 |
| Median Personal Income | $50,887 | $55,581 | $61,726 |
| Average income growth | 6.0% | 5.4% | 5.1% |
| Six-Figure Earners | 10.1% | 11.0% | 13.2% |
The median household income in Buncombe County is about 1% higher than in North Carolina. Income has been growing faster in Buncombe County (6.0%/yr) than in North Carolina (5.4%/yr).
About 10% of adults in Buncombe County earn six figures ($100,000 or more) a year, lower than the North Carolina average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Buncombe County, North Carolina grew by 61.4% from 2009 to 2023, reaching $70,631 in 2023. That's an average of about 6.0% per year.
Economic Inequality in Buncombe County | Gender Pay Gap | Gini Coefficient
| Metric | Buncombe County | North Carolina Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.535 | 0.561 | 0.570 |
| Male Median Income | $54,089 | $60,778 | $67,746 |
| Female Median Income | $47,223 | $50,560 | $54,793 |
| Gender Pay Gap | 12.7% | 16.8% | 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 Buncombe County, it is 0.535, lower than North Carolina's 0.561, 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 15% more than women's income in Buncombe County, North Carolina. Over a 35-year career, a 15% wage gap accumulates to roughly $240,310 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Buncombe County, North Carolina has narrowed from about 15% to 13% in 2023. In dollar terms, the gap has widened by $952 since 2009.
Employment
| Metric | Buncombe County | North Carolina Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.5% | 4.7% | 5.2% |
| Working from Home | 16.2% | 14.5% | 13.4% |
| Commute time (minutes) | 20 | 21 | 22 |
Approximately 4,768 people are unemployed in Buncombe County, North Carolina.
The average commute time in Buncombe County is 20 minutes, shorter than the 21 minutes in North Carolina.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Buncombe County, North Carolina has fallen from 7.6% to 3.5% in 2023.
Conclusion
Considering all these factors, Buncombe County, North Carolina has an overall wealth index grade of C, making it somewhat better than North Carolina, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Buncombe County, North Carolina.
How Rich Is Buncombe County, North Carolina?
Buncombe 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 $70,631, about 1% higher than the North Carolina average of $69,937.
What is the current median household income in Buncombe County, North Carolina?
As of 2023, the median household income in Buncombe County, North Carolina is $70,631.
What was the median household income in Buncombe County in 2023?
In 2023, the median household income in Buncombe County, North Carolina was $70,631.
What was the median household income in Buncombe County in 2020?
In 2020, the median household income in Buncombe County, North Carolina was $55,638.
What is the Gini coefficient in Buncombe County, North Carolina?
The Gini coefficient in Buncombe County is 0.535. 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 Buncombe County, North Carolina?
Since 2009, the income gap between men and women in Buncombe County, North Carolina has narrowed from about 15% to 13% in 2023. In dollar terms, the gap has widened by $952 since 2009.