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 | Gaston County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Household Income | $65,057 | $69,937 | $78,145 |
| Median Personal Income | $53,535 | $55,581 | $61,726 |
| Average income growth | 5.7% | 5.4% | 5.1% |
| Six-Figure Earners | 8.4% | 11.0% | 13.2% |
The median household income in Gaston County is about 7% lower than in North Carolina. Income has been growing faster in Gaston County (5.7%/yr) than in North Carolina (5.4%/yr).
About 8% of adults in Gaston 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 Gaston County, North Carolina grew by 54.6% from 2009 to 2023, reaching $65,057 in 2023. That's an average of about 5.7% per year.
Economic Inequality in Gaston County | Gender Pay Gap | Gini Coefficient
| Metric | Gaston County | North Carolina Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.538 | 0.561 | 0.570 |
| Male Median Income | $59,337 | $60,778 | $67,746 |
| Female Median Income | $48,204 | $50,560 | $54,793 |
| Gender Pay Gap | 18.8% | 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 Gaston County, it is 0.538, 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 23% more than women's income in Gaston County, North Carolina. Over a 35-year career, a 23% wage gap accumulates to roughly $389,655 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Gaston County, North Carolina has narrowed from about 23% to 19% in 2023. In dollar terms, the gap has widened by $1,521 since 2009.
Employment
| Metric | Gaston County | North Carolina Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.8% | 4.7% | 5.2% |
| Working from Home | 10.2% | 14.5% | 13.4% |
| Commute time (minutes) | 23 | 21 | 22 |
Approximately 5,552 people are unemployed in Gaston County, North Carolina.
The average commute time in Gaston County is 23 minutes, longer than the 21 minutes in North Carolina.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Gaston County, North Carolina has fallen from 12.8% to 4.8% in 2023.
Conclusion
Considering all these factors, Gaston County, North Carolina has an overall wealth index grade of C, making it about on par with North Carolina, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Gaston County, North Carolina.
How Rich Is Gaston County, North Carolina?
Gaston 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 $65,057, about 7% lower than the North Carolina average of $69,937.
What is the current median household income in Gaston County, North Carolina?
As of 2023, the median household income in Gaston County, North Carolina is $65,057.
What was the median household income in Gaston County in 2023?
In 2023, the median household income in Gaston County, North Carolina was $65,057.
What was the median household income in Gaston County in 2020?
In 2020, the median household income in Gaston County, North Carolina was $53,667.
What is the Gini coefficient in Gaston County, North Carolina?
The Gini coefficient in Gaston County is 0.538. 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 Gaston County, North Carolina?
Since 2009, the income gap between men and women in Gaston County, North Carolina has narrowed from about 23% to 19% in 2023. In dollar terms, the gap has widened by $1,521 since 2009.