Wealth Index
Wealthier than 78% 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 | Person County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Household Income | $64,803 | $69,937 | $78,145 |
| Median Personal Income | $58,911 | $55,581 | $61,726 |
| Average income growth | 5.9% | 5.4% | 5.1% |
| Six-Figure Earners | 9.6% | 11.0% | 13.2% |
The median household income in Person County is about 7% lower than in North Carolina. Income has been growing faster in Person County (5.9%/yr) than in North Carolina (5.4%/yr).
About 10% of adults in Person 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 Person County, North Carolina grew by 46.1% from 2009 to 2023, reaching $64,803 in 2023. That's an average of about 5.9% per year.
Economic Inequality in Person County | Gender Pay Gap | Gini Coefficient
| Metric | Person County | North Carolina Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.504 | 0.561 | 0.570 |
| Male Median Income | $62,454 | $60,778 | $67,746 |
| Female Median Income | $54,713 | $50,560 | $54,793 |
| Gender Pay Gap | 12.4% | 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 Person County, it is 0.504, 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 14% more than women's income in Person County, North Carolina. Over a 35-year career, a 14% wage gap accumulates to roughly $270,935 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Person County, North Carolina has narrowed from about 19% to 12% in 2023. In dollar terms, the gap has narrowed by $231 since 2009.
Employment
| Metric | Person County | North Carolina Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.8% | 4.7% | 5.2% |
| Working from Home | 11.6% | 14.5% | 13.4% |
| Commute time (minutes) | 27 | 21 | 22 |
Approximately 764 people are unemployed in Person County, North Carolina.
The average commute time in Person County is 27 minutes, longer than the 21 minutes in North Carolina.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Person County, North Carolina has fallen from 10.5% to 3.8% in 2023.
Conclusion
Considering all these factors, Person 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 Person County, North Carolina.
How Rich Is Person County, North Carolina?
Person 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 $64,803, about 7% lower than the North Carolina average of $69,937.
What is the current median household income in Person County, North Carolina?
As of 2023, the median household income in Person County, North Carolina is $64,803.
What was the median household income in Person County in 2023?
In 2023, the median household income in Person County, North Carolina was $64,803.
What was the median household income in Person County in 2020?
In 2020, the median household income in Person County, North Carolina was $57,853.
What is the Gini coefficient in Person County, North Carolina?
The Gini coefficient in Person County is 0.504. 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 Person County, North Carolina?
Since 2009, the income gap between men and women in Person County, North Carolina has narrowed from about 19% to 12% in 2023. In dollar terms, the gap has narrowed by $231 since 2009.