Wealth Index
Least wealthy county 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 | Scotland County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Household Income | $43,394 | $69,937 | $78,145 |
| Median Personal Income | $43,350 | $55,581 | $61,726 |
| Average income growth | 5.5% | 5.4% | 5.1% |
| Six-Figure Earners | 4.6% | 11.0% | 13.2% |
The median household income in Scotland County is about 38% lower than in North Carolina. Income has been growing faster in Scotland County (5.5%/yr) than in North Carolina (5.4%/yr).
About 5% of adults in Scotland 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 Scotland County, North Carolina grew by 36.9% from 2009 to 2023, reaching $43,394 in 2023. That's an average of about 5.5% per year.
Economic Inequality in Scotland County | Gender Pay Gap | Gini Coefficient
| Metric | Scotland County | North Carolina Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.563 | 0.561 | 0.570 |
| Male Median Income | $48,028 | $60,778 | $67,746 |
| Female Median Income | $38,622 | $50,560 | $54,793 |
| Gender Pay Gap | 19.6% | 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 Scotland County, it is 0.563, about the same as North Carolina's 0.561, so income here is about as evenly distributed as there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 24% more than women's income in Scotland County, North Carolina. Over a 35-year career, a 24% wage gap accumulates to roughly $329,210 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Scotland County, North Carolina has narrowed from about 21% to 20% in 2023. In dollar terms, the gap has widened by $1,838 since 2009.
Employment
| Metric | Scotland County | North Carolina Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 10.1% | 4.7% | 5.2% |
| Working from Home | 4.4% | 14.5% | 13.4% |
| Commute time (minutes) | 18 | 21 | 22 |
Approximately 1,476 people are unemployed in Scotland County, North Carolina.
The average commute time in Scotland County is 18 minutes, shorter than the 21 minutes in North Carolina.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Scotland County, North Carolina has fallen from 16.4% to 10.1% in 2023.
Conclusion
Considering all these factors, Scotland County, North Carolina has an overall wealth index grade of D, making it somewhat worse than North Carolina, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Scotland County, North Carolina.
How Rich Is Scotland County, North Carolina?
Scotland County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $43,394, about 38% lower than the North Carolina average of $69,937.
What is the current median household income in Scotland County, North Carolina?
As of 2023, the median household income in Scotland County, North Carolina is $43,394.
What was the median household income in Scotland County in 2023?
In 2023, the median household income in Scotland County, North Carolina was $43,394.
What was the median household income in Scotland County in 2020?
In 2020, the median household income in Scotland County, North Carolina was $36,043.
What is the Gini coefficient in Scotland County, North Carolina?
The Gini coefficient in Scotland County is 0.563. 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 Scotland County, North Carolina?
Since 2009, the income gap between men and women in Scotland County, North Carolina has narrowed from about 21% to 20% in 2023. In dollar terms, the gap has widened by $1,838 since 2009.