Wealth Index
Wealthiest 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 | Wake County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Household Income | $101,995 | $69,937 | $78,145 |
| Median Personal Income | $76,016 | $55,581 | $61,726 |
| Average income growth | 5.4% | 5.4% | 5.1% |
| Six-Figure Earners | 20.8% | 11.0% | 13.2% |
The median household income in Wake County is about 46% higher than in North Carolina. Income has been growing slower in Wake County (5.4%/yr) than in North Carolina (5.4%/yr).
About 21% of adults in Wake County earn six figures ($100,000 or more) a year, higher than the North Carolina average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Wake County, North Carolina grew by 58.5% from 2009 to 2023, reaching $101,995 in 2023. That's an average of about 5.4% per year.
Economic Inequality in Wake County | Gender Pay Gap | Gini Coefficient
| Metric | Wake County | North Carolina Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.558 | 0.561 | 0.570 |
| Male Median Income | $87,573 | $60,778 | $67,746 |
| Female Median Income | $66,106 | $50,560 | $54,793 |
| Gender Pay Gap | 24.5% | 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 Wake County, it is 0.558, 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 32% more than women's income in Wake County, North Carolina. Over a 35-year career, a 32% wage gap accumulates to roughly $751,345 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Wake County, North Carolina has widened from about 23% to 25% in 2023. In dollar terms, the gap has widened by $8,513 since 2009.
Employment
| Metric | Wake County | North Carolina Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.1% | 4.7% | 5.2% |
| Working from Home | 26.0% | 14.5% | 13.4% |
| Commute time (minutes) | 22 | 21 | 22 |
Approximately 26,493 people are unemployed in Wake County, North Carolina.
The average commute time in Wake County is 22 minutes, longer than the 21 minutes in North Carolina.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Wake County, North Carolina has fallen from 6.9% to 4.1% in 2023.
Conclusion
Considering all these factors, Wake County, North Carolina has an overall wealth index grade of B, making it notably better than North Carolina, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Wake County, North Carolina.
How Rich Is Wake County, North Carolina?
Wake County has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $101,995, about 46% higher than the North Carolina average of $69,937.
What is the current median household income in Wake County, North Carolina?
As of 2023, the median household income in Wake County, North Carolina is $101,995.
What was the median household income in Wake County in 2023?
In 2023, the median household income in Wake County, North Carolina was $101,995.
What was the median household income in Wake County in 2020?
In 2020, the median household income in Wake County, North Carolina was $84,277.
What is the Gini coefficient in Wake County, North Carolina?
The Gini coefficient in Wake County is 0.558. 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 Wake County, North Carolina?
Since 2009, the income gap between men and women in Wake County, North Carolina has widened from about 23% to 25% in 2023. In dollar terms, the gap has widened by $8,513 since 2009.