Wake Forest, North Carolina Income Statistics
Wake Forest Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
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B
Wake Forest Around average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Wake Forest | North Carolina Avg | US Average |
|---|---|---|---|
| Median Household Income | $108,801 | $72,438 | $80,455 |
| Median Personal Income | $74,095 | $54,489 | $60,758 |
| Average Yearly Income Growth | 5.7% | 5.2% | 4.8% |
| Six-Figure Earners | 20.6% | 11.9% | 13.9% |
| $200k+ Households | 22.4% | 10.4% | 13.2% |
The median household income in Wake Forest is about 50% higher than in North Carolina. Income has been growing faster in Wake Forest (5.7%/yr) than in North Carolina (5.2%/yr).
About 21% of adults in Wake Forest earn six figures ($100,000 or more) a year, higher than the North Carolina average of 12%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Wake Forest, North Carolina grew by 62.2% from 2009 to 2024, reaching $108,801 in 2024. That's an average of about 5.7% per year.
Income Inequality and the Gender Pay Gap in Wake Forest
| Metric | Wake Forest | North Carolina Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.531 | 0.547 | 0.552 |
| Male Median Income | $90,711 | $63,136 | $69,667 |
| Female Median Income | $70,167 | $52,579 | $56,850 |
| Gender Pay Gap | 22.6% | 16.7% | 18.4% |
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 Forest, it is 0.531, lower than North Carolina's 0.547, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 29% more than women's income in Wake Forest, North Carolina. Over a 35-year career, a 29% wage gap accumulates to roughly $719,040 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 Forest, North Carolina has narrowed from about 27% to 23% in 2024. Over that period the gap was widest at 31% in 2017. In dollar terms, the gap has widened by $3,382 since 2009.
Employment
| Metric | Wake Forest | North Carolina Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.9% | 4.6% | 5.2% |
| Working from Home | 26.9% | 16.3% | 15.0% |
| Commute time (minutes) | 30 | 21 | 22 |
Approximately 820 people are unemployed in Wake Forest, North Carolina.
The average commute time in Wake Forest is 30 minutes, longer than the 21 minutes in North Carolina.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Wake Forest, North Carolina has fallen from 7.0% to 3.9% in 2024. Over that period the rate peaked at 7.3% in 2014.
Wake Forest, NC Wealth Compared With Nearby Cities
How Wake Forest, NC compares with the 1 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Wake Forest, NC | 39,088 | $108,801 #1/2 | 5.7%/yr #1/2 | 3.9% #1/2 | 0.531 #1/2 |
| Raleigh, NC | 423,734 | $86,293 | 5.1%/yr | 4.6% | 0.539 |
Conclusion
Considering all these factors, Wake Forest, 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 Forest, North Carolina.
How Rich Is Wake Forest, North Carolina?
Wake Forest 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 $108,801, about 50% higher than the North Carolina average of $72,438.
How has median household income changed in Wake Forest, North Carolina?
Between 2009 and 2024, the median household income in Wake Forest, North Carolina rose 62%, from $67,085 to $108,801. Over the same years, income here outpaced North Carolina as a whole: +62% against +61%.
What was the median household income in Wake Forest in 2023?
In 2023, the median household income in Wake Forest, North Carolina was $108,202, up 6% from $102,300 in 2022. The North Carolina median that year was $69,937.
What was the median household income in Wake Forest in 2020?
In 2020, the median household income in Wake Forest, North Carolina was $87,240. By 2024 it had risen 25% to $108,801.
Is Wake Forest, North Carolina a high-income area?
Yes. 21% of adults in Wake Forest, North Carolina earn $100,000 or more a year (about 1 in 5), against 12% (about 1 in 8) in North Carolina. 22% of households have a combined income of $200,000 or more, compared with 10% in North Carolina.
What is the Gini coefficient in Wake Forest, North Carolina?
The Gini coefficient in Wake Forest is 0.531. 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 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Wake Forest, North Carolina?
Since 2009, the income gap between men and women in Wake Forest, North Carolina has narrowed from about 27% to 23% in 2024. Over that period the gap was widest at 31% in 2017. In dollar terms, the gap has widened by $3,382 since 2009.
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