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 | McHenry County | North Dakota Avg | US Average |
|---|---|---|---|
| Median Household Income | $78,398 | $76,061 | $78,145 |
| Median Personal Income | $56,490 | $60,423 | $61,726 |
| Average income growth | 3.7% | 3.6% | 5.1% |
| Six-Figure Earners | 12.0% | 11.8% | 13.2% |
The median household income in McHenry County is about 3% higher than in North Dakota. Income has been growing faster in McHenry County (3.7%/yr) than in North Dakota (3.6%/yr).
About 12% of adults in McHenry County earn six figures ($100,000 or more) a year, about the same as the North Dakota average of 12%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in McHenry County, North Dakota grew by 107.7% from 2009 to 2023, reaching $78,398 in 2023. That's an average of about 3.7% per year.
Economic Inequality in McHenry County | Gender Pay Gap | Gini Coefficient
| Metric | McHenry County | North Dakota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.500 | 0.515 | 0.570 |
| Male Median Income | $67,752 | $67,015 | $67,746 |
| Female Median Income | $45,645 | $52,823 | $54,793 |
| Gender Pay Gap | 32.6% | 21.2% | 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 McHenry County, it is 0.500, lower than North Dakota's 0.515, 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 48% more than women's income in McHenry County, North Dakota. Over a 35-year career, a 48% wage gap accumulates to roughly $773,745 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in McHenry County, North Dakota has widened from about 31% to 33% in 2023. In dollar terms, the gap has widened by $10,441 since 2009.
Employment
| Metric | McHenry County | North Dakota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.6% | 2.8% | 5.2% |
| Working from Home | 15.1% | 7.3% | 13.4% |
| Commute time (minutes) | 28 | 13 | 22 |
Approximately 124 people are unemployed in McHenry County, North Dakota.
The average commute time in McHenry County is 28 minutes, longer than the 13 minutes in North Dakota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in McHenry County, North Dakota has risen from 3.7% to 4.6% in 2023.
Conclusion
Considering all these factors, McHenry County, North Dakota has an overall wealth index grade of B, making it somewhat better than North Dakota, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in McHenry County, North Dakota.
How Rich Is McHenry County, North Dakota?
McHenry 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 $78,398, about 3% higher than the North Dakota average of $76,061.
What is the current median household income in McHenry County, North Dakota?
As of 2023, the median household income in McHenry County, North Dakota is $78,398.
What was the median household income in McHenry County in 2023?
In 2023, the median household income in McHenry County, North Dakota was $78,398.
What was the median household income in McHenry County in 2020?
In 2020, the median household income in McHenry County, North Dakota was $65,567.
What is the Gini coefficient in McHenry County, North Dakota?
The Gini coefficient in McHenry County is 0.500. 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 McHenry County, North Dakota?
Since 2009, the income gap between men and women in McHenry County, North Dakota has widened from about 31% to 33% in 2023. In dollar terms, the gap has widened by $10,441 since 2009.