Wealth Index
Wealthier than 82% of counties in Ohio
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 | Franklin County | Ohio Avg | US Average |
|---|---|---|---|
| Median Household Income | $73,915 | $69,785 | $78,145 |
| Median Personal Income | $62,006 | $59,599 | $61,726 |
| Average income growth | 4.5% | 4.7% | 5.1% |
| Six-Figure Earners | 12.8% | 10.5% | 13.2% |
The median household income in Franklin County is about 6% higher than in Ohio. Income has been growing slower in Franklin County (4.5%/yr) than in Ohio (4.7%/yr).
About 13% of adults in Franklin County earn six figures ($100,000 or more) a year, higher than the Ohio average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Franklin County, Ohio grew by 50.5% from 2009 to 2023, reaching $73,915 in 2023. That's an average of about 4.5% per year.
Economic Inequality in Franklin County | Gender Pay Gap | Gini Coefficient
| Metric | Franklin County | Ohio Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.540 | 0.543 | 0.570 |
| Male Median Income | $65,368 | $65,552 | $67,746 |
| Female Median Income | $58,542 | $52,370 | $54,793 |
| Gender Pay Gap | 10.4% | 20.1% | 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 Franklin County, it is 0.540, about the same as Ohio's 0.543, 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 12% more than women's income in Franklin County, Ohio. Over a 35-year career, a 12% wage gap accumulates to roughly $238,910 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Franklin County, Ohio has narrowed from about 17% to 10% in 2023. In dollar terms, the gap has narrowed by $1,298 since 2009.
Employment
| Metric | Franklin County | Ohio Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.5% | 4.8% | 5.2% |
| Working from Home | 17.0% | 11.5% | 13.4% |
| Commute time (minutes) | 21 | 21 | 22 |
Approximately 33,139 people are unemployed in Franklin County, Ohio.
The average commute time in Franklin County is 21 minutes, about the same as in Ohio.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Franklin County, Ohio has fallen from 8.3% to 4.5% in 2023.
Conclusion
Considering all these factors, Franklin County, Ohio has an overall wealth index grade of B, making it somewhat better than Ohio, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Franklin County, Ohio.
How Rich Is Franklin County, Ohio?
Franklin 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 $73,915, about 6% higher than the Ohio average of $69,785.
What is the current median household income in Franklin County, Ohio?
As of 2023, the median household income in Franklin County, Ohio is $73,915.
What was the median household income in Franklin County in 2023?
In 2023, the median household income in Franklin County, Ohio was $73,915.
What was the median household income in Franklin County in 2020?
In 2020, the median household income in Franklin County, Ohio was $62,723.
What is the Gini coefficient in Franklin County, Ohio?
The Gini coefficient in Franklin County is 0.540. 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 Franklin County, Ohio?
Since 2009, the income gap between men and women in Franklin County, Ohio has narrowed from about 17% to 10% in 2023. In dollar terms, the gap has narrowed by $1,298 since 2009.