Wealth Index
Wealthier than 92% 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 | Lake County | Ohio Avg | US Average |
|---|---|---|---|
| Median Household Income | $77,619 | $69,785 | $78,145 |
| Median Personal Income | $61,443 | $59,599 | $61,726 |
| Average income growth | 3.8% | 4.7% | 5.1% |
| Six-Figure Earners | 11.3% | 10.5% | 13.2% |
The median household income in Lake County is about 11% higher than in Ohio. Income has been growing slower in Lake County (3.8%/yr) than in Ohio (4.7%/yr).
About 11% of adults in Lake 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 Lake County, Ohio grew by 41.1% from 2009 to 2023, reaching $77,619 in 2023. That's an average of about 3.8% per year.
Economic Inequality in Lake County | Gender Pay Gap | Gini Coefficient
| Metric | Lake County | Ohio Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.504 | 0.543 | 0.570 |
| Male Median Income | $67,504 | $65,552 | $67,746 |
| Female Median Income | $54,505 | $52,370 | $54,793 |
| Gender Pay Gap | 19.3% | 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 Lake County, it is 0.504, lower than Ohio's 0.543, 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 24% more than women's income in Lake County, Ohio. Over a 35-year career, a 24% wage gap accumulates to roughly $454,965 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lake County, Ohio has narrowed from about 25% to 19% in 2023. In dollar terms, the gap has widened by $664 since 2009.
Employment
| Metric | Lake County | Ohio Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.3% | 4.8% | 5.2% |
| Working from Home | 12.1% | 11.5% | 13.4% |
| Commute time (minutes) | 21 | 21 | 22 |
Approximately 5,424 people are unemployed in Lake County, Ohio.
The average commute time in Lake County is 21 minutes, about the same as in Ohio.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lake County, Ohio has fallen from 7.1% to 4.3% in 2023.
Conclusion
Considering all these factors, Lake 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 Lake County, Ohio.
How Rich Is Lake County, Ohio?
Lake 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 $77,619, about 11% higher than the Ohio average of $69,785.
What is the current median household income in Lake County, Ohio?
As of 2023, the median household income in Lake County, Ohio is $77,619.
What was the median household income in Lake County in 2023?
In 2023, the median household income in Lake County, Ohio was $77,619.
What was the median household income in Lake County in 2020?
In 2020, the median household income in Lake County, Ohio was $65,783.
What is the Gini coefficient in Lake County, Ohio?
The Gini coefficient in Lake County is 0.504. 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 Lake County, Ohio?
Since 2009, the income gap between men and women in Lake County, Ohio has narrowed from about 25% to 19% in 2023. In dollar terms, the gap has widened by $664 since 2009.