Lakewood, Ohio Income Statistics
Lakewood 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
Lakewood Around average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Lakewood | Ohio Avg | US Average |
|---|---|---|---|
| Median Household Income | $69,631 | $71,509 | $80,455 |
| Median Personal Income | $62,437 | $58,431 | $60,758 |
| Average Yearly Income Growth | 4.8% | 4.4% | 4.8% |
| Six-Figure Earners | 13.9% | 11.1% | 13.9% |
| $200k+ Households | 10.1% | 9.1% | 13.2% |
The median household income in Lakewood is about 3% lower than in Ohio. Income has been growing faster in Lakewood (4.8%/yr) than in Ohio (4.4%/yr).
About 14% of adults in Lakewood earn six figures ($100,000 or more) a year, higher than the Ohio average of 11%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Lakewood, Ohio grew by 57.3% from 2009 to 2024, reaching $69,631 in 2024. That's an average of about 4.8% per year.
Income Inequality and the Gender Pay Gap in Lakewood
| Metric | Lakewood | Ohio Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.475 | 0.532 | 0.552 |
| Male Median Income | $72,064 | $67,200 | $69,667 |
| Female Median Income | $62,319 | $54,076 | $56,850 |
| Gender Pay Gap | 13.5% | 19.5% | 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 Lakewood, it is 0.475, lower than Ohio's 0.532, 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 16% more than women's income in Lakewood, Ohio. Over a 35-year career, a 16% wage gap accumulates to roughly $341,075 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Lakewood, Ohio has stayed about the same since 2009, at around 14%. Over that period the gap was widest at 19% in 2014, and was narrowest at 10% in 2010. In dollar terms, the gap has widened by $3,767 since 2009.
Employment
| Metric | Lakewood | Ohio Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.0% | 4.8% | 5.2% |
| Working from Home | 21.2% | 13.0% | 15.0% |
| Commute time (minutes) | 21 | 21 | 22 |
Approximately 1,634 people are unemployed in Lakewood, Ohio.
The average commute time in Lakewood is 21 minutes, about the same as in Ohio.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lakewood, Ohio has fallen from 9.2% to 5.0% in 2024. Over that period the rate peaked at 9.4% in 2012 and fell as low as 4.6% in 2019.
Lakewood, OH Wealth Compared With Nearby Cities
How Lakewood, OH 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. |
|---|---|---|---|---|---|
| Lakewood, OH | 50,003 | $69,631 #2/2 | 4.8%/yr #1/2 | 5.0% #2/2 | 0.475 #1/2 |
| Rocky River, OH | 21,449 | $93,104 | 3.9%/yr | 2.6% | 0.505 |
Conclusion
Considering all these factors, Lakewood, 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 Lakewood, Ohio.
How Rich Is Lakewood, Ohio?
Lakewood 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 $69,631, about 3% lower than the Ohio average of $71,509.
How fast is household income rising in Lakewood, Ohio?
Between 2009 and 2024, the median household income in Lakewood, Ohio rose 57%, from $44,278 to $69,631. Over the same years, income here outpaced Ohio as a whole: +57% against +51%.
What was the median household income in Lakewood in 2023?
In 2023, the median household income in Lakewood, Ohio was $66,695, up 4% from $63,888 in 2022. The Ohio median that year was $69,792.
What was the median household income in Lakewood in 2020?
In 2020, the median household income in Lakewood, Ohio was $55,342. By 2024 it had risen 26% to $69,631.
What is the Gini coefficient in Lakewood, Ohio?
The Gini coefficient in Lakewood is 0.475. 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 Lakewood, Ohio?
The income gap between men and women in Lakewood, Ohio has stayed about the same since 2009, at around 14%. Over that period the gap was widest at 19% in 2014, and was narrowest at 10% in 2010. In dollar terms, the gap has widened by $3,767 since 2009.
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