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 | Lorain County | Ohio Avg | US Average |
|---|---|---|---|
| Median Household Income | $70,945 | $69,785 | $78,145 |
| Median Personal Income | $60,112 | $59,599 | $61,726 |
| Average income growth | 4.0% | 4.7% | 5.1% |
| Six-Figure Earners | 10.6% | 10.5% | 13.2% |
The median household income in Lorain County is about 2% higher than in Ohio. Income has been growing slower in Lorain County (4.0%/yr) than in Ohio (4.7%/yr).
About 11% of adults in Lorain County earn six figures ($100,000 or more) a year, about the same as the Ohio average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Lorain County, Ohio grew by 36.5% from 2009 to 2023, reaching $70,945 in 2023. That's an average of about 4.0% per year.
Economic Inequality in Lorain County | Gender Pay Gap | Gini Coefficient
| Metric | Lorain County | Ohio Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.545 | 0.543 | 0.570 |
| Male Median Income | $66,142 | $65,552 | $67,746 |
| Female Median Income | $53,296 | $52,370 | $54,793 |
| Gender Pay Gap | 19.4% | 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 Lorain County, it is 0.545, 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 24% more than women's income in Lorain County, Ohio. Over a 35-year career, a 24% wage gap accumulates to roughly $449,610 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lorain County, Ohio has narrowed from about 29% to 19% in 2023. In dollar terms, the gap has narrowed by $1,452 since 2009.
Employment
| Metric | Lorain County | Ohio Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.4% | 4.8% | 5.2% |
| Working from Home | 10.0% | 11.5% | 13.4% |
| Commute time (minutes) | 22 | 21 | 22 |
Approximately 6,858 people are unemployed in Lorain County, Ohio.
The average commute time in Lorain County is 22 minutes, longer than the 21 minutes in Ohio.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lorain County, Ohio has fallen from 10.0% to 4.4% in 2023.
Conclusion
Considering all these factors, Lorain County, Ohio has an overall wealth index grade of C, making it somewhat better than Ohio, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lorain County, Ohio.
How Rich Is Lorain County, Ohio?
Lorain County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $70,945, about 2% higher than the Ohio average of $69,785.
What is the current median household income in Lorain County, Ohio?
As of 2023, the median household income in Lorain County, Ohio is $70,945.
What was the median household income in Lorain County in 2023?
In 2023, the median household income in Lorain County, Ohio was $70,945.
What was the median household income in Lorain County in 2020?
In 2020, the median household income in Lorain County, Ohio was $58,846.
What is the Gini coefficient in Lorain County, Ohio?
The Gini coefficient in Lorain County is 0.545. 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 Lorain County, Ohio?
Since 2009, the income gap between men and women in Lorain County, Ohio has narrowed from about 29% to 19% in 2023. In dollar terms, the gap has narrowed by $1,452 since 2009.