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 | Madison County | Ohio Avg | US Average |
|---|---|---|---|
| Median Household Income | $83,432 | $69,785 | $78,145 |
| Median Personal Income | $62,193 | $59,599 | $61,726 |
| Average income growth | 5.2% | 4.7% | 5.1% |
| Six-Figure Earners | 10.5% | 10.5% | 13.2% |
The median household income in Madison County is about 20% higher than in Ohio. Income has been growing faster in Madison County (5.2%/yr) than in Ohio (4.7%/yr).
About 11% of adults in Madison 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 Madison County, Ohio grew by 58.7% from 2009 to 2023, reaching $83,432 in 2023. That's an average of about 5.2% per year.
Economic Inequality in Madison County | Gender Pay Gap | Gini Coefficient
| Metric | Madison County | Ohio Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.569 | 0.543 | 0.570 |
| Male Median Income | $65,733 | $65,552 | $67,746 |
| Female Median Income | $57,493 | $52,370 | $54,793 |
| Gender Pay Gap | 12.5% | 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 Madison County, it is 0.569, higher than Ohio's 0.543, so income is less evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 14% more than women's income in Madison County, Ohio. Over a 35-year career, a 14% wage gap accumulates to roughly $288,400 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Madison County, Ohio has narrowed from about 23% to 13% in 2023. In dollar terms, the gap has narrowed by $2,072 since 2009.
Employment
| Metric | Madison County | Ohio Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.0% | 4.8% | 5.2% |
| Working from Home | 13.0% | 11.5% | 13.4% |
| Commute time (minutes) | 23 | 21 | 22 |
Approximately 826 people are unemployed in Madison County, Ohio.
The average commute time in Madison County is 23 minutes, longer than the 21 minutes in Ohio.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Madison County, Ohio has fallen from 6.0% to 4.0% in 2023.
Conclusion
Considering all these factors, Madison County, Ohio has an overall wealth index grade of C, making it about on par with Ohio, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Madison County, Ohio.
How Rich Is Madison County, Ohio?
Madison 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 $83,432, about 20% higher than the Ohio average of $69,785.
What is the current median household income in Madison County, Ohio?
As of 2023, the median household income in Madison County, Ohio is $83,432.
What was the median household income in Madison County in 2023?
In 2023, the median household income in Madison County, Ohio was $83,432.
What was the median household income in Madison County in 2020?
In 2020, the median household income in Madison County, Ohio was $69,190.
What is the Gini coefficient in Madison County, Ohio?
The Gini coefficient in Madison County is 0.569. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Madison County, Ohio?
Since 2009, the income gap between men and women in Madison County, Ohio has narrowed from about 23% to 13% in 2023. In dollar terms, the gap has narrowed by $2,072 since 2009.