Wealth Index
Wealthier than 71% 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 | Summit County | Ohio Avg | US Average |
|---|---|---|---|
| Median Household Income | $70,635 | $69,785 | $78,145 |
| Median Personal Income | $61,015 | $59,599 | $61,726 |
| Average income growth | 4.5% | 4.7% | 5.1% |
| Six-Figure Earners | 11.6% | 10.5% | 13.2% |
The median household income in Summit County is about 1% higher than in Ohio. Income has been growing slower in Summit County (4.5%/yr) than in Ohio (4.7%/yr).
About 12% of adults in Summit 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 Summit County, Ohio grew by 47.4% from 2009 to 2023, reaching $70,635 in 2023. That's an average of about 4.5% per year.
Economic Inequality in Summit County | Gender Pay Gap | Gini Coefficient
| Metric | Summit County | Ohio Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.541 | 0.543 | 0.570 |
| Male Median Income | $67,869 | $65,552 | $67,746 |
| Female Median Income | $53,899 | $52,370 | $54,793 |
| Gender Pay Gap | 20.6% | 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 Summit County, it is 0.541, 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 26% more than women's income in Summit County, Ohio. Over a 35-year career, a 26% wage gap accumulates to roughly $488,950 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Summit County, Ohio has narrowed from about 27% to 21% in 2023. In dollar terms, the gap has widened by $956 since 2009.
Employment
| Metric | Summit County | Ohio Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.2% | 4.8% | 5.2% |
| Working from Home | 13.0% | 11.5% | 13.4% |
| Commute time (minutes) | 20 | 21 | 22 |
Approximately 14,837 people are unemployed in Summit County, Ohio.
The average commute time in Summit County is 20 minutes, shorter than the 21 minutes in Ohio.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Summit County, Ohio has fallen from 9.4% to 5.2% in 2023.
Conclusion
Considering all these factors, Summit 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 Summit County, Ohio.
How Rich Is Summit County, Ohio?
Summit 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 $70,635, about 1% higher than the Ohio average of $69,785.
What is the current median household income in Summit County, Ohio?
As of 2023, the median household income in Summit County, Ohio is $70,635.
What was the median household income in Summit County in 2023?
In 2023, the median household income in Summit County, Ohio was $70,635.
What was the median household income in Summit County in 2020?
In 2020, the median household income in Summit County, Ohio was $59,334.
What is the Gini coefficient in Summit County, Ohio?
The Gini coefficient in Summit County is 0.541. 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 Summit County, Ohio?
Since 2009, the income gap between men and women in Summit County, Ohio has narrowed from about 27% to 21% in 2023. In dollar terms, the gap has widened by $956 since 2009.