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 | Bedford County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Household Income | $60,313 | $76,231 | $78,145 |
| Median Personal Income | $50,435 | $63,240 | $61,726 |
| Average income growth | 3.6% | 4.7% | 5.1% |
| Six-Figure Earners | 5.5% | 12.4% | 13.2% |
The median household income in Bedford County is about 21% lower than in Pennsylvania. Income has been growing slower in Bedford County (3.6%/yr) than in Pennsylvania (4.7%/yr).
About 6% of adults in Bedford County earn six figures ($100,000 or more) a year, lower than the Pennsylvania average of 12%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Bedford County, Pennsylvania grew by 51.4% from 2009 to 2023, reaching $60,313 in 2023. That's an average of about 3.6% per year.
Economic Inequality in Bedford County | Gender Pay Gap | Gini Coefficient
| Metric | Bedford County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.512 | 0.550 | 0.570 |
| Male Median Income | $56,668 | $69,913 | $67,746 |
| Female Median Income | $42,483 | $55,807 | $54,793 |
| Gender Pay Gap | 25.0% | 20.2% | 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 Bedford County, it is 0.512, lower than Pennsylvania's 0.550, 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 33% more than women's income in Bedford County, Pennsylvania. Over a 35-year career, a 33% wage gap accumulates to roughly $496,475 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Bedford County, Pennsylvania has narrowed from about 30% to 25% in 2023. In dollar terms, the gap has widened by $2,937 since 2009.
Employment
| Metric | Bedford County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.2% | 5.2% | 5.2% |
| Working from Home | 6.9% | 13.8% | 13.4% |
| Commute time (minutes) | 22 | 22 | 22 |
Approximately 968 people are unemployed in Bedford County, Pennsylvania.
The average commute time in Bedford County is 22 minutes, about the same as in Pennsylvania.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Bedford County, Pennsylvania has fallen from 7.5% to 4.2% in 2023.
Conclusion
Considering all these factors, Bedford County, Pennsylvania has an overall wealth index grade of C, making it about on par with Pennsylvania, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Bedford County, Pennsylvania.
How Rich Is Bedford County, Pennsylvania?
Bedford 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 $60,313, about 21% lower than the Pennsylvania average of $76,231.
What is the current median household income in Bedford County, Pennsylvania?
As of 2023, the median household income in Bedford County, Pennsylvania is $60,313.
What was the median household income in Bedford County in 2023?
In 2023, the median household income in Bedford County, Pennsylvania was $60,313.
What was the median household income in Bedford County in 2020?
In 2020, the median household income in Bedford County, Pennsylvania was $51,573.
What is the Gini coefficient in Bedford County, Pennsylvania?
The Gini coefficient in Bedford County is 0.512. 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 Bedford County, Pennsylvania?
Since 2009, the income gap between men and women in Bedford County, Pennsylvania has narrowed from about 30% to 25% in 2023. In dollar terms, the gap has widened by $2,937 since 2009.