Wealth Index
Wealthier than 76% of counties in Pennsylvania
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 | Elk County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Household Income | $64,620 | $76,231 | $78,145 |
| Median Personal Income | $51,971 | $63,240 | $61,726 |
| Average income growth | 4.3% | 4.7% | 5.1% |
| Six-Figure Earners | 5.3% | 12.4% | 13.2% |
The median household income in Elk County is about 15% lower than in Pennsylvania. Income has been growing slower in Elk County (4.3%/yr) than in Pennsylvania (4.7%/yr).
About 5% of adults in Elk 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 Elk County, Pennsylvania grew by 49.8% from 2009 to 2023, reaching $64,620 in 2023. That's an average of about 4.3% per year.
Economic Inequality in Elk County | Gender Pay Gap | Gini Coefficient
| Metric | Elk County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.466 | 0.550 | 0.570 |
| Male Median Income | $59,636 | $69,913 | $67,746 |
| Female Median Income | $42,889 | $55,807 | $54,793 |
| Gender Pay Gap | 28.1% | 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 Elk County, it is 0.466, 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 39% more than women's income in Elk County, Pennsylvania. Over a 35-year career, a 39% wage gap accumulates to roughly $586,145 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Elk County, Pennsylvania has narrowed from about 30% to 28% in 2023. In dollar terms, the gap has widened by $4,220 since 2009.
Employment
| Metric | Elk County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.2% | 5.2% | 5.2% |
| Working from Home | 2.8% | 13.8% | 13.4% |
| Commute time (minutes) | 15 | 22 | 22 |
Approximately 986 people are unemployed in Elk County, Pennsylvania.
The average commute time in Elk County is 15 minutes, shorter than the 22 minutes in Pennsylvania.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Elk County, Pennsylvania has fallen from 6.5% to 6.2% in 2023.
Conclusion
Considering all these factors, Elk County, Pennsylvania has an overall wealth index grade of B, making it about on par with Pennsylvania, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Elk County, Pennsylvania.
How Wealthy Is Elk County, Pennsylvania?
Elk 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 $64,620, about 15% lower than the Pennsylvania average of $76,231.
What is the current median household income in Elk County, Pennsylvania?
As of 2023, the median household income in Elk County, Pennsylvania is $64,620.
What was the median household income in Elk County in 2023?
In 2023, the median household income in Elk County, Pennsylvania was $64,620.
What was the median household income in Elk County in 2020?
In 2020, the median household income in Elk County, Pennsylvania was $55,401.
What is the Gini coefficient in Elk County, Pennsylvania?
The Gini coefficient in Elk County is 0.466. 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 Elk County, Pennsylvania?
Since 2009, the income gap between men and women in Elk County, Pennsylvania has narrowed from about 30% to 28% in 2023. In dollar terms, the gap has widened by $4,220 since 2009.