Wealth Index
Among the top 3 wealthiest 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 | Montgomery County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Household Income | $112,412 | $76,231 | $78,145 |
| Median Personal Income | $83,189 | $63,240 | $61,726 |
| Average income growth | 4.6% | 4.7% | 5.1% |
| Six-Figure Earners | 22.1% | 12.4% | 13.2% |
The median household income in Montgomery County is about 47% higher than in Pennsylvania. Income has been growing slower in Montgomery County (4.6%/yr) than in Pennsylvania (4.7%/yr).
About 22% of adults in Montgomery County earn six figures ($100,000 or more) a year, higher than the Pennsylvania average of 12%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Montgomery County, Pennsylvania grew by 48.4% from 2009 to 2023, reaching $112,412 in 2023. That's an average of about 4.6% per year.
Economic Inequality in Montgomery County | Gender Pay Gap | Gini Coefficient
| Metric | Montgomery County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.542 | 0.550 | 0.570 |
| Male Median Income | $91,506 | $69,913 | $67,746 |
| Female Median Income | $73,594 | $55,807 | $54,793 |
| Gender Pay Gap | 19.6% | 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 Montgomery County, it is 0.542, 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 24% more than women's income in Montgomery County, Pennsylvania. Over a 35-year career, a 24% wage gap accumulates to roughly $626,920 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Montgomery County, Pennsylvania has narrowed from about 25% to 20% in 2023. In dollar terms, the gap has widened by $1,946 since 2009.
Employment
| Metric | Montgomery County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.4% | 5.2% | 5.2% |
| Working from Home | 21.1% | 13.8% | 13.4% |
| Commute time (minutes) | 25 | 22 | 22 |
Approximately 20,675 people are unemployed in Montgomery County, Pennsylvania.
The average commute time in Montgomery County is 25 minutes, longer than the 22 minutes in Pennsylvania.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Montgomery County, Pennsylvania has fallen from 6.0% to 4.4% in 2023.
Conclusion
Considering all these factors, Montgomery County, Pennsylvania has an overall wealth index grade of A, making it notably better than Pennsylvania, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Montgomery County, Pennsylvania.
How Rich Is Montgomery County, Pennsylvania?
Montgomery County has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $112,412, about 47% higher than the Pennsylvania average of $76,231.
What is the current median household income in Montgomery County, Pennsylvania?
As of 2023, the median household income in Montgomery County, Pennsylvania is $112,412.
What was the median household income in Montgomery County in 2023?
In 2023, the median household income in Montgomery County, Pennsylvania was $112,412.
What was the median household income in Montgomery County in 2020?
In 2020, the median household income in Montgomery County, Pennsylvania was $93,993.
What is the Gini coefficient in Montgomery County, Pennsylvania?
The Gini coefficient in Montgomery County is 0.542. 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 Montgomery County, Pennsylvania?
Since 2009, the income gap between men and women in Montgomery County, Pennsylvania has narrowed from about 25% to 20% in 2023. In dollar terms, the gap has widened by $1,946 since 2009.