Wealth Index
Wealthier than 77% of counties in Puerto Rico
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 | Hormigueros Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Median Household Income | $24,844 | $25,099 | $78,145 |
| Median Personal Income | $26,103 | $28,660 | $61,726 |
| Average income growth | 2.8% | 3.6% | 5.1% |
| Six-Figure Earners | 0.5% | 2.0% | 13.2% |
The median household income in Hormigueros Municipio is about 1% lower than in Puerto Rico. Income has been growing slower in Hormigueros Municipio (2.8%/yr) than in Puerto Rico (3.6%/yr).
About 0% of adults in Hormigueros Municipio earn six figures ($100,000 or more) a year, lower than the Puerto Rico average of 2%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Hormigueros Municipio, Puerto Rico grew by 27.2% from 2009 to 2023, reaching $24,844 in 2023. That's an average of about 2.8% per year.
Economic Inequality in Hormigueros Municipio | Gender Pay Gap | Gini Coefficient
| Metric | Hormigueros Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.570 | 0.633 | 0.570 |
| Male Median Income | $25,312 | $28,516 | $67,746 |
| Female Median Income | $26,770 | $28,791 | $54,793 |
| Gender Pay Gap | -5.8% | -1.0% | 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 Hormigueros Municipio, it is 0.570, lower than Puerto Rico's 0.633, so income is more 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.
Women's income is about 6% more than men's income in Hormigueros Municipio, Puerto Rico. Over a 35-year career, a 6% wage gap accumulates to roughly $51,030 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Hormigueros Municipio, Puerto Rico has widened from about 5% to -6% in 2023. In dollar terms, the gap has narrowed by $2,500 since 2009.
Employment
| Metric | Hormigueros Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 13.5% | 12.1% | 5.2% |
| Working from Home | 2.2% | 5.4% | 13.4% |
| Commute time (minutes) | 22 | 23 | 22 |
Approximately 823 people are unemployed in Hormigueros Municipio, Puerto Rico.
The average commute time in Hormigueros Municipio is 22 minutes, shorter than the 23 minutes in Puerto Rico.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hormigueros Municipio, Puerto Rico has risen from 13.0% to 13.5% in 2023.
Conclusion
Considering all these factors, Hormigueros Municipio, Puerto Rico has an overall wealth index grade of F, making it somewhat better than Puerto Rico, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Hormigueros Municipio, Puerto Rico.
How Rich Is Hormigueros Municipio, Puerto Rico?
Hormigueros Municipio has a wealth index grade of F. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an F grade means residents are well below the U.S. average. The median household income is $24,844, about 1% lower than the Puerto Rico average of $25,099.
What is the current median household income in Hormigueros Municipio, Puerto Rico?
As of 2023, the median household income in Hormigueros Municipio, Puerto Rico is $24,844.
What was the median household income in Hormigueros Municipio in 2023?
In 2023, the median household income in Hormigueros Municipio, Puerto Rico was $24,844.
What was the median household income in Hormigueros Municipio in 2020?
In 2020, the median household income in Hormigueros Municipio, Puerto Rico was $19,841.
What is the Gini coefficient in Hormigueros Municipio, Puerto Rico?
The Gini coefficient in Hormigueros Municipio is 0.570. 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 Hormigueros Municipio, Puerto Rico?
Since 2009, the income gap between men and women in Hormigueros Municipio, Puerto Rico has widened from about 5% to -6% in 2023. In dollar terms, the gap has narrowed by $2,500 since 2009.