Wealth Index
Least wealthy county in Rhode Island
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 | Providence County | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Household Income | $78,094 | $86,475 | $78,145 |
| Median Personal Income | $62,902 | $67,439 | $61,726 |
| Average income growth | 6.4% | 5.7% | 5.1% |
| Six-Figure Earners | 11.5% | 13.8% | 13.2% |
The median household income in Providence County is about 10% lower than in Rhode Island. Income has been growing faster in Providence County (6.4%/yr) than in Rhode Island (5.7%/yr).
About 12% of adults in Providence County earn six figures ($100,000 or more) a year, lower than the Rhode Island average of 14%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Providence County, Rhode Island grew by 59.1% from 2009 to 2023, reaching $78,094 in 2023. That's an average of about 6.4% per year.
Economic Inequality in Providence County | Gender Pay Gap | Gini Coefficient
| Metric | Providence County | Rhode Island Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.549 | 0.545 | 0.570 |
| Male Median Income | $67,957 | $72,845 | $67,746 |
| Female Median Income | $56,687 | $60,697 | $54,793 |
| Gender Pay Gap | 16.6% | 16.7% | 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 Providence County, it is 0.549, about the same as Rhode Island's 0.545, 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 20% more than women's income in Providence County, Rhode Island. Over a 35-year career, a 20% wage gap accumulates to roughly $394,450 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Providence County, Rhode Island has narrowed from about 20% to 17% in 2023. In dollar terms, the gap has widened by $1,928 since 2009.
Employment
| Metric | Providence County | Rhode Island Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.3% | 5.7% | 5.2% |
| Working from Home | 10.9% | 11.5% | 13.4% |
| Commute time (minutes) | 21 | 21 | 22 |
Approximately 22,230 people are unemployed in Providence County, Rhode Island.
The average commute time in Providence County is 21 minutes, about the same as in Rhode Island.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Providence County, Rhode Island has fallen from 10.1% to 6.3% in 2023.
Conclusion
Considering all these factors, Providence County, Rhode Island has an overall wealth index grade of C, making it about on par with Rhode Island, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Providence County, Rhode Island.
How Rich Is Providence County, Rhode Island?
Providence 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 $78,094, about 10% lower than the Rhode Island average of $86,475.
What is the current median household income in Providence County, Rhode Island?
As of 2023, the median household income in Providence County, Rhode Island is $78,094.
What was the median household income in Providence County in 2023?
In 2023, the median household income in Providence County, Rhode Island was $78,094.
What was the median household income in Providence County in 2020?
In 2020, the median household income in Providence County, Rhode Island was $62,657.
What is the Gini coefficient in Providence County, Rhode Island?
The Gini coefficient in Providence County is 0.549. 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 Providence County, Rhode Island?
Since 2009, the income gap between men and women in Providence County, Rhode Island has narrowed from about 20% to 17% in 2023. In dollar terms, the gap has widened by $1,928 since 2009.