Wealth Index
Among the top 3 wealthiest counties in South Carolina
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 | Beaufort County | South Carolina Avg | US Average |
|---|---|---|---|
| Median Household Income | $85,359 | $66,957 | $78,145 |
| Median Personal Income | $55,796 | $53,955 | $61,726 |
| Average income growth | 5.3% | 5.2% | 5.1% |
| Six-Figure Earners | 14.6% | 9.9% | 13.2% |
The median household income in Beaufort County is about 27% higher than in South Carolina. Income has been growing faster in Beaufort County (5.3%/yr) than in South Carolina (5.2%/yr).
About 15% of adults in Beaufort County earn six figures ($100,000 or more) a year, higher than the South Carolina average of 10%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Beaufort County, South Carolina grew by 56.2% from 2009 to 2023, reaching $85,359 in 2023. That's an average of about 5.3% per year.
Economic Inequality in Beaufort County | Gender Pay Gap | Gini Coefficient
| Metric | Beaufort County | South Carolina Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.541 | 0.557 | 0.570 |
| Male Median Income | $59,740 | $60,785 | $67,746 |
| Female Median Income | $49,319 | $47,591 | $54,793 |
| Gender Pay Gap | 17.4% | 21.7% | 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 Beaufort County, it is 0.541, lower than South Carolina's 0.557, 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 21% more than women's income in Beaufort County, South Carolina. Over a 35-year career, a 21% wage gap accumulates to roughly $364,735 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Beaufort County, South Carolina has narrowed from about 18% to 17% in 2023. In dollar terms, the gap has widened by $2,989 since 2009.
Employment
| Metric | Beaufort County | South Carolina Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.7% | 4.9% | 5.2% |
| Working from Home | 11.3% | 10.0% | 13.4% |
| Commute time (minutes) | 20 | 22 | 22 |
Approximately 2,482 people are unemployed in Beaufort County, South Carolina.
The average commute time in Beaufort County is 20 minutes, shorter than the 22 minutes in South Carolina.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Beaufort County, South Carolina has fallen from 7.7% to 2.7% in 2023.
Conclusion
Considering all these factors, Beaufort County, South Carolina has an overall wealth index grade of B, making it somewhat better than South Carolina, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Beaufort County, South Carolina.
How Rich Is Beaufort County, South Carolina?
Beaufort 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 $85,359, about 27% higher than the South Carolina average of $66,957.
What is the current median household income in Beaufort County, South Carolina?
As of 2023, the median household income in Beaufort County, South Carolina is $85,359.
What was the median household income in Beaufort County in 2023?
In 2023, the median household income in Beaufort County, South Carolina was $85,359.
What was the median household income in Beaufort County in 2020?
In 2020, the median household income in Beaufort County, South Carolina was $71,356.
What is the Gini coefficient in Beaufort County, South Carolina?
The Gini coefficient in Beaufort County is 0.541. 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 Beaufort County, South Carolina?
Since 2009, the income gap between men and women in Beaufort County, South Carolina has narrowed from about 18% to 17% in 2023. In dollar terms, the gap has widened by $2,989 since 2009.