Florence, South Carolina Income Statistics
Florence Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
C
Florence Below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Florence | South Carolina Avg | US Average |
|---|---|---|---|
| Median Household Income | $57,673 | $69,383 | $80,455 |
| Median Personal Income | $50,556 | $52,934 | $60,758 |
| Average Yearly Income Growth | 3.4% | 5.0% | 4.8% |
| Six-Figure Earners | 9.6% | 10.5% | 13.9% |
| $200k+ Households | 6.8% | 8.9% | 13.2% |
The median household income in Florence is about 17% lower than in South Carolina. Income has been growing slower in Florence (3.4%/yr) than in South Carolina (5.0%/yr).
About 10% of adults in Florence earn six figures ($100,000 or more) a year, lower than the South Carolina average of 11%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Florence, South Carolina grew by 34.5% from 2009 to 2024, reaching $57,673 in 2024. That's an average of about 3.4% per year.
Income Inequality and the Gender Pay Gap in Florence
| Metric | Florence | South Carolina Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.556 | 0.547 | 0.552 |
| Male Median Income | $59,224 | $62,655 | $69,667 |
| Female Median Income | $48,380 | $49,387 | $56,850 |
| Gender Pay Gap | 18.3% | 21.2% | 18.4% |
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 Florence, it is 0.556, higher than South Carolina's 0.547, so income is less evenly distributed here than there, and about the same as the US's 0.552, so income here is about as evenly distributed as there.
Men's income is about 22% more than women's income in Florence, South Carolina. Over a 35-year career, a 22% wage gap accumulates to roughly $379,540 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Florence, South Carolina has narrowed from about 25% to 18% in 2024. Over that period the gap was widest at 27% in 2019, and was narrowest at 17% in 2014. In dollar terms, the gap has widened by $54 since 2009.
Employment
| Metric | Florence | South Carolina Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.6% | 4.8% | 5.2% |
| Working from Home | 10.1% | 11.5% | 15.0% |
| Commute time (minutes) | 16 | 22 | 22 |
Approximately 883 people are unemployed in Florence, South Carolina.
The average commute time in Florence is 16 minutes, shorter than the 22 minutes in South Carolina.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Florence, South Carolina has fallen from 9.4% to 5.6% in 2024. Over that period the rate peaked at 12.2% in 2014 and fell as low as 4.0% in 2020.
Conclusion
Considering all these factors, Florence, South Carolina has an overall wealth index grade of C, making it about on par with South Carolina, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Florence, South Carolina.
How Rich Is Florence, South Carolina?
Florence 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 $57,673, about 17% lower than the South Carolina average of $69,383.
How fast is household income rising in Florence, South Carolina?
Between 2009 and 2024, the median household income in Florence, South Carolina rose 35%, from $42,875 to $57,673. Over the same years, income here lagged behind South Carolina as a whole: +35% against +59%.
What was the median household income in Florence in 2023?
In 2023, the median household income in Florence, South Carolina was $58,039, up 2% from $56,805 in 2022. The South Carolina median that year was $66,973.
What was the median household income in Florence in 2020?
In 2020, the median household income in Florence, South Carolina was $52,079. By 2024 it had risen 11% to $57,673.
What is the Gini coefficient in Florence, South Carolina?
The Gini coefficient in Florence is 0.556. 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 0.552, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Florence, South Carolina?
Since 2009, the income gap between men and women in Florence, South Carolina has narrowed from about 25% to 18% in 2024. Over that period the gap was widest at 27% in 2019, and was narrowest at 17% in 2014. In dollar terms, the gap has widened by $54 since 2009.
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