Wealth Index
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 | Florence County | South Carolina Avg | US Average |
|---|---|---|---|
| Median Household Income | $57,028 | $66,957 | $78,145 |
| Median Personal Income | $50,554 | $53,955 | $61,726 |
| Average income growth | 4.0% | 5.2% | 5.1% |
| Six-Figure Earners | 7.2% | 9.9% | 13.2% |
The median household income in Florence County is about 15% lower than in South Carolina. Income has been growing slower in Florence County (4.0%/yr) than in South Carolina (5.2%/yr).
About 7% of adults in Florence County earn six figures ($100,000 or more) a year, lower than the South Carolina average of 10%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Florence County, South Carolina grew by 38.9% from 2009 to 2023, reaching $57,028 in 2023. That's an average of about 4.0% per year.
Economic Inequality in Florence County | Gender Pay Gap | Gini Coefficient
| Metric | Florence County | South Carolina Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.560 | 0.557 | 0.570 |
| Male Median Income | $57,937 | $60,785 | $67,746 |
| Female Median Income | $44,549 | $47,591 | $54,793 |
| Gender Pay Gap | 23.1% | 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 Florence County, it is 0.560, about the same as South Carolina's 0.557, 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 30% more than women's income in Florence County, South Carolina. Over a 35-year career, a 30% wage gap accumulates to roughly $468,580 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 County, South Carolina has narrowed from about 26% to 23% in 2023. In dollar terms, the gap has widened by $3,003 since 2009.
Employment
| Metric | Florence County | South Carolina Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.6% | 4.9% | 5.2% |
| Working from Home | 8.4% | 10.0% | 13.4% |
| Commute time (minutes) | 18 | 22 | 22 |
Approximately 2,926 people are unemployed in Florence County, South Carolina.
The average commute time in Florence County is 18 minutes, shorter than the 22 minutes in South Carolina.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Florence County, South Carolina has fallen from 11.0% to 4.6% in 2023.
Conclusion
Considering all these factors, Florence County, South Carolina has an overall wealth index grade of D, making it about on par with South Carolina, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Florence County, South Carolina.
How Rich Is Florence County, South Carolina?
Florence County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $57,028, about 15% lower than the South Carolina average of $66,957.
What is the current median household income in Florence County, South Carolina?
As of 2023, the median household income in Florence County, South Carolina is $57,028.
What was the median household income in Florence County in 2023?
In 2023, the median household income in Florence County, South Carolina was $57,028.
What was the median household income in Florence County in 2020?
In 2020, the median household income in Florence County, South Carolina was $49,658.
What is the Gini coefficient in Florence County, South Carolina?
The Gini coefficient in Florence County is 0.560. 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 Florence County, South Carolina?
Since 2009, the income gap between men and women in Florence County, South Carolina has narrowed from about 26% to 23% in 2023. In dollar terms, the gap has widened by $3,003 since 2009.