Wealth Index
Wealthier than 84% of 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 | Lancaster County | South Carolina Avg | US Average |
|---|---|---|---|
| Median Household Income | $74,694 | $66,957 | $78,145 |
| Median Personal Income | $59,617 | $53,955 | $61,726 |
| Average income growth | 6.9% | 5.2% | 5.1% |
| Six-Figure Earners | 12.5% | 9.9% | 13.2% |
The median household income in Lancaster County is about 12% higher than in South Carolina. Income has been growing faster in Lancaster County (6.9%/yr) than in South Carolina (5.2%/yr).
About 13% of adults in Lancaster 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 Lancaster County, South Carolina grew by 93.9% from 2009 to 2023, reaching $74,694 in 2023. That's an average of about 6.9% per year.
Economic Inequality in Lancaster County | Gender Pay Gap | Gini Coefficient
| Metric | Lancaster County | South Carolina Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.560 | 0.557 | 0.570 |
| Male Median Income | $64,709 | $60,785 | $67,746 |
| Female Median Income | $51,616 | $47,591 | $54,793 |
| Gender Pay Gap | 20.2% | 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 Lancaster 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 25% more than women's income in Lancaster County, South Carolina. Over a 35-year career, a 25% wage gap accumulates to roughly $458,255 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lancaster County, South Carolina has narrowed from about 22% to 20% in 2023. In dollar terms, the gap has widened by $4,725 since 2009.
Employment
| Metric | Lancaster County | South Carolina Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.5% | 4.9% | 5.2% |
| Working from Home | 16.8% | 10.0% | 13.4% |
| Commute time (minutes) | 30 | 22 | 22 |
Approximately 2,609 people are unemployed in Lancaster County, South Carolina.
The average commute time in Lancaster County is 30 minutes, longer than the 22 minutes in South Carolina.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lancaster County, South Carolina has fallen from 12.7% to 5.5% in 2023.
Conclusion
Considering all these factors, Lancaster County, South Carolina has an overall wealth index grade of C, making it somewhat better than South Carolina, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lancaster County, South Carolina.
How Rich Is Lancaster County, South Carolina?
Lancaster 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 $74,694, about 12% higher than the South Carolina average of $66,957.
What is the current median household income in Lancaster County, South Carolina?
As of 2023, the median household income in Lancaster County, South Carolina is $74,694.
What was the median household income in Lancaster County in 2023?
In 2023, the median household income in Lancaster County, South Carolina was $74,694.
What was the median household income in Lancaster County in 2020?
In 2020, the median household income in Lancaster County, South Carolina was $66,182.
What is the Gini coefficient in Lancaster County, South Carolina?
The Gini coefficient in Lancaster 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 Lancaster County, South Carolina?
Since 2009, the income gap between men and women in Lancaster County, South Carolina has narrowed from about 22% to 20% in 2023. In dollar terms, the gap has widened by $4,725 since 2009.