Wealth Index
Less wealthy 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 | McCormick County | South Carolina Avg | US Average |
|---|---|---|---|
| Median Household Income | $56,058 | $66,957 | $78,145 |
| Median Personal Income | $48,403 | $53,955 | $61,726 |
| Average income growth | 4.7% | 5.2% | 5.1% |
| Six-Figure Earners | 4.8% | 9.9% | 13.2% |
The median household income in McCormick County is about 16% lower than in South Carolina. Income has been growing slower in McCormick County (4.7%/yr) than in South Carolina (5.2%/yr).
About 5% of adults in McCormick 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 McCormick County, South Carolina grew by 61.5% from 2009 to 2023, reaching $56,058 in 2023. That's an average of about 4.7% per year.
Economic Inequality in McCormick County | Gender Pay Gap | Gini Coefficient
| Metric | McCormick County | South Carolina Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.567 | 0.557 | 0.570 |
| Male Median Income | $46,685 | $60,785 | $67,746 |
| Female Median Income | $48,875 | $47,591 | $54,793 |
| Gender Pay Gap | -4.7% | 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 McCormick County, it is 0.567, higher than South Carolina's 0.557, so income is less evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Women's income is about 5% more than men's income in McCormick County, South Carolina. Over a 35-year career, a 5% wage gap accumulates to roughly $76,650 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in McCormick County, South Carolina has narrowed from about 23% to -5% in 2023. In dollar terms, the gap has narrowed by $9,605 since 2009.
Employment
| Metric | McCormick County | South Carolina Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.5% | 4.9% | 5.2% |
| Working from Home | 10.1% | 10.0% | 13.4% |
| Commute time (minutes) | 33 | 22 | 22 |
Approximately 178 people are unemployed in McCormick County, South Carolina.
The average commute time in McCormick County is 33 minutes, longer than the 22 minutes in South Carolina.
Unemployment Rate Over Time
Since 2011, the unemployment rate in McCormick County, South Carolina has fallen from 12.3% to 5.5% in 2023.
Conclusion
Considering all these factors, McCormick County, South Carolina has an overall wealth index grade of D, making it somewhat worse than South Carolina, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in McCormick County, South Carolina.
How Rich Is McCormick County, South Carolina?
McCormick 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 $56,058, about 16% lower than the South Carolina average of $66,957.
What is the current median household income in McCormick County, South Carolina?
As of 2023, the median household income in McCormick County, South Carolina is $56,058.
What was the median household income in McCormick County in 2023?
In 2023, the median household income in McCormick County, South Carolina was $56,058.
What was the median household income in McCormick County in 2020?
In 2020, the median household income in McCormick County, South Carolina was $47,475.
What is the Gini coefficient in McCormick County, South Carolina?
The Gini coefficient in McCormick County is 0.567. 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 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in McCormick County, South Carolina?
Since 2009, the income gap between men and women in McCormick County, South Carolina has narrowed from about 23% to -5% in 2023. In dollar terms, the gap has narrowed by $9,605 since 2009.