Wealth Index
Wealthier than 82% 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 | Richland County | South Carolina Avg | US Average |
|---|---|---|---|
| Median Household Income | $62,538 | $66,957 | $78,145 |
| Median Personal Income | $54,173 | $53,955 | $61,726 |
| Average income growth | 2.9% | 5.2% | 5.1% |
| Six-Figure Earners | 9.9% | 9.9% | 13.2% |
The median household income in Richland County is about 7% lower than in South Carolina. Income has been growing slower in Richland County (2.9%/yr) than in South Carolina (5.2%/yr).
About 10% of adults in Richland County earn six figures ($100,000 or more) a year, about the same as the South Carolina average of 10%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Richland County, South Carolina grew by 30.6% from 2009 to 2023, reaching $62,538 in 2023. That's an average of about 2.9% per year.
Economic Inequality in Richland County | Gender Pay Gap | Gini Coefficient
| Metric | Richland County | South Carolina Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.568 | 0.557 | 0.570 |
| Male Median Income | $60,246 | $60,785 | $67,746 |
| Female Median Income | $49,336 | $47,591 | $54,793 |
| Gender Pay Gap | 18.1% | 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 Richland County, it is 0.568, 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.
Men's income is about 22% more than women's income in Richland County, South Carolina. Over a 35-year career, a 22% wage gap accumulates to roughly $381,850 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Richland County, South Carolina has narrowed from about 22% to 18% in 2023. In dollar terms, the gap has widened by $829 since 2009.
Employment
| Metric | Richland County | South Carolina Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.3% | 4.9% | 5.2% |
| Working from Home | 10.5% | 10.0% | 13.4% |
| Commute time (minutes) | 20 | 22 | 22 |
Approximately 13,892 people are unemployed in Richland County, South Carolina.
The average commute time in Richland County is 20 minutes, shorter than the 22 minutes in South Carolina.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Richland County, South Carolina has fallen from 9.1% to 6.3% in 2023.
Conclusion
Considering all these factors, Richland 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 Richland County, South Carolina.
How Rich Is Richland County, South Carolina?
Richland 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 $62,538, about 7% lower than the South Carolina average of $66,957.
What is the current median household income in Richland County, South Carolina?
As of 2023, the median household income in Richland County, South Carolina is $62,538.
What was the median household income in Richland County in 2023?
In 2023, the median household income in Richland County, South Carolina was $62,538.
What was the median household income in Richland County in 2020?
In 2020, the median household income in Richland County, South Carolina was $55,286.
What is the Gini coefficient in Richland County, South Carolina?
The Gini coefficient in Richland County is 0.568. 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 Richland County, South Carolina?
Since 2009, the income gap between men and women in Richland County, South Carolina has narrowed from about 22% to 18% in 2023. In dollar terms, the gap has widened by $829 since 2009.