Wealth Index
Less wealthy than 71% of counties in South Dakota
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 | McPherson County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Household Income | $62,297 | $72,558 | $78,145 |
| Median Personal Income | $51,266 | $55,073 | $61,726 |
| Average income growth | 5.8% | 4.8% | 5.1% |
| Six-Figure Earners | 8.4% | 9.3% | 13.2% |
The median household income in McPherson County is about 14% lower than in South Dakota. Income has been growing faster in McPherson County (5.8%/yr) than in South Dakota (4.8%/yr).
About 8% of adults in McPherson County earn six figures ($100,000 or more) a year, lower than the South Dakota average of 9%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in McPherson County, South Dakota grew by 103.7% from 2009 to 2023, reaching $62,297 in 2023. That's an average of about 5.8% per year.
Economic Inequality in McPherson County | Gender Pay Gap | Gini Coefficient
| Metric | McPherson County | South Dakota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.517 | 0.512 | 0.570 |
| Male Median Income | $54,353 | $61,155 | $67,746 |
| Female Median Income | $44,050 | $48,763 | $54,793 |
| Gender Pay Gap | 19.0% | 20.3% | 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 McPherson County, it is 0.517, about the same as South Dakota's 0.512, 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 23% more than women's income in McPherson County, South Dakota. Over a 35-year career, a 23% wage gap accumulates to roughly $360,605 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in McPherson County, South Dakota has narrowed from about 24% to 19% in 2023. In dollar terms, the gap has widened by $2,600 since 2009.
Employment
| Metric | McPherson County | South Dakota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.0% | 3.0% | 5.2% |
| Working from Home | 8.5% | 9.3% | 13.4% |
| Commute time (minutes) | 11 | 15 | 22 |
Approximately 7 people are unemployed in McPherson County, South Dakota.
The average commute time in McPherson County is 11 minutes, shorter than the 15 minutes in South Dakota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in McPherson County, South Dakota has fallen from 2.0% to 1.0% in 2023.
Conclusion
Considering all these factors, McPherson County, South Dakota has an overall wealth index grade of C, making it about on par with South Dakota, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in McPherson County, South Dakota.
How Rich Is McPherson County, South Dakota?
McPherson 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 $62,297, about 14% lower than the South Dakota average of $72,558.
What is the current median household income in McPherson County, South Dakota?
As of 2023, the median household income in McPherson County, South Dakota is $62,297.
What was the median household income in McPherson County in 2023?
In 2023, the median household income in McPherson County, South Dakota was $62,297.
What was the median household income in McPherson County in 2020?
In 2020, the median household income in McPherson County, South Dakota was $52,192.
What is the Gini coefficient in McPherson County, South Dakota?
The Gini coefficient in McPherson County is 0.517. 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 McPherson County, South Dakota?
Since 2009, the income gap between men and women in McPherson County, South Dakota has narrowed from about 24% to 19% in 2023. In dollar terms, the gap has widened by $2,600 since 2009.