Wealth Index
Among the top 3 wealthiest 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 | Union County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Household Income | $85,859 | $72,558 | $78,145 |
| Median Personal Income | $65,572 | $55,073 | $61,726 |
| Average income growth | 4.3% | 4.8% | 5.1% |
| Six-Figure Earners | 14.8% | 9.3% | 13.2% |
The median household income in Union County is about 18% higher than in South Dakota. Income has been growing slower in Union County (4.3%/yr) than in South Dakota (4.8%/yr).
About 15% of adults in Union County earn six figures ($100,000 or more) a year, higher than the South Dakota average of 9%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Union County, South Dakota grew by 51.1% from 2009 to 2023, reaching $85,859 in 2023. That's an average of about 4.3% per year.
Economic Inequality in Union County | Gender Pay Gap | Gini Coefficient
| Metric | Union County | South Dakota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.525 | 0.512 | 0.570 |
| Male Median Income | $72,045 | $61,155 | $67,746 |
| Female Median Income | $58,519 | $48,763 | $54,793 |
| Gender Pay Gap | 18.8% | 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 Union County, it is 0.525, higher than South Dakota's 0.512, so income is less evenly distributed here than 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 Union County, South Dakota. Over a 35-year career, a 23% wage gap accumulates to roughly $473,410 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Union County, South Dakota has narrowed from about 27% to 19% in 2023. In dollar terms, the gap has widened by $2,307 since 2009.
Employment
| Metric | Union County | South Dakota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.5% | 3.0% | 5.2% |
| Working from Home | 7.5% | 9.3% | 13.4% |
| Commute time (minutes) | 16 | 15 | 22 |
Approximately 318 people are unemployed in Union County, South Dakota.
The average commute time in Union County is 16 minutes, longer than the 15 minutes in South Dakota.
Unemployment Rate Over Time
The unemployment rate in Union County, South Dakota has stayed about flat at 3.5% since 2011.
Conclusion
Considering all these factors, Union County, South Dakota has an overall wealth index grade of B, making it somewhat better than South Dakota, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Union County, South Dakota.
How Wealthy Is Union County, South Dakota?
Union County has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $85,859, about 18% higher than the South Dakota average of $72,558.
What is the current median household income in Union County, South Dakota?
As of 2023, the median household income in Union County, South Dakota is $85,859.
What was the median household income in Union County in 2023?
In 2023, the median household income in Union County, South Dakota was $85,859.
What was the median household income in Union County in 2020?
In 2020, the median household income in Union County, South Dakota was $73,995.
What is the Gini coefficient in Union County, South Dakota?
The Gini coefficient in Union County is 0.525. 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 Union County, South Dakota?
Since 2009, the income gap between men and women in Union County, South Dakota has narrowed from about 27% to 19% in 2023. In dollar terms, the gap has widened by $2,307 since 2009.