Wealth Index
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 | Franklin County | Washington Avg | US Average |
|---|---|---|---|
| Median Household Income | $82,765 | $95,177 | $78,145 |
| Median Personal Income | $54,696 | $74,356 | $61,726 |
| Average income growth | 5.2% | 6.0% | 5.1% |
| Six-Figure Earners | 11.0% | 18.1% | 13.2% |
The median household income in Franklin County is about 13% lower than in Washington. Income has been growing slower in Franklin County (5.2%/yr) than in Washington (6.0%/yr).
About 11% of adults in Franklin County earn six figures ($100,000 or more) a year, lower than the Washington average of 18%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Franklin County, Washington grew by 82.3% from 2009 to 2023, reaching $82,765 in 2023. That's an average of about 5.2% per year.
Economic Inequality in Franklin County | Gender Pay Gap | Gini Coefficient
| Metric | Franklin County | Washington Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.565 | 0.554 | 0.570 |
| Male Median Income | $59,799 | $82,830 | $67,746 |
| Female Median Income | $48,003 | $65,517 | $54,793 |
| Gender Pay Gap | 19.7% | 20.9% | 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 Franklin County, it is 0.565, higher than Washington's 0.554, 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 25% more than women's income in Franklin County, Washington. Over a 35-year career, a 25% wage gap accumulates to roughly $412,860 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Franklin County, Washington has narrowed from about 26% to 20% in 2023. In dollar terms, the gap has widened by $1,415 since 2009.
Employment
| Metric | Franklin County | Washington Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.3% | 4.9% | 5.2% |
| Working from Home | 7.2% | 17.7% | 13.4% |
| Commute time (minutes) | 18 | 22 | 22 |
Approximately 2,490 people are unemployed in Franklin County, Washington.
The average commute time in Franklin County is 18 minutes, shorter than the 22 minutes in Washington.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Franklin County, Washington has fallen from 7.3% to 5.3% in 2023.
Conclusion
Considering all these factors, Franklin County, Washington has an overall wealth index grade of C, making it somewhat worse than Washington, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Franklin County, Washington.
How Rich Is Franklin County, Washington?
Franklin 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 $82,765, about 13% lower than the Washington average of $95,177.
What is the current median household income in Franklin County, Washington?
As of 2023, the median household income in Franklin County, Washington is $82,765.
What was the median household income in Franklin County in 2023?
In 2023, the median household income in Franklin County, Washington was $82,765.
What was the median household income in Franklin County in 2020?
In 2020, the median household income in Franklin County, Washington was $66,990.
What is the Gini coefficient in Franklin County, Washington?
The Gini coefficient in Franklin County is 0.565. 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 Franklin County, Washington?
Since 2009, the income gap between men and women in Franklin County, Washington has narrowed from about 26% to 20% in 2023. In dollar terms, the gap has widened by $1,415 since 2009.