Wealth Index
Among the 3 least wealthy counties in Wyoming
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 | Albany County | Wyoming Avg | US Average |
|---|---|---|---|
| Median Household Income | $59,888 | $74,833 | $78,145 |
| Median Personal Income | $56,615 | $59,992 | $61,726 |
| Average income growth | 4.8% | 3.4% | 5.1% |
| Six-Figure Earners | 9.2% | 11.4% | 13.2% |
The median household income in Albany County is about 20% lower than in Wyoming. Income has been growing faster in Albany County (4.8%/yr) than in Wyoming (3.4%/yr).
About 9% of adults in Albany County earn six figures ($100,000 or more) a year, lower than the Wyoming average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Albany County, Wyoming grew by 49.3% from 2009 to 2023, reaching $59,888 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Albany County | Gender Pay Gap | Gini Coefficient
| Metric | Albany County | Wyoming Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.560 | 0.531 | 0.570 |
| Male Median Income | $61,005 | $68,774 | $67,746 |
| Female Median Income | $48,740 | $48,475 | $54,793 |
| Gender Pay Gap | 20.1% | 29.5% | 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 Albany County, it is 0.560, higher than Wyoming's 0.531, 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 25% more than women's income in Albany County, Wyoming. Over a 35-year career, a 25% wage gap accumulates to roughly $429,275 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Albany County, Wyoming has narrowed from about 26% to 20% in 2023. In dollar terms, the gap has widened by $829 since 2009.
Employment
| Metric | Albany County | Wyoming Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.3% | 3.7% | 5.2% |
| Working from Home | 8.9% | 8.5% | 13.4% |
| Commute time (minutes) | 11 | 13 | 22 |
Approximately 952 people are unemployed in Albany County, Wyoming.
The average commute time in Albany County is 11 minutes, shorter than the 13 minutes in Wyoming.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Albany County, Wyoming has fallen from 4.4% to 4.3% in 2023.
Conclusion
Considering all these factors, Albany County, Wyoming has an overall wealth index grade of C, making it somewhat worse than Wyoming, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Albany County, Wyoming.
How Wealthy Is Albany County, Wyoming?
Albany 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 $59,888, about 20% lower than the Wyoming average of $74,833.
What is the current median household income in Albany County, Wyoming?
As of 2023, the median household income in Albany County, Wyoming is $59,888.
What was the median household income in Albany County in 2023?
In 2023, the median household income in Albany County, Wyoming was $59,888.
What was the median household income in Albany County in 2020?
In 2020, the median household income in Albany County, Wyoming was $51,609.
What is the Gini coefficient in Albany County, Wyoming?
The Gini coefficient in Albany County is 0.560. 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 Albany County, Wyoming?
Since 2009, the income gap between men and women in Albany County, Wyoming has narrowed from about 26% to 20% in 2023. In dollar terms, the gap has widened by $829 since 2009.