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 | Hot Springs County | Wyoming Avg | US Average |
|---|---|---|---|
| Median Household Income | $67,220 | $74,833 | $78,145 |
| Median Personal Income | $53,095 | $59,992 | $61,726 |
| Average income growth | 5.4% | 3.4% | 5.1% |
| Six-Figure Earners | 6.5% | 11.4% | 13.2% |
The median household income in Hot Springs County is about 10% lower than in Wyoming. Income has been growing faster in Hot Springs County (5.4%/yr) than in Wyoming (3.4%/yr).
About 7% of adults in Hot Springs 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 Hot Springs County, Wyoming grew by 48.5% from 2009 to 2023, reaching $67,220 in 2023. That's an average of about 5.4% per year.
Economic Inequality in Hot Springs County | Gender Pay Gap | Gini Coefficient
| Metric | Hot Springs County | Wyoming Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.507 | 0.531 | 0.570 |
| Male Median Income | $60,731 | $68,774 | $67,746 |
| Female Median Income | $46,999 | $48,475 | $54,793 |
| Gender Pay Gap | 22.6% | 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 Hot Springs County, it is 0.507, lower than Wyoming's 0.531, so income is more 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 29% more than women's income in Hot Springs County, Wyoming. Over a 35-year career, a 29% wage gap accumulates to roughly $480,620 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Hot Springs County, Wyoming has narrowed from about 42% to 23% in 2023. In dollar terms, the gap has narrowed by $4,570 since 2009.
Employment
| Metric | Hot Springs County | Wyoming Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.7% | 3.7% | 5.2% |
| Working from Home | 13.6% | 8.5% | 13.4% |
| Commute time (minutes) | 7 | 13 | 22 |
Approximately 36 people are unemployed in Hot Springs County, Wyoming.
The average commute time in Hot Springs County is 7 minutes, shorter than the 13 minutes in Wyoming.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hot Springs County, Wyoming has fallen from 2.4% to 1.7% in 2023.
Conclusion
Considering all these factors, Hot Springs County, Wyoming has an overall wealth index grade of B, making it about on par with Wyoming, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Hot Springs County, Wyoming.
How Rich Is Hot Springs County, Wyoming?
Hot Springs 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 $67,220, about 10% lower than the Wyoming average of $74,833.
What is the current median household income in Hot Springs County, Wyoming?
As of 2023, the median household income in Hot Springs County, Wyoming is $67,220.
What was the median household income in Hot Springs County in 2023?
In 2023, the median household income in Hot Springs County, Wyoming was $67,220.
What was the median household income in Hot Springs County in 2020?
In 2020, the median household income in Hot Springs County, Wyoming was $55,048.
What is the Gini coefficient in Hot Springs County, Wyoming?
The Gini coefficient in Hot Springs County is 0.507. 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 Hot Springs County, Wyoming?
Since 2009, the income gap between men and women in Hot Springs County, Wyoming has narrowed from about 42% to 23% in 2023. In dollar terms, the gap has narrowed by $4,570 since 2009.