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 | Goodyear | Arizona Avg | US Average |
|---|---|---|---|
| Median Household Income | $102,161 | $77,100 | $78,145 |
| Median Personal Income | $64,337 | $58,256 | $61,726 |
| Average income growth | 5.0% | 5.9% | 5.1% |
| Six-Figure Earners | 14.0% | 11.7% | 13.2% |
The median household income in Goodyear is about 33% higher than in Arizona. Income has been growing slower in Goodyear (5.0%/yr) than in Arizona (5.9%/yr).
About 14% of adults in Goodyear earn six figures ($100,000 or more) a year, higher than the Arizona average of 12%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Goodyear, Arizona grew by 35.8% from 2009 to 2023, reaching $102,161 in 2023. That's an average of about 5.0% per year.
Economic Inequality in Goodyear | Gender Pay Gap | Gini Coefficient
| Metric | Goodyear | Arizona Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.579 | 0.571 | 0.570 |
| Male Median Income | $70,571 | $63,179 | $67,746 |
| Female Median Income | $56,922 | $52,803 | $54,793 |
| Gender Pay Gap | 19.3% | 16.4% | 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 Goodyear, it is 0.579, higher than Arizona's 0.571, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 24% more than women's income in Goodyear, Arizona. Over a 35-year career, a 24% wage gap accumulates to roughly $477,715 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Goodyear, Arizona has narrowed from about 27% to 19% in 2023. In dollar terms, the gap has narrowed by $1,343 since 2009.
Employment
| Metric | Goodyear | Arizona Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.9% | 5.1% | 5.2% |
| Working from Home | 19.0% | 16.5% | 13.4% |
| Commute time (minutes) | 27 | 22 | 22 |
Approximately 2,292 people are unemployed in Goodyear, Arizona.
The average commute time in Goodyear is 27 minutes, longer than the 22 minutes in Arizona.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Goodyear, Arizona has fallen from 7.5% to 4.9% in 2023.
Conclusion
Considering all these factors, Goodyear, Arizona has an overall wealth index grade of B, making it somewhat better than Arizona, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Goodyear, Arizona.
How Rich Is Goodyear, Arizona?
Goodyear 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 $102,161, about 33% higher than the Arizona average of $77,100.
What is the current median household income in Goodyear, Arizona?
As of 2023, the median household income in Goodyear, Arizona is $102,161.
What was the median household income in Goodyear in 2023?
In 2023, the median household income in Goodyear, Arizona was $102,161.
What was the median household income in Goodyear in 2020?
In 2020, the median household income in Goodyear, Arizona was $85,487.
What is the Gini coefficient in Goodyear, Arizona?
The Gini coefficient in Goodyear is 0.579. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Goodyear, Arizona?
Since 2009, the income gap between men and women in Goodyear, Arizona has narrowed from about 27% to 19% in 2023. In dollar terms, the gap has narrowed by $1,343 since 2009.