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 | Phoenix | Arizona Avg | US Average |
|---|---|---|---|
| Median Household Income | $76,850 | $77,100 | $78,145 |
| Median Personal Income | $54,886 | $58,256 | $61,726 |
| Average income growth | 6.6% | 5.9% | 5.1% |
| Six-Figure Earners | 11.6% | 11.7% | 13.2% |
The median household income in Phoenix is about the same as in Arizona. Income has been growing faster in Phoenix (6.6%/yr) than in Arizona (5.9%/yr).
About 12% of adults in Phoenix earn six figures ($100,000 or more) a year, about the same as the Arizona average of 12%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Phoenix, Arizona grew by 57.6% from 2009 to 2023, reaching $76,850 in 2023. That's an average of about 6.6% per year.
Economic Inequality in Phoenix | Gender Pay Gap | Gini Coefficient
| Metric | Phoenix | Arizona Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.571 | 0.571 | 0.570 |
| Male Median Income | $57,823 | $63,179 | $67,746 |
| Female Median Income | $52,007 | $52,803 | $54,793 |
| Gender Pay Gap | 10.1% | 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 Phoenix, it is 0.571, about the same as Arizona's 0.571, so income here is about as evenly distributed as 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 11% more than women's income in Phoenix, Arizona. Over a 35-year career, a 11% wage gap accumulates to roughly $203,560 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Phoenix, Arizona has widened from about 8% to 10% in 2023. In dollar terms, the gap has widened by $2,640 since 2009.
Employment
| Metric | Phoenix | Arizona Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.1% | 5.1% | 5.2% |
| Working from Home | 17.0% | 16.5% | 13.4% |
| Commute time (minutes) | 23 | 22 | 22 |
Approximately 43,402 people are unemployed in Phoenix, Arizona.
The average commute time in Phoenix is 23 minutes, longer than the 22 minutes in Arizona.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Phoenix, Arizona has fallen from 8.7% to 5.1% in 2023.
Conclusion
Considering all these factors, Phoenix, Arizona has an overall wealth index grade of C, making it about on par with Arizona, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Phoenix, Arizona.
How Rich Is Phoenix, Arizona?
Phoenix 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 $76,850, close to the Arizona average of $77,100.
What is the current median household income in Phoenix, Arizona?
As of 2023, the median household income in Phoenix, Arizona is $76,850.
What was the median household income in Phoenix in 2023?
In 2023, the median household income in Phoenix, Arizona was $76,850.
What was the median household income in Phoenix in 2020?
In 2020, the median household income in Phoenix, Arizona was $60,779.
What is the Gini coefficient in Phoenix, Arizona?
The Gini coefficient in Phoenix is 0.571. 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 Phoenix, Arizona?
Since 2009, the income gap between men and women in Phoenix, Arizona has widened from about 8% to 10% in 2023. In dollar terms, the gap has widened by $2,640 since 2009.