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 | Carmichael | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $87,624 | $96,718 | $78,145 |
| Median Personal Income | $68,268 | $68,943 | $61,726 |
| Average income growth | 6.0% | 6.0% | 5.1% |
| Six-Figure Earners | 16.0% | 16.9% | 13.2% |
The median household income in Carmichael is about 9% lower than in California. Income has been growing slower in Carmichael (6.0%/yr) than in California (6.0%/yr).
About 16% of adults in Carmichael earn six figures ($100,000 or more) a year, lower than the California average of 17%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Carmichael, California grew by 53.8% from 2009 to 2023, reaching $87,624 in 2023. That's an average of about 6.0% per year.
Economic Inequality in Carmichael | Gender Pay Gap | Gini Coefficient
| Metric | Carmichael | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.557 | 0.596 | 0.570 |
| Male Median Income | $74,864 | $73,016 | $67,746 |
| Female Median Income | $62,574 | $63,704 | $54,793 |
| Gender Pay Gap | 16.4% | 12.8% | 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 Carmichael, it is 0.557, lower than California's 0.596, 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 20% more than women's income in Carmichael, California. Over a 35-year career, a 20% wage gap accumulates to roughly $430,150 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Carmichael, California has narrowed from about 22% to 16% in 2023. In dollar terms, the gap has narrowed by $212 since 2009.
Employment
| Metric | Carmichael | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.1% | 6.4% | 5.2% |
| Working from Home | 19.0% | 15.5% | 13.4% |
| Commute time (minutes) | 22 | 23 | 22 |
Approximately 2,395 people are unemployed in Carmichael, California.
The average commute time in Carmichael is 22 minutes, shorter than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Carmichael, California has fallen from 11.8% to 6.1% in 2023.
Conclusion
Considering all these factors, Carmichael, California has an overall wealth index grade of B, making it somewhat better than California, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Carmichael, California.
How Rich Is Carmichael, California?
Carmichael 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 $87,624, about 9% lower than the California average of $96,718.
What is the current median household income in Carmichael, California?
As of 2023, the median household income in Carmichael, California is $87,624.
What was the median household income in Carmichael in 2023?
In 2023, the median household income in Carmichael, California was $87,624.
What was the median household income in Carmichael in 2020?
In 2020, the median household income in Carmichael, California was $70,076.
What is the Gini coefficient in Carmichael, California?
The Gini coefficient in Carmichael is 0.557. 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 Carmichael, California?
Since 2009, the income gap between men and women in Carmichael, California has narrowed from about 22% to 16% in 2023. In dollar terms, the gap has narrowed by $212 since 2009.