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 | Eastern Goleta Valley | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $123,789 | $96,718 | $78,145 |
| Median Personal Income | $84,063 | $68,943 | $61,726 |
| Average income growth | 4.9% | 6.0% | 5.1% |
| Six-Figure Earners | 21.9% | 16.9% | 13.2% |
The median household income in Eastern Goleta Valley is about 28% higher than in California. Income has been growing slower in Eastern Goleta Valley (4.9%/yr) than in California (6.0%/yr).
About 22% of adults in Eastern Goleta Valley earn six figures ($100,000 or more) a year, higher than the California average of 17%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Eastern Goleta Valley, California grew by 68.3% from 2009 to 2023, reaching $123,789 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Eastern Goleta Valley | Gender Pay Gap | Gini Coefficient
| Metric | Eastern Goleta Valley | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.566 | 0.596 | 0.570 |
| Male Median Income | $91,997 | $73,016 | $67,746 |
| Female Median Income | $76,174 | $63,704 | $54,793 |
| Gender Pay Gap | 17.2% | 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 Eastern Goleta Valley, it is 0.566, lower than California's 0.596, so income is more evenly distributed here than 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 21% more than women's income in Eastern Goleta Valley, California. Over a 35-year career, a 21% wage gap accumulates to roughly $553,805 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Eastern Goleta Valley, California has narrowed from about 19% to 17% in 2023. In dollar terms, the gap has widened by $4,350 since 2009.
Employment
| Metric | Eastern Goleta Valley | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.5% | 6.4% | 5.2% |
| Working from Home | 19.2% | 15.5% | 13.4% |
| Commute time (minutes) | 15 | 23 | 22 |
Approximately 592 people are unemployed in Eastern Goleta Valley, California.
The average commute time in Eastern Goleta Valley is 15 minutes, shorter than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Eastern Goleta Valley, California has fallen from 7.0% to 4.5% in 2023.
Conclusion
Considering all these factors, Eastern Goleta Valley, 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 Eastern Goleta Valley, California.
How Wealthy Is Eastern Goleta Valley, California?
Eastern Goleta Valley 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 $123,789, about 28% higher than the California average of $96,718.
What is the current median household income in Eastern Goleta Valley, California?
As of 2023, the median household income in Eastern Goleta Valley, California is $123,789.
What was the median household income in Eastern Goleta Valley in 2023?
In 2023, the median household income in Eastern Goleta Valley, California was $123,789.
What was the median household income in Eastern Goleta Valley in 2020?
In 2020, the median household income in Eastern Goleta Valley, California was $101,440.
What is the Gini coefficient in Eastern Goleta Valley, California?
The Gini coefficient in Eastern Goleta Valley is 0.566. 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 Eastern Goleta Valley, California?
Since 2009, the income gap between men and women in Eastern Goleta Valley, California has narrowed from about 19% to 17% in 2023. In dollar terms, the gap has widened by $4,350 since 2009.