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 | El Monte | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $66,002 | $96,718 | $78,145 |
| Median Personal Income | $42,680 | $68,943 | $61,726 |
| Average income growth | 7.1% | 6.0% | 5.1% |
| Six-Figure Earners | 4.0% | 16.9% | 13.2% |
The median household income in El Monte is about 32% lower than in California. Income has been growing faster in El Monte (7.1%/yr) than in California (6.0%/yr).
About 4% of adults in El Monte 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 El Monte, California grew by 57.5% from 2009 to 2023, reaching $66,002 in 2023. That's an average of about 7.1% per year.
Economic Inequality in El Monte | Gender Pay Gap | Gini Coefficient
| Metric | El Monte | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.573 | 0.596 | 0.570 |
| Male Median Income | $44,430 | $73,016 | $67,746 |
| Female Median Income | $40,339 | $63,704 | $54,793 |
| Gender Pay Gap | 9.2% | 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 El Monte, it is 0.573, 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 10% more than women's income in El Monte, California. Over a 35-year career, a 10% wage gap accumulates to roughly $143,185 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in El Monte, California has narrowed from about 15% to 9% in 2023. In dollar terms, the gap has narrowed by $222 since 2009.
Employment
| Metric | El Monte | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.4% | 6.4% | 5.2% |
| Working from Home | 5.3% | 15.5% | 13.4% |
| Commute time (minutes) | 26 | 23 | 22 |
Approximately 3,296 people are unemployed in El Monte, California.
The average commute time in El Monte is 26 minutes, longer than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in El Monte, California has fallen from 11.4% to 6.4% in 2023.
Conclusion
Considering all these factors, El Monte, California has an overall wealth index grade of D, making it somewhat worse than California, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in El Monte, California.
How Wealthy Is El Monte, California?
El Monte has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $66,002, about 32% lower than the California average of $96,718.
What is the current median household income in El Monte, California?
As of 2023, the median household income in El Monte, California is $66,002.
What was the median household income in El Monte in 2023?
In 2023, the median household income in El Monte, California was $66,002.
What was the median household income in El Monte in 2020?
In 2020, the median household income in El Monte, California was $54,473.
What is the Gini coefficient in El Monte, California?
The Gini coefficient in El Monte is 0.573. 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 El Monte, California?
Since 2009, the income gap between men and women in El Monte, California has narrowed from about 15% to 9% in 2023. In dollar terms, the gap has narrowed by $222 since 2009.