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 | Elk Grove | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $121,290 | $96,718 | $78,145 |
| Median Personal Income | $78,750 | $68,943 | $61,726 |
| Average income growth | 5.6% | 6.0% | 5.1% |
| Six-Figure Earners | 18.3% | 16.9% | 13.2% |
The median household income in Elk Grove is about 25% higher than in California. Income has been growing slower in Elk Grove (5.6%/yr) than in California (6.0%/yr).
About 18% of adults in Elk Grove 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 Elk Grove, California grew by 53.7% from 2009 to 2023, reaching $121,290 in 2023. That's an average of about 5.6% per year.
Economic Inequality in Elk Grove | Gender Pay Gap | Gini Coefficient
| Metric | Elk Grove | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.573 | 0.596 | 0.570 |
| Male Median Income | $85,741 | $73,016 | $67,746 |
| Female Median Income | $73,106 | $63,704 | $54,793 |
| Gender Pay Gap | 14.7% | 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 Elk Grove, 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 17% more than women's income in Elk Grove, California. Over a 35-year career, a 17% wage gap accumulates to roughly $442,225 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Elk Grove, California has narrowed from about 17% to 15% in 2023. In dollar terms, the gap has widened by $2,892 since 2009.
Employment
| Metric | Elk Grove | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.8% | 6.4% | 5.2% |
| Working from Home | 19.4% | 15.5% | 13.4% |
| Commute time (minutes) | 30 | 23 | 22 |
Approximately 5,679 people are unemployed in Elk Grove, California.
The average commute time in Elk Grove is 30 minutes, longer than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Elk Grove, California has fallen from 8.9% to 6.8% in 2023.
Conclusion
Considering all these factors, Elk Grove, 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 Elk Grove, California.
How Wealthy Is Elk Grove, California?
Elk Grove 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 $121,290, about 25% higher than the California average of $96,718.
What is the current median household income in Elk Grove, California?
As of 2023, the median household income in Elk Grove, California is $121,290.
What was the median household income in Elk Grove in 2023?
In 2023, the median household income in Elk Grove, California was $121,290.
What was the median household income in Elk Grove in 2020?
In 2020, the median household income in Elk Grove, California was $100,436.
What is the Gini coefficient in Elk Grove, California?
The Gini coefficient in Elk Grove 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 Elk Grove, California?
Since 2009, the income gap between men and women in Elk Grove, California has narrowed from about 17% to 15% in 2023. In dollar terms, the gap has widened by $2,892 since 2009.