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 | Goleta | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $118,481 | $96,718 | $78,145 |
| Median Personal Income | $74,931 | $68,943 | $61,726 |
| Average income growth | 5.8% | 6.0% | 5.1% |
| Six-Figure Earners | 17.3% | 16.9% | 13.2% |
The median household income in Goleta is about 23% higher than in California. Income has been growing slower in Goleta (5.8%/yr) than in California (6.0%/yr).
About 17% of adults in Goleta earn six figures ($100,000 or more) a year, about the same as the California average of 17%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Goleta, California grew by 72.8% from 2009 to 2023, reaching $118,481 in 2023. That's an average of about 5.8% per year.
Economic Inequality in Goleta | Gender Pay Gap | Gini Coefficient
| Metric | Goleta | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.591 | 0.596 | 0.570 |
| Male Median Income | $78,391 | $73,016 | $67,746 |
| Female Median Income | $71,930 | $63,704 | $54,793 |
| Gender Pay Gap | 8.2% | 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 Goleta, it is 0.591, lower than California's 0.596, so income is more evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 9% more than women's income in Goleta, California. Over a 35-year career, a 9% wage gap accumulates to roughly $226,135 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Goleta, California has narrowed from about 30% to 8% in 2023. In dollar terms, the gap has narrowed by $10,164 since 2009.
Employment
| Metric | Goleta | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.3% | 6.4% | 5.2% |
| Working from Home | 18.0% | 15.5% | 13.4% |
| Commute time (minutes) | 16 | 23 | 22 |
Approximately 901 people are unemployed in Goleta, California.
The average commute time in Goleta is 16 minutes, shorter than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Goleta, California has fallen from 6.0% to 5.3% in 2023.
Conclusion
Considering all these factors, Goleta, California has an overall wealth index grade of C, making it about on par with California, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Goleta, California.
How Rich Is Goleta, California?
Goleta 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 $118,481, about 23% higher than the California average of $96,718.
What is the current median household income in Goleta, California?
As of 2023, the median household income in Goleta, California is $118,481.
What was the median household income in Goleta in 2023?
In 2023, the median household income in Goleta, California was $118,481.
What was the median household income in Goleta in 2020?
In 2020, the median household income in Goleta, California was $96,730.
What is the Gini coefficient in Goleta, California?
The Gini coefficient in Goleta is 0.591. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Goleta, California?
Since 2009, the income gap between men and women in Goleta, California has narrowed from about 30% to 8% in 2023. In dollar terms, the gap has narrowed by $10,164 since 2009.