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 | Hanford | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $73,953 | $96,718 | $78,145 |
| Median Personal Income | $60,382 | $68,943 | $61,726 |
| Average income growth | 5.1% | 6.0% | 5.1% |
| Six-Figure Earners | 10.2% | 16.9% | 13.2% |
The median household income in Hanford is about 24% lower than in California. Income has been growing slower in Hanford (5.1%/yr) than in California (6.0%/yr).
About 10% of adults in Hanford 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 Hanford, California grew by 43.9% from 2009 to 2023, reaching $73,953 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Hanford | Gender Pay Gap | Gini Coefficient
| Metric | Hanford | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.573 | 0.596 | 0.570 |
| Male Median Income | $62,502 | $73,016 | $67,746 |
| Female Median Income | $54,915 | $63,704 | $54,793 |
| Gender Pay Gap | 12.1% | 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 Hanford, 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 14% more than women's income in Hanford, California. Over a 35-year career, a 14% wage gap accumulates to roughly $265,545 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Hanford, California has narrowed from about 27% to 12% in 2023. In dollar terms, the gap has narrowed by $5,355 since 2009.
Employment
| Metric | Hanford | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.4% | 6.4% | 5.2% |
| Working from Home | 6.1% | 15.5% | 13.4% |
| Commute time (minutes) | 20 | 23 | 22 |
Approximately 1,886 people are unemployed in Hanford, California.
The average commute time in Hanford is 20 minutes, shorter than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hanford, California has fallen from 11.2% to 8.4% in 2023.
Conclusion
Considering all these factors, Hanford, 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 Hanford, California.
How Rich Is Hanford, California?
Hanford 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 $73,953, about 24% lower than the California average of $96,718.
What is the current median household income in Hanford, California?
As of 2023, the median household income in Hanford, California is $73,953.
What was the median household income in Hanford in 2023?
In 2023, the median household income in Hanford, California was $73,953.
What was the median household income in Hanford in 2020?
In 2020, the median household income in Hanford, California was $68,061.
What is the Gini coefficient in Hanford, California?
The Gini coefficient in Hanford 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 Hanford, California?
Since 2009, the income gap between men and women in Hanford, California has narrowed from about 27% to 12% in 2023. In dollar terms, the gap has narrowed by $5,355 since 2009.