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 | Lake Elsinore | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $93,098 | $96,718 | $78,145 |
| Median Personal Income | $61,016 | $68,943 | $61,726 |
| Average income growth | 6.7% | 6.0% | 5.1% |
| Six-Figure Earners | 11.7% | 16.9% | 13.2% |
The median household income in Lake Elsinore is about 4% lower than in California. Income has been growing faster in Lake Elsinore (6.7%/yr) than in California (6.0%/yr).
About 12% of adults in Lake Elsinore 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 Lake Elsinore, California grew by 62.6% from 2009 to 2023, reaching $93,098 in 2023. That's an average of about 6.7% per year.
Economic Inequality in Lake Elsinore | Gender Pay Gap | Gini Coefficient
| Metric | Lake Elsinore | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.609 | 0.596 | 0.570 |
| Male Median Income | $70,114 | $73,016 | $67,746 |
| Female Median Income | $49,282 | $63,704 | $54,793 |
| Gender Pay Gap | 29.7% | 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 Lake Elsinore, it is 0.609, higher than California's 0.596, so income is less 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 42% more than women's income in Lake Elsinore, California. Over a 35-year career, a 42% wage gap accumulates to roughly $729,120 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lake Elsinore, California has widened from about 24% to 30% in 2023. In dollar terms, the gap has widened by $9,395 since 2009.
Employment
| Metric | Lake Elsinore | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.1% | 6.4% | 5.2% |
| Working from Home | 11.5% | 15.5% | 13.4% |
| Commute time (minutes) | 33 | 23 | 22 |
Approximately 2,085 people are unemployed in Lake Elsinore, California.
The average commute time in Lake Elsinore is 33 minutes, longer than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lake Elsinore, California has fallen from 14.6% to 6.1% in 2023.
Conclusion
Considering all these factors, Lake Elsinore, 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 Lake Elsinore, California.
How Rich Is Lake Elsinore, California?
Lake Elsinore 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 $93,098, about 4% lower than the California average of $96,718.
What is the current median household income in Lake Elsinore, California?
As of 2023, the median household income in Lake Elsinore, California is $93,098.
What was the median household income in Lake Elsinore in 2023?
In 2023, the median household income in Lake Elsinore, California was $93,098.
What was the median household income in Lake Elsinore in 2020?
In 2020, the median household income in Lake Elsinore, California was $69,308.
What is the Gini coefficient in Lake Elsinore, California?
The Gini coefficient in Lake Elsinore is 0.609. 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 Lake Elsinore, California?
Since 2009, the income gap between men and women in Lake Elsinore, California has widened from about 24% to 30% in 2023. In dollar terms, the gap has widened by $9,395 since 2009.