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 | Lakewood | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $116,868 | $96,718 | $78,145 |
| Median Personal Income | $72,723 | $68,943 | $61,726 |
| Average income growth | 5.4% | 6.0% | 5.1% |
| Six-Figure Earners | 17.4% | 16.9% | 13.2% |
The median household income in Lakewood is about 21% higher than in California. Income has been growing slower in Lakewood (5.4%/yr) than in California (6.0%/yr).
About 17% of adults in Lakewood 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 Lakewood, California grew by 54.6% from 2009 to 2023, reaching $116,868 in 2023. That's an average of about 5.4% per year.
Economic Inequality in Lakewood | Gender Pay Gap | Gini Coefficient
| Metric | Lakewood | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.567 | 0.596 | 0.570 |
| Male Median Income | $76,504 | $73,016 | $67,746 |
| Female Median Income | $68,458 | $63,704 | $54,793 |
| Gender Pay Gap | 10.5% | 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 Lakewood, it is 0.567, 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 12% more than women's income in Lakewood, California. Over a 35-year career, a 12% wage gap accumulates to roughly $281,610 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lakewood, California has narrowed from about 19% to 11% in 2023. In dollar terms, the gap has narrowed by $2,613 since 2009.
Employment
| Metric | Lakewood | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.4% | 6.4% | 5.2% |
| Working from Home | 12.5% | 15.5% | 13.4% |
| Commute time (minutes) | 27 | 23 | 22 |
Approximately 2,393 people are unemployed in Lakewood, California.
The average commute time in Lakewood is 27 minutes, longer than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lakewood, California has fallen from 7.7% to 5.4% in 2023.
Conclusion
Considering all these factors, Lakewood, 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 Lakewood, California.
How Rich Is Lakewood, California?
Lakewood 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 $116,868, about 21% higher than the California average of $96,718.
What is the current median household income in Lakewood, California?
As of 2023, the median household income in Lakewood, California is $116,868.
What was the median household income in Lakewood in 2023?
In 2023, the median household income in Lakewood, California was $116,868.
What was the median household income in Lakewood in 2020?
In 2020, the median household income in Lakewood, California was $96,938.
What is the Gini coefficient in Lakewood, California?
The Gini coefficient in Lakewood is 0.567. 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 Lakewood, California?
Since 2009, the income gap between men and women in Lakewood, California has narrowed from about 19% to 11% in 2023. In dollar terms, the gap has narrowed by $2,613 since 2009.