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 | Monterey County | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $94,731 | $96,718 | $78,145 |
| Median Personal Income | $57,402 | $68,943 | $61,726 |
| Average income growth | 6.5% | 6.0% | 5.1% |
| Six-Figure Earners | 12.8% | 16.9% | 13.2% |
The median household income in Monterey County is about 2% lower than in California. Income has been growing faster in Monterey County (6.5%/yr) than in California (6.0%/yr).
About 13% of adults in Monterey County 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 Monterey County, California grew by 59.1% from 2009 to 2023, reaching $94,731 in 2023. That's an average of about 6.5% per year.
Economic Inequality in Monterey County | Gender Pay Gap | Gini Coefficient
| Metric | Monterey County | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.589 | 0.596 | 0.570 |
| Male Median Income | $60,428 | $73,016 | $67,746 |
| Female Median Income | $53,430 | $63,704 | $54,793 |
| Gender Pay Gap | 11.6% | 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 Monterey County, it is 0.589, 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 13% more than women's income in Monterey County, California. Over a 35-year career, a 13% wage gap accumulates to roughly $244,930 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Monterey County, California has narrowed from about 14% to 12% in 2023. In dollar terms, the gap has widened by $980 since 2009.
Employment
| Metric | Monterey County | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.0% | 6.4% | 5.2% |
| Working from Home | 9.1% | 15.5% | 13.4% |
| Commute time (minutes) | 21 | 23 | 22 |
Approximately 10,068 people are unemployed in Monterey County, California.
The average commute time in Monterey County is 21 minutes, shorter than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Monterey County, California has fallen from 10.5% to 5.0% in 2023.
Conclusion
Considering all these factors, Monterey County, 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 Monterey County, California.
How Rich Is Monterey County, California?
Monterey County 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 $94,731, about 2% lower than the California average of $96,718.
What is the current median household income in Monterey County, California?
As of 2023, the median household income in Monterey County, California is $94,731.
What was the median household income in Monterey County in 2023?
In 2023, the median household income in Monterey County, California was $94,731.
What was the median household income in Monterey County in 2020?
In 2020, the median household income in Monterey County, California was $77,104.
What is the Gini coefficient in Monterey County, California?
The Gini coefficient in Monterey County is 0.589. 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 Monterey County, California?
Since 2009, the income gap between men and women in Monterey County, California has narrowed from about 14% to 12% in 2023. In dollar terms, the gap has widened by $980 since 2009.