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 Park | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $76,834 | $96,718 | $78,145 |
| Median Personal Income | $58,278 | $68,943 | $61,726 |
| Average income growth | 5.4% | 6.0% | 5.1% |
| Six-Figure Earners | 11.6% | 16.9% | 13.2% |
The median household income in Monterey Park is about 21% lower than in California. Income has been growing slower in Monterey Park (5.4%/yr) than in California (6.0%/yr).
About 12% of adults in Monterey Park 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 Park, California grew by 50.5% from 2009 to 2023, reaching $76,834 in 2023. That's an average of about 5.4% per year.
Economic Inequality in Monterey Park | Gender Pay Gap | Gini Coefficient
| Metric | Monterey Park | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.614 | 0.596 | 0.570 |
| Male Median Income | $63,112 | $73,016 | $67,746 |
| Female Median Income | $53,507 | $63,704 | $54,793 |
| Gender Pay Gap | 15.2% | 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 Monterey Park, it is 0.614, 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 18% more than women's income in Monterey Park, California. Over a 35-year career, a 18% wage gap accumulates to roughly $336,175 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 Park, California has widened from about 13% to 15% in 2023. In dollar terms, the gap has widened by $4,107 since 2009.
Employment
| Metric | Monterey Park | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.8% | 6.4% | 5.2% |
| Working from Home | 15.9% | 15.5% | 13.4% |
| Commute time (minutes) | 28 | 23 | 22 |
Approximately 1,691 people are unemployed in Monterey Park, California.
The average commute time in Monterey Park is 28 minutes, longer than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Monterey Park, California has fallen from 8.5% to 5.8% in 2023.
Conclusion
Considering all these factors, Monterey Park, California has an overall wealth index grade of D, making it somewhat worse than California, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Monterey Park, California.
How Rich Is Monterey Park, California?
Monterey Park has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $76,834, about 21% lower than the California average of $96,718.
What is the current median household income in Monterey Park, California?
As of 2023, the median household income in Monterey Park, California is $76,834.
What was the median household income in Monterey Park in 2023?
In 2023, the median household income in Monterey Park, California was $76,834.
What was the median household income in Monterey Park in 2020?
In 2020, the median household income in Monterey Park, California was $62,415.
What is the Gini coefficient in Monterey Park, California?
The Gini coefficient in Monterey Park is 0.614. 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 Park, California?
Since 2009, the income gap between men and women in Monterey Park, California has widened from about 13% to 15% in 2023. In dollar terms, the gap has widened by $4,107 since 2009.