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 | Newark | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $166,834 | $96,718 | $78,145 |
| Median Personal Income | $98,206 | $68,943 | $61,726 |
| Average income growth | 8.6% | 6.0% | 5.1% |
| Six-Figure Earners | 29.3% | 16.9% | 13.2% |
The median household income in Newark is about 72% higher than in California. Income has been growing faster in Newark (8.6%/yr) than in California (6.0%/yr).
About 29% of adults in Newark 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 Newark, California grew by 98.1% from 2009 to 2023, reaching $166,834 in 2023. That's an average of about 8.6% per year.
Economic Inequality in Newark | Gender Pay Gap | Gini Coefficient
| Metric | Newark | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.546 | 0.596 | 0.570 |
| Male Median Income | $103,430 | $73,016 | $67,746 |
| Female Median Income | $91,566 | $63,704 | $54,793 |
| Gender Pay Gap | 11.5% | 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 Newark, it is 0.546, lower than California's 0.596, so income is more evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 13% more than women's income in Newark, California. Over a 35-year career, a 13% wage gap accumulates to roughly $415,240 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Newark, California has narrowed from about 14% to 11% in 2023. In dollar terms, the gap has widened by $3,978 since 2009.
Employment
| Metric | Newark | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.8% | 6.4% | 5.2% |
| Working from Home | 22.5% | 15.5% | 13.4% |
| Commute time (minutes) | 30 | 23 | 22 |
Approximately 1,329 people are unemployed in Newark, California.
The average commute time in Newark is 30 minutes, longer than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Newark, California has fallen from 8.5% to 4.8% in 2023.
Conclusion
Considering all these factors, Newark, 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 Newark, California.
How Rich Is Newark, California?
Newark 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 $166,834, about 72% higher than the California average of $96,718.
What is the current median household income in Newark, California?
As of 2023, the median household income in Newark, California is $166,834.
What was the median household income in Newark in 2023?
In 2023, the median household income in Newark, California was $166,834.
What was the median household income in Newark in 2020?
In 2020, the median household income in Newark, California was $128,494.
What is the Gini coefficient in Newark, California?
The Gini coefficient in Newark is 0.546. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Newark, California?
Since 2009, the income gap between men and women in Newark, California has narrowed from about 14% to 11% in 2023. In dollar terms, the gap has widened by $3,978 since 2009.