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 | Palm Springs | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $71,316 | $96,718 | $78,145 |
| Median Personal Income | $72,245 | $68,943 | $61,726 |
| Average income growth | 6.8% | 6.0% | 5.1% |
| Six-Figure Earners | 18.2% | 16.9% | 13.2% |
The median household income in Palm Springs is about 26% lower than in California. Income has been growing faster in Palm Springs (6.8%/yr) than in California (6.0%/yr).
About 18% of adults in Palm Springs 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 Palm Springs, California grew by 60.5% from 2009 to 2023, reaching $71,316 in 2023. That's an average of about 6.8% per year.
Economic Inequality in Palm Springs | Gender Pay Gap | Gini Coefficient
| Metric | Palm Springs | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.568 | 0.596 | 0.570 |
| Male Median Income | $78,614 | $73,016 | $67,746 |
| Female Median Income | $60,324 | $63,704 | $54,793 |
| Gender Pay Gap | 23.3% | 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 Palm Springs, it is 0.568, 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 30% more than women's income in Palm Springs, California. Over a 35-year career, a 30% wage gap accumulates to roughly $640,150 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Palm Springs, California has widened from about 22% to 23% in 2023. In dollar terms, the gap has widened by $7,971 since 2009.
Employment
| Metric | Palm Springs | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.4% | 6.4% | 5.2% |
| Working from Home | 23.6% | 15.5% | 13.4% |
| Commute time (minutes) | 17 | 23 | 22 |
Approximately 1,731 people are unemployed in Palm Springs, California.
The average commute time in Palm Springs is 17 minutes, shorter than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Palm Springs, California has fallen from 10.4% to 7.4% in 2023.
Conclusion
Considering all these factors, Palm Springs, 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 Palm Springs, California.
How Rich Is Palm Springs, California?
Palm Springs 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 $71,316, about 26% lower than the California average of $96,718.
What is the current median household income in Palm Springs, California?
As of 2023, the median household income in Palm Springs, California is $71,316.
What was the median household income in Palm Springs in 2023?
In 2023, the median household income in Palm Springs, California was $71,316.
What was the median household income in Palm Springs in 2020?
In 2020, the median household income in Palm Springs, California was $56,633.
What is the Gini coefficient in Palm Springs, California?
The Gini coefficient in Palm Springs is 0.568. 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 Palm Springs, California?
Since 2009, the income gap between men and women in Palm Springs, California has widened from about 22% to 23% in 2023. In dollar terms, the gap has widened by $7,971 since 2009.