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 | Rancho Palos Verdes | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $173,073 | $96,718 | $78,145 |
| Median Personal Income | $122,102 | $68,943 | $61,726 |
| Average income growth | 5.7% | 6.0% | 5.1% |
| Six-Figure Earners | 35.5% | 16.9% | 13.2% |
The median household income in Rancho Palos Verdes is about 79% higher than in California. Income has been growing slower in Rancho Palos Verdes (5.7%/yr) than in California (6.0%/yr).
About 36% of adults in Rancho Palos Verdes 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 Rancho Palos Verdes, California grew by 70.2% from 2009 to 2023, reaching $173,073 in 2023. That's an average of about 5.7% per year.
Economic Inequality in Rancho Palos Verdes | Gender Pay Gap | Gini Coefficient
| Metric | Rancho Palos Verdes | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.567 | 0.596 | 0.570 |
| Male Median Income | $129,861 | $73,016 | $67,746 |
| Female Median Income | $106,931 | $63,704 | $54,793 |
| Gender Pay Gap | 17.7% | 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 Rancho Palos Verdes, 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 21% more than women's income in Rancho Palos Verdes, California. Over a 35-year career, a 21% wage gap accumulates to roughly $802,550 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Rancho Palos Verdes, California has narrowed from about 32% to 18% in 2023. In dollar terms, the gap has narrowed by $7,809 since 2009.
Employment
| Metric | Rancho Palos Verdes | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.4% | 6.4% | 5.2% |
| Working from Home | 23.4% | 15.5% | 13.4% |
| Commute time (minutes) | 31 | 23 | 22 |
Approximately 1,021 people are unemployed in Rancho Palos Verdes, California.
The average commute time in Rancho Palos Verdes is 31 minutes, longer than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Rancho Palos Verdes, California has fallen from 5.9% to 5.4% in 2023.
Conclusion
Considering all these factors, Rancho Palos Verdes, California has an overall wealth index grade of A+, making it far better than California, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Rancho Palos Verdes, California.
How Rich Is Rancho Palos Verdes, California?
Rancho Palos Verdes has a wealth index grade of A+. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A+ grade means it is one of the most prosperous areas in the country. The median household income is $173,073, about 79% higher than the California average of $96,718.
What is the current median household income in Rancho Palos Verdes, California?
As of 2023, the median household income in Rancho Palos Verdes, California is $173,073.
What was the median household income in Rancho Palos Verdes in 2023?
In 2023, the median household income in Rancho Palos Verdes, California was $173,073.
What was the median household income in Rancho Palos Verdes in 2020?
In 2020, the median household income in Rancho Palos Verdes, California was $137,462.
What is the Gini coefficient in Rancho Palos Verdes, California?
The Gini coefficient in Rancho Palos Verdes 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 Rancho Palos Verdes, California?
Since 2009, the income gap between men and women in Rancho Palos Verdes, California has narrowed from about 32% to 18% in 2023. In dollar terms, the gap has narrowed by $7,809 since 2009.