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 | Richmond | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $90,212 | $96,718 | $78,145 |
| Median Personal Income | $62,678 | $68,943 | $61,726 |
| Average income growth | 6.9% | 6.0% | 5.1% |
| Six-Figure Earners | 13.6% | 16.9% | 13.2% |
The median household income in Richmond is about 7% lower than in California. Income has been growing faster in Richmond (6.9%/yr) than in California (6.0%/yr).
About 14% of adults in Richmond 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 Richmond, California grew by 65.9% from 2009 to 2023, reaching $90,212 in 2023. That's an average of about 6.9% per year.
Economic Inequality in Richmond | Gender Pay Gap | Gini Coefficient
| Metric | Richmond | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.570 | 0.596 | 0.570 |
| Male Median Income | $63,217 | $73,016 | $67,746 |
| Female Median Income | $61,730 | $63,704 | $54,793 |
| Gender Pay Gap | 2.4% | 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 Richmond, it is 0.570, 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 2% more than women's income in Richmond, California. Over a 35-year career, a 2% wage gap accumulates to roughly $52,045 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Richmond, California has narrowed from about 3% to 2% in 2023. In dollar terms, the gap has narrowed by $29 since 2009.
Employment
| Metric | Richmond | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.8% | 6.4% | 5.2% |
| Working from Home | 12.1% | 15.5% | 13.4% |
| Commute time (minutes) | 31 | 23 | 22 |
Approximately 4,311 people are unemployed in Richmond, California.
The average commute time in Richmond is 31 minutes, longer than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Richmond, California has fallen from 12.8% to 6.8% in 2023.
Conclusion
Considering all these factors, Richmond, 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 Richmond, California.
How Rich Is Richmond, California?
Richmond 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 $90,212, about 7% lower than the California average of $96,718.
What is the current median household income in Richmond, California?
As of 2023, the median household income in Richmond, California is $90,212.
What was the median household income in Richmond in 2023?
In 2023, the median household income in Richmond, California was $90,212.
What was the median household income in Richmond in 2020?
In 2020, the median household income in Richmond, California was $73,472.
What is the Gini coefficient in Richmond, California?
The Gini coefficient in Richmond is 0.570. 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 Richmond, California?
Since 2009, the income gap between men and women in Richmond, California has narrowed from about 3% to 2% in 2023. In dollar terms, the gap has narrowed by $29 since 2009.