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 | Soledad | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $82,904 | $96,718 | $78,145 |
| Median Personal Income | $46,014 | $68,943 | $61,726 |
| Average income growth | 2.9% | 6.0% | 5.1% |
| Six-Figure Earners | 3.7% | 16.9% | 13.2% |
The median household income in Soledad is about 14% lower than in California. Income has been growing slower in Soledad (2.9%/yr) than in California (6.0%/yr).
About 4% of adults in Soledad 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 Soledad, California grew by 37.1% from 2009 to 2023, reaching $82,904 in 2023. That's an average of about 2.9% per year.
Economic Inequality in Soledad | Gender Pay Gap | Gini Coefficient
| Metric | Soledad | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.808 | 0.596 | 0.570 |
| Male Median Income | $45,730 | $73,016 | $67,746 |
| Female Median Income | $46,340 | $63,704 | $54,793 |
| Gender Pay Gap | -1.3% | 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 Soledad, it is 0.808, 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.
Women's income is about 1% more than men's income in Soledad, California. Over a 35-year career, a 1% wage gap accumulates to roughly $21,350 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Soledad, California has narrowed from about 3% to -1% in 2023. In dollar terms, the gap has narrowed by $1,689 since 2009.
Employment
| Metric | Soledad | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.1% | 6.4% | 5.2% |
| Working from Home | 2.1% | 15.5% | 13.4% |
| Commute time (minutes) | 25 | 23 | 22 |
Approximately 212 people are unemployed in Soledad, California.
The average commute time in Soledad is 25 minutes, longer than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Soledad, California has fallen from 13.3% to 3.1% in 2023.
Conclusion
Considering all these factors, Soledad, California has an overall wealth index grade of F, making it worse than California, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Soledad, California.
How Rich Is Soledad, California?
Soledad has a wealth index grade of F. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an F grade means residents are well below the U.S. average. The median household income is $82,904, about 14% lower than the California average of $96,718.
What is the current median household income in Soledad, California?
As of 2023, the median household income in Soledad, California is $82,904.
What was the median household income in Soledad in 2023?
In 2023, the median household income in Soledad, California was $82,904.
What was the median household income in Soledad in 2020?
In 2020, the median household income in Soledad, California was $62,031.
What is the Gini coefficient in Soledad, California?
The Gini coefficient in Soledad is 0.808. 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 Soledad, California?
Since 2009, the income gap between men and women in Soledad, California has narrowed from about 3% to -1% in 2023. In dollar terms, the gap has narrowed by $1,689 since 2009.