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 | West Covina | California Avg | US Average |
|---|---|---|---|
| Median Household Income | $97,704 | $96,718 | $78,145 |
| Median Personal Income | $58,860 | $68,943 | $61,726 |
| Average income growth | 4.6% | 6.0% | 5.1% |
| Six-Figure Earners | 10.6% | 16.9% | 13.2% |
The median household income in West Covina is about 1% higher than in California. Income has been growing slower in West Covina (4.6%/yr) than in California (6.0%/yr).
About 11% of adults in West Covina 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 West Covina, California grew by 46.1% from 2009 to 2023, reaching $97,704 in 2023. That's an average of about 4.6% per year.
Economic Inequality in West Covina | Gender Pay Gap | Gini Coefficient
| Metric | West Covina | California Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.572 | 0.596 | 0.570 |
| Male Median Income | $61,179 | $73,016 | $67,746 |
| Female Median Income | $54,902 | $63,704 | $54,793 |
| Gender Pay Gap | 10.3% | 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 West Covina, it is 0.572, 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 11% more than women's income in West Covina, California. Over a 35-year career, a 11% wage gap accumulates to roughly $219,695 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in West Covina, California has narrowed from about 18% to 10% in 2023. In dollar terms, the gap has narrowed by $2,222 since 2009.
Employment
| Metric | West Covina | California Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.4% | 6.4% | 5.2% |
| Working from Home | 11.1% | 15.5% | 13.4% |
| Commute time (minutes) | 30 | 23 | 22 |
Approximately 3,637 people are unemployed in West Covina, California.
The average commute time in West Covina is 30 minutes, longer than the 23 minutes in California.
Unemployment Rate Over Time
Since 2011, the unemployment rate in West Covina, California has fallen from 10.7% to 6.4% in 2023.
Conclusion
Considering all these factors, West Covina, 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 West Covina, California.
How Rich Is West Covina, California?
West Covina 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 $97,704, about 1% higher than the California average of $96,718.
What is the current median household income in West Covina, California?
As of 2023, the median household income in West Covina, California is $97,704.
What was the median household income in West Covina in 2023?
In 2023, the median household income in West Covina, California was $97,704.
What was the median household income in West Covina in 2020?
In 2020, the median household income in West Covina, California was $85,581.
What is the Gini coefficient in West Covina, California?
The Gini coefficient in West Covina is 0.572. 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 West Covina, California?
Since 2009, the income gap between men and women in West Covina, California has narrowed from about 18% to 10% in 2023. In dollar terms, the gap has narrowed by $2,222 since 2009.