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 | Chaffee County | Colorado Avg | US Average |
|---|---|---|---|
| Median Household Income | $71,601 | $93,055 | $78,145 |
| Median Personal Income | $55,285 | $69,173 | $61,726 |
| Average income growth | 4.7% | 5.8% | 5.1% |
| Six-Figure Earners | 10.4% | 17.0% | 13.2% |
The median household income in Chaffee County is about 23% lower than in Colorado. Income has been growing slower in Chaffee County (4.7%/yr) than in Colorado (5.8%/yr).
About 10% of adults in Chaffee County earn six figures ($100,000 or more) a year, lower than the Colorado average of 17%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Chaffee County, Colorado grew by 67.0% from 2009 to 2023, reaching $71,601 in 2023. That's an average of about 4.7% per year.
Economic Inequality in Chaffee County | Gender Pay Gap | Gini Coefficient
| Metric | Chaffee County | Colorado Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.558 | 0.547 | 0.570 |
| Male Median Income | $59,750 | $75,396 | $67,746 |
| Female Median Income | $53,268 | $61,821 | $54,793 |
| Gender Pay Gap | 10.8% | 18.0% | 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 Chaffee County, it is 0.558, higher than Colorado's 0.547, so income is less evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 12% more than women's income in Chaffee County, Colorado. Over a 35-year career, a 12% wage gap accumulates to roughly $226,870 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Chaffee County, Colorado has narrowed from about 25% to 11% in 2023. In dollar terms, the gap has narrowed by $3,285 since 2009.
Employment
| Metric | Chaffee County | Colorado Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.2% | 4.4% | 5.2% |
| Working from Home | 19.6% | 18.8% | 13.4% |
| Commute time (minutes) | 10 | 22 | 22 |
Approximately 501 people are unemployed in Chaffee County, Colorado.
The average commute time in Chaffee County is 10 minutes, shorter than the 22 minutes in Colorado.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Chaffee County, Colorado has fallen from 8.3% to 5.2% in 2023.
Conclusion
Considering all these factors, Chaffee County, Colorado has an overall wealth index grade of C, making it somewhat worse than Colorado, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Chaffee County, Colorado.
How Rich Is Chaffee County, Colorado?
Chaffee County 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 $71,601, about 23% lower than the Colorado average of $93,055.
What is the current median household income in Chaffee County, Colorado?
As of 2023, the median household income in Chaffee County, Colorado is $71,601.
What was the median household income in Chaffee County in 2023?
In 2023, the median household income in Chaffee County, Colorado was $71,601.
What was the median household income in Chaffee County in 2020?
In 2020, the median household income in Chaffee County, Colorado was $56,017.
What is the Gini coefficient in Chaffee County, Colorado?
The Gini coefficient in Chaffee County is 0.558. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Chaffee County, Colorado?
Since 2009, the income gap between men and women in Chaffee County, Colorado has narrowed from about 25% to 11% in 2023. In dollar terms, the gap has narrowed by $3,285 since 2009.