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 | Colorado Springs | Colorado Avg | US Average |
|---|---|---|---|
| Median Household Income | $81,727 | $93,055 | $78,145 |
| Median Personal Income | $60,905 | $69,173 | $61,726 |
| Average income growth | 5.5% | 5.8% | 5.1% |
| Six-Figure Earners | 13.9% | 17.0% | 13.2% |
The median household income in Colorado Springs is about 12% lower than in Colorado. Income has been growing slower in Colorado Springs (5.5%/yr) than in Colorado (5.8%/yr).
About 14% of adults in Colorado Springs 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 Colorado Springs, Colorado grew by 55.2% from 2009 to 2023, reaching $81,727 in 2023. That's an average of about 5.5% per year.
Economic Inequality in Colorado Springs | Gender Pay Gap | Gini Coefficient
| Metric | Colorado Springs | Colorado Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.548 | 0.547 | 0.570 |
| Male Median Income | $66,315 | $75,396 | $67,746 |
| Female Median Income | $54,012 | $61,821 | $54,793 |
| Gender Pay Gap | 18.6% | 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 Colorado Springs, it is 0.548, about the same as Colorado's 0.547, so income here is about as evenly distributed as there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 23% more than women's income in Colorado Springs, Colorado. Over a 35-year career, a 23% wage gap accumulates to roughly $430,605 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Colorado Springs, Colorado has narrowed from about 26% to 19% in 2023. In dollar terms, the gap has narrowed by $122 since 2009.
Employment
| Metric | Colorado Springs | Colorado Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.4% | 4.4% | 5.2% |
| Working from Home | 15.7% | 18.8% | 13.4% |
| Commute time (minutes) | 20 | 22 | 22 |
Approximately 13,840 people are unemployed in Colorado Springs, Colorado.
The average commute time in Colorado Springs is 20 minutes, shorter than the 22 minutes in Colorado.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Colorado Springs, Colorado has fallen from 8.5% to 5.4% in 2023.
Conclusion
Considering all these factors, Colorado Springs, Colorado has an overall wealth index grade of B, making it about on par with Colorado, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Colorado Springs, Colorado.
How Rich Is Colorado Springs, Colorado?
Colorado Springs has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $81,727, about 12% lower than the Colorado average of $93,055.
What is the current median household income in Colorado Springs, Colorado?
As of 2023, the median household income in Colorado Springs, Colorado is $81,727.
What was the median household income in Colorado Springs in 2023?
In 2023, the median household income in Colorado Springs, Colorado was $81,727.
What was the median household income in Colorado Springs in 2020?
In 2020, the median household income in Colorado Springs, Colorado was $66,455.
What is the Gini coefficient in Colorado Springs, Colorado?
The Gini coefficient in Colorado Springs is 0.548. 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 Colorado Springs, Colorado?
Since 2009, the income gap between men and women in Colorado Springs, Colorado has narrowed from about 26% to 19% in 2023. In dollar terms, the gap has narrowed by $122 since 2009.