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 | El Paso County | Colorado Avg | US Average |
|---|---|---|---|
| Median Household Income | $88,541 | $93,055 | $78,145 |
| Median Personal Income | $62,129 | $69,173 | $61,726 |
| Average income growth | 5.7% | 5.8% | 5.1% |
| Six-Figure Earners | 14.8% | 17.0% | 13.2% |
The median household income in El Paso County is about 5% lower than in Colorado. Income has been growing slower in El Paso County (5.7%/yr) than in Colorado (5.8%/yr).
About 15% of adults in El Paso 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 El Paso County, Colorado grew by 55.5% from 2009 to 2023, reaching $88,541 in 2023. That's an average of about 5.7% per year.
Economic Inequality in El Paso County | Gender Pay Gap | Gini Coefficient
| Metric | El Paso County | Colorado Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.553 | 0.547 | 0.570 |
| Male Median Income | $67,661 | $75,396 | $67,746 |
| Female Median Income | $54,619 | $61,821 | $54,793 |
| Gender Pay Gap | 19.3% | 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 El Paso County, it is 0.553, 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 24% more than women's income in El Paso County, Colorado. Over a 35-year career, a 24% wage gap accumulates to roughly $456,470 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in El Paso County, Colorado has narrowed from about 26% to 19% in 2023. In dollar terms, the gap has widened by $225 since 2009.
Employment
| Metric | El Paso County | Colorado Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.0% | 4.4% | 5.2% |
| Working from Home | 15.4% | 18.8% | 13.4% |
| Commute time (minutes) | 21 | 22 | 22 |
Approximately 19,993 people are unemployed in El Paso County, Colorado.
The average commute time in El Paso County is 21 minutes, shorter than the 22 minutes in Colorado.
Unemployment Rate Over Time
Since 2011, the unemployment rate in El Paso County, Colorado has fallen from 7.8% to 5.0% in 2023.
Conclusion
Considering all these factors, El Paso County, 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 El Paso County, Colorado.
How Wealthy Is El Paso County, Colorado?
El Paso County 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 $88,541, about 5% lower than the Colorado average of $93,055.
What is the current median household income in El Paso County, Colorado?
As of 2023, the median household income in El Paso County, Colorado is $88,541.
What was the median household income in El Paso County in 2023?
In 2023, the median household income in El Paso County, Colorado was $88,541.
What was the median household income in El Paso County in 2020?
In 2020, the median household income in El Paso County, Colorado was $71,431.
What is the Gini coefficient in El Paso County, Colorado?
The Gini coefficient in El Paso County is 0.553. 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 El Paso County, Colorado?
Since 2009, the income gap between men and women in El Paso County, Colorado has narrowed from about 26% to 19% in 2023. In dollar terms, the gap has widened by $225 since 2009.