Wealth Index
Among the top 5 wealthiest counties in Colorado
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 | Elbert County | Colorado Avg | US Average |
|---|---|---|---|
| Median Household Income | $129,969 | $93,055 | $78,145 |
| Median Personal Income | $90,368 | $69,173 | $61,726 |
| Average income growth | 5.7% | 5.8% | 5.1% |
| Six-Figure Earners | 23.6% | 17.0% | 13.2% |
The median household income in Elbert County is about 40% higher than in Colorado. Income has been growing slower in Elbert County (5.7%/yr) than in Colorado (5.8%/yr).
About 24% of adults in Elbert County earn six figures ($100,000 or more) a year, higher than the Colorado average of 17%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Elbert County, Colorado grew by 75.9% from 2009 to 2023, reaching $129,969 in 2023. That's an average of about 5.7% per year.
Economic Inequality in Elbert County | Gender Pay Gap | Gini Coefficient
| Metric | Elbert County | Colorado Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.544 | 0.547 | 0.570 |
| Male Median Income | $105,434 | $75,396 | $67,746 |
| Female Median Income | $75,482 | $61,821 | $54,793 |
| Gender Pay Gap | 28.4% | 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 Elbert County, it is 0.544, 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 40% more than women's income in Elbert County, Colorado. Over a 35-year career, a 40% wage gap accumulates to roughly $1,048,320 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Elbert County, Colorado has narrowed from about 30% to 28% in 2023. In dollar terms, the gap has widened by $12,431 since 2009.
Employment
| Metric | Elbert County | Colorado Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.0% | 4.4% | 5.2% |
| Working from Home | 19.0% | 18.8% | 13.4% |
| Commute time (minutes) | 42 | 22 | 22 |
Approximately 437 people are unemployed in Elbert County, Colorado.
The average commute time in Elbert County is 42 minutes, longer than the 22 minutes in Colorado.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Elbert County, Colorado has fallen from 6.9% to 3.0% in 2023.
Conclusion
Considering all these factors, Elbert County, Colorado has an overall wealth index grade of A, making it somewhat better than Colorado, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Elbert County, Colorado.
How Wealthy Is Elbert County, Colorado?
Elbert County has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $129,969, about 40% higher than the Colorado average of $93,055.
What is the current median household income in Elbert County, Colorado?
As of 2023, the median household income in Elbert County, Colorado is $129,969.
What was the median household income in Elbert County in 2023?
In 2023, the median household income in Elbert County, Colorado was $129,969.
What was the median household income in Elbert County in 2020?
In 2020, the median household income in Elbert County, Colorado was $103,463.
What is the Gini coefficient in Elbert County, Colorado?
The Gini coefficient in Elbert County is 0.544. 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 Elbert County, Colorado?
Since 2009, the income gap between men and women in Elbert County, Colorado has narrowed from about 30% to 28% in 2023. In dollar terms, the gap has widened by $12,431 since 2009.