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 | Erie | Colorado Avg | US Average |
|---|---|---|---|
| Median Household Income | $162,343 | $93,055 | $78,145 |
| Median Personal Income | $162,343 | $93,055 | $78,145 |
| Average income growth | 6.5% | 6.5% | 6.5% |
The median household income in Erie is about 74% higher than in Colorado. Income has been growing faster in Erie (6.5%/yr) than in Colorado (5.8%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Erie, Colorado grew by 72.9% from 2009 to 2023, reaching $162,343 in 2023. That's an average of about 5.2% per year.
Economic Inequality in Erie | Gender Pay Gap | Gini Coefficient
| Metric | Erie | Colorado Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.534 | 0.547 | 0.570 |
| Male Median Income | $120,220 | $75,396 | $67,746 |
| Female Median Income | $87,360 | $61,821 | $54,793 |
| Gender Pay Gap | 27.3% | 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 Erie, it is 0.534, lower than Colorado's 0.547, so income is more 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 38% more than women's income in Erie, Colorado.
Income by Sex Over Time
Since 2009, the income gap between men and women in Erie, Colorado has widened from about 24% to 27% in 2023.
Employment
| Metric | Erie | Colorado Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.7% | 4.4% | 5.2% |
| Working from Home | 31.0% | 18.8% | 13.4% |
| Commute time (minutes) | 25 | 22 | 22 |
The average commute time in Erie is 25 minutes, longer than the 22 minutes in Colorado.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Erie, Colorado has fallen from 4.0% to 3.7% in 2023.
Conclusion
Considering all these factors, Erie, Colorado has an overall wealth index grade of A+, making it notably better than Colorado, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Erie, Colorado.
How Wealthy Is Erie, Colorado?
Erie 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 it is one of the most prosperous areas in the country. The median household income is $162,343, about 74% higher than the Colorado average of $93,055.
What is the current median household income in Erie, Colorado?
As of 2023, the median household income in Erie, Colorado is $162,343.
What was the median household income in Erie in 2023?
In 2023, the median household income in Erie, Colorado was $162,343.
What was the median household income in Erie in 2020?
In 2020, the median household income in Erie, Colorado was $119,795.
What is the Gini coefficient in Erie, Colorado?
The Gini coefficient in Erie is 0.534. 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 Erie, Colorado?
Since 2009, the income gap between men and women in Erie, Colorado has widened from about 24% to 27% in 2023.