Wealth Index
Wealthier than 75% of 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 | Garfield County | Colorado Avg | US Average |
|---|---|---|---|
| Median Household Income | $87,786 | $93,055 | $78,145 |
| Median Personal Income | $60,344 | $69,173 | $61,726 |
| Average income growth | 5.2% | 5.8% | 5.1% |
| Six-Figure Earners | 12.4% | 17.0% | 13.2% |
The median household income in Garfield County is about 6% lower than in Colorado. Income has been growing slower in Garfield County (5.2%/yr) than in Colorado (5.8%/yr).
About 12% of adults in Garfield 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 Garfield County, Colorado grew by 36.5% from 2009 to 2023, reaching $87,786 in 2023. That's an average of about 5.2% per year.
Economic Inequality in Garfield County | Gender Pay Gap | Gini Coefficient
| Metric | Garfield County | Colorado Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.517 | 0.547 | 0.570 |
| Male Median Income | $67,140 | $75,396 | $67,746 |
| Female Median Income | $52,148 | $61,821 | $54,793 |
| Gender Pay Gap | 22.3% | 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 Garfield County, it is 0.517, 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 29% more than women's income in Garfield County, Colorado. Over a 35-year career, a 29% wage gap accumulates to roughly $524,720 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Garfield County, Colorado has narrowed from about 32% to 22% in 2023. In dollar terms, the gap has narrowed by $862 since 2009.
Employment
| Metric | Garfield County | Colorado Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.6% | 4.4% | 5.2% |
| Working from Home | 10.0% | 18.8% | 13.4% |
| Commute time (minutes) | 25 | 22 | 22 |
Approximately 1,283 people are unemployed in Garfield County, Colorado.
The average commute time in Garfield County is 25 minutes, longer than the 22 minutes in Colorado.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Garfield County, Colorado has fallen from 6.7% to 3.6% in 2023.
Conclusion
Considering all these factors, Garfield 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 Garfield County, Colorado.
How Rich Is Garfield County, Colorado?
Garfield 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 $87,786, about 6% lower than the Colorado average of $93,055.
What is the current median household income in Garfield County, Colorado?
As of 2023, the median household income in Garfield County, Colorado is $87,786.
What was the median household income in Garfield County in 2023?
In 2023, the median household income in Garfield County, Colorado was $87,786.
What was the median household income in Garfield County in 2020?
In 2020, the median household income in Garfield County, Colorado was $75,356.
What is the Gini coefficient in Garfield County, Colorado?
The Gini coefficient in Garfield County is 0.517. 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 Garfield County, Colorado?
Since 2009, the income gap between men and women in Garfield County, Colorado has narrowed from about 32% to 22% in 2023. In dollar terms, the gap has narrowed by $862 since 2009.