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 | Mineral County | Colorado Avg | US Average |
|---|---|---|---|
| Median Household Income | $57,142 | $93,055 | $78,145 |
| Median Personal Income | $67,143 | $69,173 | $61,726 |
| Average income growth | 2.5% | 5.8% | 5.1% |
| Six-Figure Earners | 8.7% | 17.0% | 13.2% |
The median household income in Mineral County is about 39% lower than in Colorado. Income has been growing slower in Mineral County (2.5%/yr) than in Colorado (5.8%/yr).
About 9% of adults in Mineral 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 Mineral County, Colorado grew by 8.3% from 2009 to 2023, reaching $57,142 in 2023. That's an average of about 2.5% per year.
Economic Inequality in Mineral County | Gender Pay Gap | Gini Coefficient
| Metric | Mineral County | Colorado Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.500 | 0.547 | 0.570 |
| Male Median Income | $73,749 | $75,396 | $67,746 |
| Female Median Income | $46,874 | $61,821 | $54,793 |
| Gender Pay Gap | 36.4% | 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 Mineral County, it is 0.500, 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 57% more than women's income in Mineral County, Colorado. Over a 35-year career, a 57% wage gap accumulates to roughly $940,625 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Mineral County, Colorado has narrowed from about 46% to 36% in 2023. In dollar terms, the gap has widened by $8,481 since 2009.
Employment
| Metric | Mineral County | Colorado Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.4% | 4.4% | 5.2% |
| Working from Home | 9.5% | 18.8% | 13.4% |
| Commute time (minutes) | 11 | 22 | 22 |
Approximately 31 people are unemployed in Mineral County, Colorado.
The average commute time in Mineral County is 11 minutes, shorter than the 22 minutes in Colorado.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Mineral County, Colorado has risen from 1.8% to 7.4% in 2023.
Conclusion
Considering all these factors, Mineral 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 Mineral County, Colorado.
How Rich Is Mineral County, Colorado?
Mineral 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 $57,142, about 39% lower than the Colorado average of $93,055.
What is the current median household income in Mineral County, Colorado?
As of 2023, the median household income in Mineral County, Colorado is $57,142.
What was the median household income in Mineral County in 2023?
In 2023, the median household income in Mineral County, Colorado was $57,142.
What was the median household income in Mineral County in 2020?
In 2020, the median household income in Mineral County, Colorado was $53,684.
What is the Gini coefficient in Mineral County, Colorado?
The Gini coefficient in Mineral County is 0.500. 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 Mineral County, Colorado?
Since 2009, the income gap between men and women in Mineral County, Colorado has narrowed from about 46% to 36% in 2023. In dollar terms, the gap has widened by $8,481 since 2009.