Wealth Index
Wealthier than 89% 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 | San Miguel County | Colorado Avg | US Average |
|---|---|---|---|
| Median Household Income | $81,936 | $93,055 | $78,145 |
| Median Personal Income | $63,997 | $69,173 | $61,726 |
| Average income growth | 5.1% | 5.8% | 5.1% |
| Six-Figure Earners | 17.5% | 17.0% | 13.2% |
The median household income in San Miguel County is about 12% lower than in Colorado. Income has been growing slower in San Miguel County (5.1%/yr) than in Colorado (5.8%/yr).
About 17% of adults in San Miguel County earn six figures ($100,000 or more) a year, about the same as the Colorado average of 17%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in San Miguel County, Colorado grew by 35.7% from 2009 to 2023, reaching $81,936 in 2023. That's an average of about 5.1% per year.
Economic Inequality in San Miguel County | Gender Pay Gap | Gini Coefficient
| Metric | San Miguel County | Colorado Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.504 | 0.547 | 0.570 |
| Male Median Income | $63,970 | $75,396 | $67,746 |
| Female Median Income | $64,022 | $61,821 | $54,793 |
| Gender Pay Gap | -0.1% | 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 San Miguel County, it is 0.504, 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.
Women's income is about 0% more than men's income in San Miguel County, Colorado.
Income by Sex Over Time
Since 2009, the income gap between men and women in San Miguel County, Colorado has narrowed from about 19% to -0% in 2023. In dollar terms, the gap has narrowed by $8,345 since 2009.
Employment
| Metric | San Miguel County | Colorado Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.1% | 4.4% | 5.2% |
| Working from Home | 18.1% | 18.8% | 13.4% |
| Commute time (minutes) | 13 | 22 | 22 |
Approximately 208 people are unemployed in San Miguel County, Colorado.
The average commute time in San Miguel County is 13 minutes, shorter than the 22 minutes in Colorado.
Unemployment Rate Over Time
Since 2011, the unemployment rate in San Miguel County, Colorado has fallen from 4.9% to 4.1% in 2023.
Conclusion
Considering all these factors, San Miguel County, Colorado has an overall wealth index grade of B, making it somewhat better than Colorado, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in San Miguel County, Colorado.
How Rich Is San Miguel County, Colorado?
San Miguel 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 $81,936, about 12% lower than the Colorado average of $93,055.
What is the current median household income in San Miguel County, Colorado?
As of 2023, the median household income in San Miguel County, Colorado is $81,936.
What was the median household income in San Miguel County in 2023?
In 2023, the median household income in San Miguel County, Colorado was $81,936.
What was the median household income in San Miguel County in 2020?
In 2020, the median household income in San Miguel County, Colorado was $68,009.
What is the Gini coefficient in San Miguel County, Colorado?
The Gini coefficient in San Miguel County is 0.504. 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 San Miguel County, Colorado?
Since 2009, the income gap between men and women in San Miguel County, Colorado has narrowed from about 19% to -0% in 2023. In dollar terms, the gap has narrowed by $8,345 since 2009.