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 | Wheat Ridge | Colorado Avg | US Average |
|---|---|---|---|
| Median Household Income | $88,507 | $93,055 | $78,145 |
| Median Personal Income | $72,018 | $69,173 | $61,726 |
| Average income growth | 8.4% | 5.8% | 5.1% |
| Six-Figure Earners | 19.0% | 17.0% | 13.2% |
The median household income in Wheat Ridge is about 5% lower than in Colorado. Income has been growing faster in Wheat Ridge (8.4%/yr) than in Colorado (5.8%/yr).
About 19% of adults in Wheat Ridge 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 Wheat Ridge, Colorado grew by 95.7% from 2009 to 2023, reaching $88,507 in 2023. That's an average of about 8.4% per year.
Economic Inequality in Wheat Ridge | Gender Pay Gap | Gini Coefficient
| Metric | Wheat Ridge | Colorado Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.507 | 0.547 | 0.570 |
| Male Median Income | $83,227 | $75,396 | $67,746 |
| Female Median Income | $64,313 | $61,821 | $54,793 |
| Gender Pay Gap | 22.7% | 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 Wheat Ridge, it is 0.507, 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 Wheat Ridge, Colorado. Over a 35-year career, a 29% wage gap accumulates to roughly $661,990 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Wheat Ridge, Colorado has widened from about 18% to 23% in 2023. In dollar terms, the gap has widened by $10,875 since 2009.
Employment
| Metric | Wheat Ridge | Colorado Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.0% | 4.4% | 5.2% |
| Working from Home | 19.6% | 18.8% | 13.4% |
| Commute time (minutes) | 22 | 22 | 22 |
Approximately 1,034 people are unemployed in Wheat Ridge, Colorado.
The average commute time in Wheat Ridge is 22 minutes, about the same as in Colorado.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Wheat Ridge, Colorado has fallen from 8.5% to 5.0% in 2023.
Conclusion
Considering all these factors, Wheat Ridge, 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 Wheat Ridge, Colorado.
How Rich Is Wheat Ridge, Colorado?
Wheat Ridge 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 $88,507, about 5% lower than the Colorado average of $93,055.
What is the current median household income in Wheat Ridge, Colorado?
As of 2023, the median household income in Wheat Ridge, Colorado is $88,507.
What was the median household income in Wheat Ridge in 2023?
In 2023, the median household income in Wheat Ridge, Colorado was $88,507.
What was the median household income in Wheat Ridge in 2020?
In 2020, the median household income in Wheat Ridge, Colorado was $65,083.
What is the Gini coefficient in Wheat Ridge, Colorado?
The Gini coefficient in Wheat Ridge is 0.507. 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 Wheat Ridge, Colorado?
Since 2009, the income gap between men and women in Wheat Ridge, Colorado has widened from about 18% to 23% in 2023. In dollar terms, the gap has widened by $10,875 since 2009.