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 | Milford city (balance) | Connecticut Avg | US Average |
|---|---|---|---|
| Median Household Income | $110,685 | $95,363 | $78,145 |
| Median Personal Income | $86,038 | $76,086 | $61,726 |
| Average income growth | 4.0% | 4.1% | 5.1% |
| Six-Figure Earners | 21.6% | 18.1% | 13.2% |
The median household income in Milford city (balance) is about 16% higher than in Connecticut. Income has been growing slower in Milford city (balance) (4.0%/yr) than in Connecticut (4.1%/yr).
About 22% of adults in Milford city (balance) earn six figures ($100,000 or more) a year, higher than the Connecticut average of 18%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Milford city (balance), Connecticut grew by 44.3% from 2009 to 2023, reaching $110,685 in 2023. That's an average of about 4.0% per year.
Economic Inequality in Milford city (balance) | Gender Pay Gap | Gini Coefficient
| Metric | Milford city (balance) | Connecticut Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.520 | 0.555 | 0.570 |
| Male Median Income | $92,950 | $83,962 | $67,746 |
| Female Median Income | $79,553 | $68,602 | $54,793 |
| Gender Pay Gap | 14.4% | 18.3% | 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 Milford city (balance), it is 0.520, lower than Connecticut's 0.555, 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 17% more than women's income in Milford city (balance), Connecticut. Over a 35-year career, a 17% wage gap accumulates to roughly $468,895 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Milford city (balance), Connecticut has narrowed from about 26% to 14% in 2023. In dollar terms, the gap has narrowed by $3,628 since 2009.
Employment
| Metric | Milford city (balance) | Connecticut Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.2% | 5.6% | 5.2% |
| Working from Home | 15.7% | 14.5% | 13.4% |
| Commute time (minutes) | 20 | 22 | 22 |
Approximately 970 people are unemployed in Milford city (balance), Connecticut.
The average commute time in Milford city (balance) is 20 minutes, shorter than the 22 minutes in Connecticut.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Milford city (balance), Connecticut has fallen from 5.8% to 4.2% in 2023.
Conclusion
Considering all these factors, Milford city (balance), Connecticut has an overall wealth index grade of A, making it somewhat better than Connecticut, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Milford city (balance), Connecticut.
How Rich Is Milford city (balance), Connecticut?
Milford city (balance) 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 residents are much better off than the U.S. average. The median household income is $110,685, about 16% higher than the Connecticut average of $95,363.
What is the current median household income in Milford city (balance), Connecticut?
As of 2023, the median household income in Milford city (balance), Connecticut is $110,685.
What was the median household income in Milford city (balance) in 2023?
In 2023, the median household income in Milford city (balance), Connecticut was $110,685.
What was the median household income in Milford city (balance) in 2020?
In 2020, the median household income in Milford city (balance), Connecticut was $97,909.
What is the Gini coefficient in Milford city (balance), Connecticut?
The Gini coefficient in Milford city (balance) is 0.520. 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 Milford city (balance), Connecticut?
Since 2009, the income gap between men and women in Milford city (balance), Connecticut has narrowed from about 26% to 14% in 2023. In dollar terms, the gap has narrowed by $3,628 since 2009.