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 | Naugatuck | Connecticut Avg | US Average |
|---|---|---|---|
| Median Household Income | $93,306 | $95,363 | $78,145 |
| Median Personal Income | $64,857 | $76,086 | $61,726 |
| Average income growth | 6.8% | 4.1% | 5.1% |
| Six-Figure Earners | 14.2% | 18.1% | 13.2% |
The median household income in Naugatuck is about 2% lower than in Connecticut. Income has been growing faster in Naugatuck (6.8%/yr) than in Connecticut (4.1%/yr).
About 14% of adults in Naugatuck earn six figures ($100,000 or more) a year, lower than the Connecticut average of 18%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Naugatuck, Connecticut grew by 54.2% from 2009 to 2023, reaching $93,306 in 2023. That's an average of about 6.8% per year.
Economic Inequality in Naugatuck | Gender Pay Gap | Gini Coefficient
| Metric | Naugatuck | Connecticut Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.519 | 0.555 | 0.570 |
| Male Median Income | $68,850 | $83,962 | $67,746 |
| Female Median Income | $62,558 | $68,602 | $54,793 |
| Gender Pay Gap | 9.1% | 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 Naugatuck, it is 0.519, 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 10% more than women's income in Naugatuck, Connecticut. Over a 35-year career, a 10% wage gap accumulates to roughly $220,220 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Naugatuck, Connecticut has narrowed from about 20% to 9% in 2023. In dollar terms, the gap has narrowed by $4,541 since 2009.
Employment
| Metric | Naugatuck | Connecticut Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.3% | 5.6% | 5.2% |
| Working from Home | 12.3% | 14.5% | 13.4% |
| Commute time (minutes) | 26 | 22 | 22 |
Approximately 1,195 people are unemployed in Naugatuck, Connecticut.
The average commute time in Naugatuck is 26 minutes, longer than the 22 minutes in Connecticut.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Naugatuck, Connecticut has fallen from 9.4% to 6.3% in 2023.
Conclusion
Considering all these factors, Naugatuck, Connecticut has an overall wealth index grade of B, making it somewhat better than Connecticut, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Naugatuck, Connecticut.
How Rich Is Naugatuck, Connecticut?
Naugatuck 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 $93,306, about 2% lower than the Connecticut average of $95,363.
What is the current median household income in Naugatuck, Connecticut?
As of 2023, the median household income in Naugatuck, Connecticut is $93,306.
What was the median household income in Naugatuck in 2023?
In 2023, the median household income in Naugatuck, Connecticut was $93,306.
What was the median household income in Naugatuck in 2020?
In 2020, the median household income in Naugatuck, Connecticut was $77,479.
What is the Gini coefficient in Naugatuck, Connecticut?
The Gini coefficient in Naugatuck is 0.519. 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 Naugatuck, Connecticut?
Since 2009, the income gap between men and women in Naugatuck, Connecticut has narrowed from about 20% to 9% in 2023. In dollar terms, the gap has narrowed by $4,541 since 2009.