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 | New Haven | Connecticut Avg | US Average |
|---|---|---|---|
| Median Household Income | $52,976 | $95,363 | $78,145 |
| Median Personal Income | $54,829 | $76,086 | $61,726 |
| Average income growth | 4.9% | 4.1% | 5.1% |
| Six-Figure Earners | 8.8% | 18.1% | 13.2% |
The median household income in New Haven is about 44% lower than in Connecticut. Income has been growing faster in New Haven (4.9%/yr) than in Connecticut (4.1%/yr).
About 9% of adults in New Haven 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 New Haven, Connecticut grew by 41.6% from 2009 to 2023, reaching $52,976 in 2023. That's an average of about 4.9% per year.
Economic Inequality in New Haven | Gender Pay Gap | Gini Coefficient
| Metric | New Haven | Connecticut Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.598 | 0.555 | 0.570 |
| Male Median Income | $56,843 | $83,962 | $67,746 |
| Female Median Income | $53,010 | $68,602 | $54,793 |
| Gender Pay Gap | 6.7% | 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 New Haven, it is 0.598, higher than Connecticut's 0.555, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 7% more than women's income in New Haven, Connecticut. Over a 35-year career, a 7% wage gap accumulates to roughly $134,155 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in New Haven, Connecticut has narrowed from about 8% to 7% in 2023. In dollar terms, the gap has widened by $429 since 2009.
Employment
| Metric | New Haven | Connecticut Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.0% | 5.6% | 5.2% |
| Working from Home | 11.3% | 14.5% | 13.4% |
| Commute time (minutes) | 18 | 22 | 22 |
Approximately 4,700 people are unemployed in New Haven, Connecticut.
The average commute time in New Haven is 18 minutes, shorter than the 22 minutes in Connecticut.
Unemployment Rate Over Time
Since 2011, the unemployment rate in New Haven, Connecticut has fallen from 12.6% to 8.0% in 2023.
Conclusion
Considering all these factors, New Haven, Connecticut has an overall wealth index grade of D, making it somewhat worse than Connecticut, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in New Haven, Connecticut.
How Rich Is New Haven, Connecticut?
New Haven has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $52,976, about 44% lower than the Connecticut average of $95,363.
What is the current median household income in New Haven, Connecticut?
As of 2023, the median household income in New Haven, Connecticut is $52,976.
What was the median household income in New Haven in 2023?
In 2023, the median household income in New Haven, Connecticut was $52,976.
What was the median household income in New Haven in 2020?
In 2020, the median household income in New Haven, Connecticut was $44,672.
What is the Gini coefficient in New Haven, Connecticut?
The Gini coefficient in New Haven is 0.598. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in New Haven, Connecticut?
Since 2009, the income gap between men and women in New Haven, Connecticut has narrowed from about 8% to 7% in 2023. In dollar terms, the gap has widened by $429 since 2009.