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 | Newington | Connecticut Avg | US Average |
|---|---|---|---|
| Median Household Income | $98,584 | $95,363 | $78,145 |
| Median Personal Income | $77,360 | $76,086 | $61,726 |
| Average income growth | 3.0% | 4.1% | 5.1% |
| Six-Figure Earners | 15.4% | 18.1% | 13.2% |
The median household income in Newington is about 3% higher than in Connecticut. Income has been growing slower in Newington (3.0%/yr) than in Connecticut (4.1%/yr).
About 15% of adults in Newington 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 Newington, Connecticut grew by 41.2% from 2009 to 2023, reaching $98,584 in 2023. That's an average of about 3.0% per year.
Economic Inequality in Newington | Gender Pay Gap | Gini Coefficient
| Metric | Newington | Connecticut Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.501 | 0.555 | 0.570 |
| Male Median Income | $81,035 | $83,962 | $67,746 |
| Female Median Income | $72,073 | $68,602 | $54,793 |
| Gender Pay Gap | 11.1% | 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 Newington, it is 0.501, 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 12% more than women's income in Newington, Connecticut. Over a 35-year career, a 12% wage gap accumulates to roughly $313,670 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Newington, Connecticut has narrowed from about 18% to 11% in 2023. In dollar terms, the gap has narrowed by $1,308 since 2009.
Employment
| Metric | Newington | Connecticut Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.6% | 5.6% | 5.2% |
| Working from Home | 13.0% | 14.5% | 13.4% |
| Commute time (minutes) | 18 | 22 | 22 |
Approximately 634 people are unemployed in Newington, Connecticut.
The average commute time in Newington is 18 minutes, shorter than the 22 minutes in Connecticut.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Newington, Connecticut has fallen from 6.9% to 3.6% in 2023.
Conclusion
Considering all these factors, Newington, 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 Newington, Connecticut.
How Rich Is Newington, Connecticut?
Newington 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 $98,584, about 3% higher than the Connecticut average of $95,363.
What is the current median household income in Newington, Connecticut?
As of 2023, the median household income in Newington, Connecticut is $98,584.
What was the median household income in Newington in 2023?
In 2023, the median household income in Newington, Connecticut was $98,584.
What was the median household income in Newington in 2020?
In 2020, the median household income in Newington, Connecticut was $84,579.
What is the Gini coefficient in Newington, Connecticut?
The Gini coefficient in Newington is 0.501. 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 Newington, Connecticut?
Since 2009, the income gap between men and women in Newington, Connecticut has narrowed from about 18% to 11% in 2023. In dollar terms, the gap has narrowed by $1,308 since 2009.