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 | Northwest Hills Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Median Household Income | $92,285 | $95,363 | $78,145 |
| Median Personal Income | $73,103 | $76,086 | $61,726 |
| Average income growth | 3.6% | 4.1% | 5.1% |
| Six-Figure Earners | 17.4% | 18.1% | 13.2% |
The median household income in Northwest Hills Planning Region is about 3% lower than in Connecticut. Income has been growing slower in Northwest Hills Planning Region (3.6%/yr) than in Connecticut (4.1%/yr).
About 17% of adults in Northwest Hills Planning Region 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 Northwest Hills Planning Region, Connecticut grew by 38.7% from 2009 to 2023, reaching $92,285 in 2023. That's an average of about 3.6% per year.
Economic Inequality in Northwest Hills Planning Region | Gender Pay Gap | Gini Coefficient
| Metric | Northwest Hills Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.527 | 0.555 | 0.570 |
| Male Median Income | $79,351 | $83,962 | $67,746 |
| Female Median Income | $66,740 | $68,602 | $54,793 |
| Gender Pay Gap | 15.9% | 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 Northwest Hills Planning Region, it is 0.527, 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 19% more than women's income in Northwest Hills Planning Region, Connecticut. Over a 35-year career, a 19% wage gap accumulates to roughly $441,385 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Northwest Hills Planning Region, Connecticut has narrowed from about 27% to 16% in 2023. In dollar terms, the gap has narrowed by $2,903 since 2009.
Employment
| Metric | Northwest Hills Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.4% | 5.6% | 5.2% |
| Working from Home | 14.4% | 14.5% | 13.4% |
| Commute time (minutes) | 22 | 22 | 22 |
Approximately 3,230 people are unemployed in Northwest Hills Planning Region, Connecticut.
The average commute time in Northwest Hills Planning Region is 22 minutes, about the same as in Connecticut.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Northwest Hills Planning Region, Connecticut has fallen from 6.8% to 5.4% in 2023.
Conclusion
Considering all these factors, Northwest Hills Planning Region, 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 Northwest Hills Planning Region, Connecticut.
How Rich Is Northwest Hills Planning Region, Connecticut?
Northwest Hills Planning Region 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 $92,285, about 3% lower than the Connecticut average of $95,363.
What is the current median household income in Northwest Hills Planning Region, Connecticut?
As of 2023, the median household income in Northwest Hills Planning Region, Connecticut is $92,285.
What was the median household income in Northwest Hills Planning Region in 2023?
In 2023, the median household income in Northwest Hills Planning Region, Connecticut was $92,285.
What was the median household income in Northwest Hills Planning Region in 2020?
In 2020, the median household income in Northwest Hills Planning Region, Connecticut was $80,009.
What is the Gini coefficient in Northwest Hills Planning Region, Connecticut?
The Gini coefficient in Northwest Hills Planning Region is 0.527. 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 Northwest Hills Planning Region, Connecticut?
Since 2009, the income gap between men and women in Northwest Hills Planning Region, Connecticut has narrowed from about 27% to 16% in 2023. In dollar terms, the gap has narrowed by $2,903 since 2009.