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 | Norwalk | Connecticut Avg | US Average |
|---|---|---|---|
| Median Household Income | $109,402 | $95,363 | $78,145 |
| Median Personal Income | $77,341 | $76,086 | $61,726 |
| Average income growth | 4.8% | 4.1% | 5.1% |
| Six-Figure Earners | 21.5% | 18.1% | 13.2% |
The median household income in Norwalk is about 15% higher than in Connecticut. Income has been growing faster in Norwalk (4.8%/yr) than in Connecticut (4.1%/yr).
About 22% of adults in Norwalk 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 Norwalk, Connecticut grew by 48.3% from 2009 to 2023, reaching $109,402 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Norwalk | Gender Pay Gap | Gini Coefficient
| Metric | Norwalk | Connecticut Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.559 | 0.555 | 0.570 |
| Male Median Income | $80,587 | $83,962 | $67,746 |
| Female Median Income | $73,627 | $68,602 | $54,793 |
| Gender Pay Gap | 8.6% | 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 Norwalk, it is 0.559, about the same as Connecticut's 0.555, so income here is about as evenly distributed as there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 9% more than women's income in Norwalk, Connecticut. Over a 35-year career, a 9% wage gap accumulates to roughly $243,600 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Norwalk, Connecticut has narrowed from about 17% to 9% in 2023. In dollar terms, the gap has narrowed by $3,497 since 2009.
Employment
| Metric | Norwalk | Connecticut Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.6% | 5.6% | 5.2% |
| Working from Home | 13.3% | 14.5% | 13.4% |
| Commute time (minutes) | 22 | 22 | 22 |
Approximately 2,754 people are unemployed in Norwalk, Connecticut.
The average commute time in Norwalk is 22 minutes, about the same as in Connecticut.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Norwalk, Connecticut has fallen from 7.4% to 5.6% in 2023.
Conclusion
Considering all these factors, Norwalk, 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 Norwalk, Connecticut.
How Rich Is Norwalk, Connecticut?
Norwalk 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 $109,402, about 15% higher than the Connecticut average of $95,363.
What is the current median household income in Norwalk, Connecticut?
As of 2023, the median household income in Norwalk, Connecticut is $109,402.
What was the median household income in Norwalk in 2023?
In 2023, the median household income in Norwalk, Connecticut was $109,402.
What was the median household income in Norwalk in 2020?
In 2020, the median household income in Norwalk, Connecticut was $88,361.
What is the Gini coefficient in Norwalk, Connecticut?
The Gini coefficient in Norwalk is 0.559. 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 Norwalk, Connecticut?
Since 2009, the income gap between men and women in Norwalk, Connecticut has narrowed from about 17% to 9% in 2023. In dollar terms, the gap has narrowed by $3,497 since 2009.