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 | Norwich | Connecticut Avg | US Average |
|---|---|---|---|
| Median Household Income | $70,065 | $95,363 | $78,145 |
| Median Personal Income | $59,085 | $76,086 | $61,726 |
| Average income growth | 4.3% | 4.1% | 5.1% |
| Six-Figure Earners | 10.3% | 18.1% | 13.2% |
The median household income in Norwich is about 27% lower than in Connecticut. Income has been growing faster in Norwich (4.3%/yr) than in Connecticut (4.1%/yr).
About 10% of adults in Norwich 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 Norwich, Connecticut grew by 39.2% from 2009 to 2023, reaching $70,065 in 2023. That's an average of about 4.3% per year.
Economic Inequality in Norwich | Gender Pay Gap | Gini Coefficient
| Metric | Norwich | Connecticut Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.527 | 0.555 | 0.570 |
| Male Median Income | $71,806 | $83,962 | $67,746 |
| Female Median Income | $48,021 | $68,602 | $54,793 |
| Gender Pay Gap | 33.1% | 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 Norwich, 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 50% more than women's income in Norwich, Connecticut. Over a 35-year career, a 50% wage gap accumulates to roughly $832,475 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Norwich, Connecticut has widened from about 15% to 33% in 2023. In dollar terms, the gap has widened by $16,828 since 2009.
Employment
| Metric | Norwich | Connecticut Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.6% | 5.6% | 5.2% |
| Working from Home | 6.7% | 14.5% | 13.4% |
| Commute time (minutes) | 22 | 22 | 22 |
Approximately 890 people are unemployed in Norwich, Connecticut.
The average commute time in Norwich is 22 minutes, about the same as in Connecticut.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Norwich, Connecticut has fallen from 8.3% to 5.6% in 2023.
Conclusion
Considering all these factors, Norwich, Connecticut has an overall wealth index grade of C, making it somewhat worse than Connecticut, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Norwich, Connecticut.
How Rich Is Norwich, Connecticut?
Norwich has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $70,065, about 27% lower than the Connecticut average of $95,363.
What is the current median household income in Norwich, Connecticut?
As of 2023, the median household income in Norwich, Connecticut is $70,065.
What was the median household income in Norwich in 2023?
In 2023, the median household income in Norwich, Connecticut was $70,065.
What was the median household income in Norwich in 2020?
In 2020, the median household income in Norwich, Connecticut was $58,827.
What is the Gini coefficient in Norwich, Connecticut?
The Gini coefficient in Norwich 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 Norwich, Connecticut?
Since 2009, the income gap between men and women in Norwich, Connecticut has widened from about 15% to 33% in 2023. In dollar terms, the gap has widened by $16,828 since 2009.