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 | Torrington | Connecticut Avg | US Average |
|---|---|---|---|
| Median Household Income | $70,651 | $95,363 | $78,145 |
| Median Personal Income | $57,931 | $76,086 | $61,726 |
| Average income growth | 2.7% | 4.1% | 5.1% |
| Six-Figure Earners | 8.8% | 18.1% | 13.2% |
The median household income in Torrington is about 26% lower than in Connecticut. Income has been growing slower in Torrington (2.7%/yr) than in Connecticut (4.1%/yr).
About 9% of adults in Torrington 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 Torrington, Connecticut grew by 48.1% from 2009 to 2023, reaching $70,651 in 2023. That's an average of about 2.7% per year.
Economic Inequality in Torrington | Gender Pay Gap | Gini Coefficient
| Metric | Torrington | Connecticut Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.496 | 0.555 | 0.570 |
| Male Median Income | $61,509 | $83,962 | $67,746 |
| Female Median Income | $53,955 | $68,602 | $54,793 |
| Gender Pay Gap | 12.3% | 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 Torrington, it is 0.496, 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 14% more than women's income in Torrington, Connecticut. Over a 35-year career, a 14% wage gap accumulates to roughly $264,390 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Torrington, Connecticut has narrowed from about 22% to 12% in 2023. In dollar terms, the gap has narrowed by $3,483 since 2009.
Employment
| Metric | Torrington | Connecticut Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.0% | 5.6% | 5.2% |
| Working from Home | 7.9% | 14.5% | 13.4% |
| Commute time (minutes) | 20 | 22 | 22 |
Approximately 1,377 people are unemployed in Torrington, Connecticut.
The average commute time in Torrington is 20 minutes, shorter than the 22 minutes in Connecticut.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Torrington, Connecticut has fallen from 9.2% to 7.0% in 2023.
Conclusion
Considering all these factors, Torrington, Connecticut has an overall wealth index grade of B, making it about on par with Connecticut, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Torrington, Connecticut.
How Rich Is Torrington, Connecticut?
Torrington 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 $70,651, about 26% lower than the Connecticut average of $95,363.
What is the current median household income in Torrington, Connecticut?
As of 2023, the median household income in Torrington, Connecticut is $70,651.
What was the median household income in Torrington in 2023?
In 2023, the median household income in Torrington, Connecticut was $70,651.
What was the median household income in Torrington in 2020?
In 2020, the median household income in Torrington, Connecticut was $60,590.
What is the Gini coefficient in Torrington, Connecticut?
The Gini coefficient in Torrington is 0.496. 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 Torrington, Connecticut?
Since 2009, the income gap between men and women in Torrington, Connecticut has narrowed from about 22% to 12% in 2023. In dollar terms, the gap has narrowed by $3,483 since 2009.