Wealth Index
Wealthiest county in Connecticut
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 | Western Connecticut Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Median Household Income | $131,264 | $95,363 | $78,145 |
| Median Personal Income | $95,871 | $76,086 | $61,726 |
| Average income growth | 4.4% | 4.1% | 5.1% |
| Six-Figure Earners | 27.2% | 18.1% | 13.2% |
The median household income in Western Connecticut Planning Region is about 38% higher than in Connecticut. Income has been growing faster in Western Connecticut Planning Region (4.4%/yr) than in Connecticut (4.1%/yr).
About 27% of adults in Western Connecticut Planning Region 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 Western Connecticut Planning Region, Connecticut grew by 42.0% from 2009 to 2023, reaching $131,264 in 2023. That's an average of about 4.4% per year.
Economic Inequality in Western Connecticut Planning Region | Gender Pay Gap | Gini Coefficient
| Metric | Western Connecticut Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.563 | 0.555 | 0.570 |
| Male Median Income | $106,648 | $83,962 | $67,746 |
| Female Median Income | $82,756 | $68,602 | $54,793 |
| Gender Pay Gap | 22.4% | 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 Western Connecticut Planning Region, it is 0.563, higher than Connecticut's 0.555, so income is less 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 29% more than women's income in Western Connecticut Planning Region, Connecticut. Over a 35-year career, a 29% wage gap accumulates to roughly $836,220 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Western Connecticut Planning Region, Connecticut has narrowed from about 31% to 22% in 2023. In dollar terms, the gap has narrowed by $1,008 since 2009.
Employment
| Metric | Western Connecticut Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.4% | 5.6% | 5.2% |
| Working from Home | 19.6% | 14.5% | 13.4% |
| Commute time (minutes) | 23 | 22 | 22 |
Approximately 15,268 people are unemployed in Western Connecticut Planning Region, Connecticut.
The average commute time in Western Connecticut Planning Region is 23 minutes, longer than the 22 minutes in Connecticut.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Western Connecticut Planning Region, Connecticut has fallen from 7.6% to 5.4% in 2023.
Conclusion
Considering all these factors, Western Connecticut Planning Region, Connecticut has an overall wealth index grade of A, making it somewhat better than Connecticut, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Western Connecticut Planning Region, Connecticut.
How Rich Is Western Connecticut Planning Region, Connecticut?
Western Connecticut Planning Region has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $131,264, about 38% higher than the Connecticut average of $95,363.
What is the current median household income in Western Connecticut Planning Region, Connecticut?
As of 2023, the median household income in Western Connecticut Planning Region, Connecticut is $131,264.
What was the median household income in Western Connecticut Planning Region in 2023?
In 2023, the median household income in Western Connecticut Planning Region, Connecticut was $131,264.
What was the median household income in Western Connecticut Planning Region in 2020?
In 2020, the median household income in Western Connecticut Planning Region, Connecticut was $113,598.
What is the Gini coefficient in Western Connecticut Planning Region, Connecticut?
The Gini coefficient in Western Connecticut Planning Region is 0.563. 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 Western Connecticut Planning Region, Connecticut?
Since 2009, the income gap between men and women in Western Connecticut Planning Region, Connecticut has narrowed from about 31% to 22% in 2023. In dollar terms, the gap has narrowed by $1,008 since 2009.