New Albany, Indiana Income Statistics
New Albany Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
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C
New Albany Below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | New Albany | Indiana Avg | US Average |
|---|---|---|---|
| Median Household Income | $58,187 | $71,967 | $80,455 |
| Median Personal Income | $48,957 | $55,757 | $60,758 |
| Average Yearly Income Growth | 4.0% | 4.5% | 4.8% |
| Six-Figure Earners | 5.9% | 10.2% | 13.9% |
| $200k+ Households | 3.6% | 8.2% | 13.2% |
The median household income in New Albany is about 19% lower than in Indiana. Income has been growing slower in New Albany (4.0%/yr) than in Indiana (4.5%/yr).
About 6% of adults in New Albany earn six figures ($100,000 or more) a year, lower than the Indiana average of 10%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in New Albany, Indiana grew by 46.1% from 2009 to 2024, reaching $58,187 in 2024. That's an average of about 4.0% per year.
Income Inequality and the Gender Pay Gap in New Albany
| Metric | New Albany | Indiana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.507 | 0.534 | 0.552 |
| Male Median Income | $55,268 | $65,086 | $69,667 |
| Female Median Income | $47,995 | $51,220 | $56,850 |
| Gender Pay Gap | 13.2% | 21.3% | 18.4% |
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 New Albany, it is 0.507, lower than Indiana's 0.534, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 15% more than women's income in New Albany, Indiana. Over a 35-year career, a 15% wage gap accumulates to roughly $254,555 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in New Albany, Indiana has narrowed from about 15% to 13% in 2024. Over that period the gap was widest at 23% in 2014, and was narrowest at 13% in 2021. In dollar terms, the gap has widened by $1,692 since 2009.
Employment
| Metric | New Albany | Indiana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.3% | 4.3% | 5.2% |
| Working from Home | 12.3% | 10.7% | 15.0% |
| Commute time (minutes) | 18 | 21 | 22 |
Approximately 932 people are unemployed in New Albany, Indiana.
The average commute time in New Albany is 18 minutes, shorter than the 21 minutes in Indiana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in New Albany, Indiana has fallen from 10.0% to 5.3% in 2024. Over that period the rate peaked at 10.8% in 2013 and fell as low as 4.1% in 2019.
New Albany, IN Wealth Compared With Nearby Cities
How New Albany, IN compares with the 1 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| New Albany, IN | 35,077 | $58,187 #1/2 | 4.0%/yr #2/2 | 5.3% #1/2 | 0.507 #1/2 |
| Louisville, KY | 236,872 | $54,675 | 5.5%/yr | 7.0% | 0.551 |
Conclusion
Considering all these factors, New Albany, Indiana has an overall wealth index grade of C, making it about on par with Indiana, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in New Albany, Indiana.
How Rich Is New Albany, Indiana?
New Albany 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 $58,187, about 19% lower than the Indiana average of $71,967.
Are incomes growing in New Albany, Indiana?
Between 2009 and 2024, the median household income in New Albany, Indiana rose 46%, from $39,824 to $58,187. Over the same years, income here lagged behind Indiana as a whole: +46% against +52%.
What was the median household income in New Albany in 2023?
In 2023, the median household income in New Albany, Indiana was $57,829, up 2% from $56,484 in 2022. The Indiana median that year was $70,115.
What was the median household income in New Albany in 2020?
In 2020, the median household income in New Albany, Indiana was $51,300. By 2024 it had risen 13% to $58,187.
What is the Gini coefficient in New Albany, Indiana?
The Gini coefficient in New Albany is 0.507. 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 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in New Albany, Indiana?
Since 2009, the income gap between men and women in New Albany, Indiana has narrowed from about 15% to 13% in 2024. Over that period the gap was widest at 23% in 2014, and was narrowest at 13% in 2021. In dollar terms, the gap has widened by $1,692 since 2009.
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