Wealth Index
Among the 5 least wealthy counties in Massachusetts
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 | Berkshire County | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Household Income | $72,708 | $101,501 | $78,145 |
| Median Personal Income | $65,303 | $81,429 | $61,726 |
| Average income growth | 4.7% | 5.2% | 5.1% |
| Six-Figure Earners | 12.1% | 19.8% | 13.2% |
The median household income in Berkshire County is about 28% lower than in Massachusetts. Income has been growing slower in Berkshire County (4.7%/yr) than in Massachusetts (5.2%/yr).
About 12% of adults in Berkshire County earn six figures ($100,000 or more) a year, lower than the Massachusetts average of 20%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Berkshire County, Massachusetts grew by 44.6% from 2009 to 2023, reaching $72,708 in 2023. That's an average of about 4.7% per year.
Economic Inequality in Berkshire County | Gender Pay Gap | Gini Coefficient
| Metric | Berkshire County | Massachusetts Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.531 | 0.554 | 0.570 |
| Male Median Income | $71,801 | $89,016 | $67,746 |
| Female Median Income | $57,473 | $73,171 | $54,793 |
| Gender Pay Gap | 20.0% | 17.8% | 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 Berkshire County, it is 0.531, lower than Massachusetts's 0.554, 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 25% more than women's income in Berkshire County, Massachusetts. Over a 35-year career, a 25% wage gap accumulates to roughly $501,480 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Berkshire County, Massachusetts has narrowed from about 26% to 20% in 2023. In dollar terms, the gap has widened by $1,681 since 2009.
Employment
| Metric | Berkshire County | Massachusetts Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.6% | 5.1% | 5.2% |
| Working from Home | 12.7% | 16.7% | 13.4% |
| Commute time (minutes) | 16 | 25 | 22 |
Approximately 3,780 people are unemployed in Berkshire County, Massachusetts.
The average commute time in Berkshire County is 16 minutes, shorter than the 25 minutes in Massachusetts.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Berkshire County, Massachusetts has fallen from 8.4% to 5.6% in 2023.
Conclusion
Considering all these factors, Berkshire County, Massachusetts has an overall wealth index grade of B, making it about on par with Massachusetts, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Berkshire County, Massachusetts.
How Rich Is Berkshire County, Massachusetts?
Berkshire County 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 $72,708, about 28% lower than the Massachusetts average of $101,501.
What is the current median household income in Berkshire County, Massachusetts?
As of 2023, the median household income in Berkshire County, Massachusetts is $72,708.
What was the median household income in Berkshire County in 2023?
In 2023, the median household income in Berkshire County, Massachusetts was $72,708.
What was the median household income in Berkshire County in 2020?
In 2020, the median household income in Berkshire County, Massachusetts was $62,092.
What is the Gini coefficient in Berkshire County, Massachusetts?
The Gini coefficient in Berkshire County is 0.531. 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 Berkshire County, Massachusetts?
Since 2009, the income gap between men and women in Berkshire County, Massachusetts has narrowed from about 26% to 20% in 2023. In dollar terms, the gap has widened by $1,681 since 2009.