Wealth Index
Among the top 3 wealthiest 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 | Norfolk County | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Household Income | $126,556 | $101,501 | $78,145 |
| Median Personal Income | $96,134 | $81,429 | $61,726 |
| Average income growth | 4.9% | 5.2% | 5.1% |
| Six-Figure Earners | 26.7% | 19.8% | 13.2% |
The median household income in Norfolk County is about 25% higher than in Massachusetts. Income has been growing slower in Norfolk County (4.9%/yr) than in Massachusetts (5.2%/yr).
About 27% of adults in Norfolk County earn six figures ($100,000 or more) a year, higher than the Massachusetts average of 20%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Norfolk County, Massachusetts grew by 57.3% from 2009 to 2023, reaching $126,556 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Norfolk County | Gender Pay Gap | Gini Coefficient
| Metric | Norfolk County | Massachusetts Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.542 | 0.554 | 0.570 |
| Male Median Income | $107,113 | $89,016 | $67,746 |
| Female Median Income | $85,938 | $73,171 | $54,793 |
| Gender Pay Gap | 19.8% | 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 Norfolk County, it is 0.542, 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 Norfolk County, Massachusetts. Over a 35-year career, a 25% wage gap accumulates to roughly $741,125 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Norfolk County, Massachusetts has narrowed from about 24% to 20% in 2023. In dollar terms, the gap has widened by $4,883 since 2009.
Employment
| Metric | Norfolk County | Massachusetts Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.9% | 5.1% | 5.2% |
| Working from Home | 20.6% | 16.7% | 13.4% |
| Commute time (minutes) | 31 | 25 | 22 |
Approximately 20,277 people are unemployed in Norfolk County, Massachusetts.
The average commute time in Norfolk County is 31 minutes, longer than the 25 minutes in Massachusetts.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Norfolk County, Massachusetts has fallen from 6.9% to 4.9% in 2023.
Conclusion
Considering all these factors, Norfolk County, Massachusetts has an overall wealth index grade of A, making it somewhat better than Massachusetts, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Norfolk County, Massachusetts.
How Rich Is Norfolk County, Massachusetts?
Norfolk County 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 $126,556, about 25% higher than the Massachusetts average of $101,501.
What is the current median household income in Norfolk County, Massachusetts?
As of 2023, the median household income in Norfolk County, Massachusetts is $126,556.
What was the median household income in Norfolk County in 2023?
In 2023, the median household income in Norfolk County, Massachusetts was $126,556.
What was the median household income in Norfolk County in 2020?
In 2020, the median household income in Norfolk County, Massachusetts was $105,946.
What is the Gini coefficient in Norfolk County, Massachusetts?
The Gini coefficient in Norfolk County is 0.542. 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 Norfolk County, Massachusetts?
Since 2009, the income gap between men and women in Norfolk County, Massachusetts has narrowed from about 24% to 20% in 2023. In dollar terms, the gap has widened by $4,883 since 2009.