Wakefield, Massachusetts Income Statistics
Wakefield 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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A+
Wakefield Top grade
Source: Map AI Methodology
Income Statistics Overview
| Metric | Wakefield | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Household Income | $136,429 | $104,336 | $80,455 |
| Median Personal Income | $93,240 | $80,230 | $60,758 |
| Average Yearly Income Growth | 5.2% | 4.9% | 4.8% |
| Six-Figure Earners | 28.9% | 20.6% | 13.9% |
| $200k+ Households | 30.6% | 22.3% | 13.2% |
The median household income in Wakefield is about 31% higher than in Massachusetts. Income has been growing faster in Wakefield (5.2%/yr) than in Massachusetts (4.9%/yr).
About 29% of adults in Wakefield earn six figures ($100,000 or more) a year, higher than the Massachusetts average of 21%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Wakefield, Massachusetts grew by 58.8% from 2009 to 2024, reaching $136,429 in 2024. That's an average of about 5.2% per year.
Income Inequality and the Gender Pay Gap in Wakefield
| Metric | Wakefield | Massachusetts Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.473 | 0.531 | 0.552 |
| Male Median Income | $105,224 | $90,842 | $69,667 |
| Female Median Income | $91,504 | $75,629 | $56,850 |
| Gender Pay Gap | 13.0% | 16.7% | 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 Wakefield, it is 0.473, lower than Massachusetts's 0.531, 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 Wakefield, Massachusetts. Over a 35-year career, a 15% wage gap accumulates to roughly $480,200 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Wakefield, Massachusetts has narrowed from about 23% to 13% in 2024. Over that period the gap was widest at 24% in 2019. In dollar terms, the gap has narrowed by $2,588 since 2009.
Employment
| Metric | Wakefield | Massachusetts Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.4% | 5.1% | 5.2% |
| Working from Home | 24.6% | 18.6% | 15.0% |
| Commute time (minutes) | 30 | 25 | 22 |
Approximately 704 people are unemployed in Wakefield, Massachusetts.
The average commute time in Wakefield is 30 minutes, longer than the 25 minutes in Massachusetts.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Wakefield, Massachusetts has fallen from 7.9% to 4.4% in 2024. Over that period the rate fell as low as 2.7% in 2020.
Wakefield, MA Wealth Compared With Nearby Cities
Wakefield, MA is typical in size for this group, 27,739 residents against a local median of 27,188, so the measures below are close to a like for like comparison. Wakefield, MA's unemployment, at 4.4%, runs 24% above the 3.5% typical of the cities around it. That is the weaker end of the local range on this measure.
The cities themselves spread 1.6% on unemployment, so Wakefield, MA sits at one end of an already wide local range rather than apart from it. Wakefield, MA has the 5th lowest unemployment of the 5 areas compared here.
| 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. |
|---|---|---|---|---|---|
| Wakefield, MA | 27,739 | $136,429 #2/5 | 5.2%/yr #2/5 | 4.4% #5/5 | 0.473 #3/5 |
| Stoneham, MA | 23,334 | $117,780 | 4.4%/yr | 2.2% | 0.465 |
| Melrose, MA | 29,648 | $133,280 | 5.4%/yr | 3.7% | 0.480 |
| Reading, MA | 25,603 | $163,864 | 5.1%/yr | 3.3% | 0.469 |
| Saugus, MA | 28,773 | $102,456 | 3.0%/yr | 3.8% | 0.513 |
Conclusion
Considering all these factors, Wakefield, Massachusetts has an overall wealth index grade of A+, making it somewhat better than Massachusetts, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Wakefield, Massachusetts.
How Rich Is Wakefield, Massachusetts?
Wakefield 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 it is one of the most prosperous areas in the country. The median household income is $136,429, about 31% higher than the Massachusetts average of $104,336.
Are incomes growing in Wakefield, Massachusetts?
Between 2009 and 2024, the median household income in Wakefield, Massachusetts rose 59%, from $85,903 to $136,429. Over the same years, income here lagged behind Massachusetts as a whole: +59% against +61%.
What was the median household income in Wakefield in 2023?
In 2023, the median household income in Wakefield, Massachusetts was $129,318, up 3% from $126,018 in 2022. The Massachusetts median that year was $101,513.
What was the median household income in Wakefield in 2020?
In 2020, the median household income in Wakefield, Massachusetts was $106,364. By 2024 it had risen 28% to $136,429.
Do many residents of Wakefield, Massachusetts earn over $100,000?
Yes. 29% of adults in Wakefield, Massachusetts earn $100,000 or more a year (about 1 in 3), against 21% (about 1 in 5) in Massachusetts. 31% of households have a combined income of $200,000 or more, compared with 22% in Massachusetts.
What is the Gini coefficient in Wakefield, Massachusetts?
The Gini coefficient in Wakefield is 0.473. 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 Wakefield, Massachusetts?
Since 2009, the income gap between men and women in Wakefield, Massachusetts has narrowed from about 23% to 13% in 2024. Over that period the gap was widest at 24% in 2019. In dollar terms, the gap has narrowed by $2,588 since 2009.
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