Wealth Index
Among the top 3 wealthiest states in US
The wealth index reflects the overall economic prosperity and financial well-being of a state's residents based on income levels, employment rates, and income inequality metrics.
Wealthiest and Least Wealthy Counties in Massachusetts
- Nantucket County (130% of U.S. avg)
- Norfolk County (126% of U.S. avg)
- Middlesex County (124% of U.S. avg)
- Hampden County (95% of U.S. avg)
- Hampshire County (99% of U.S. avg)
- Suffolk County (101% of U.S. avg)
Ranked by the Map AI Wealth Index, which combines income, employment, and income inequality metrics.
Income Statistics Overview
| Metric | Massachusetts | US Average |
|---|---|---|
| Median Household Income | $101,501 | $78,145 |
| Median Personal Income | $81,429 | $61,726 |
| Average income growth | 5.2% | 5.1% |
| Six-Figure Earners | 19.8% | 13.2% |
The median household income in Massachusetts is about 30% higher than in US. Income has been growing faster in Massachusetts (5.2%/yr) than in US (5.1%/yr).
About 20% of adults in Massachusetts earn six figures ($100,000 or more) a year, higher than the US average of 13%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Massachusetts grew by 56.5% from 2009 to 2023, reaching $101,501 in 2023. That's an average of about 5.2% per year.
Economic Inequality in Massachusetts | Gender Pay Gap | Gini Coefficient
| Metric | Massachusetts | US Average |
|---|---|---|
| Gini Coefficient | 0.554 | 0.570 |
| Male Median Income | $89,016 | $67,746 |
| Female Median Income | $73,171 | $54,793 |
| Gender Pay Gap | 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 Massachusetts, it is 0.554, lower than US's 0.570, so income is more evenly distributed here than there.
Men's income is about 22% more than women's income in Massachusetts. Over a 35-year career, a 22% wage gap accumulates to roughly $554,575 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Massachusetts has narrowed from about 22% to 18% in 2023. In dollar terms, the gap has widened by $2,955 since 2009.
Employment
| Metric | Massachusetts | US Average |
|---|---|---|
| Unemployment Rate | 5.1% | 5.2% |
| Working from Home | 16.7% | 13.4% |
| Commute time (minutes) | 25 | 22 |
Approximately 199,806 people are unemployed in Massachusetts.
The average commute time in Massachusetts is 25 minutes, longer than the 22 minutes in US.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Massachusetts has fallen from 8.0% to 5.1% in 2023.
Conclusion
Considering all these factors, Massachusetts has an overall wealth index grade of B, making it somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Massachusetts.
How Rich Is Massachusetts?
Massachusetts 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 $101,501, about 30% higher than the US average of $78,145.
What is the current median household income in Massachusetts?
As of 2023, the median household income in Massachusetts is $101,501.
What was the median household income in Massachusetts in 2023?
In 2023, the median household income in Massachusetts was $101,501.
What was the median household income in Massachusetts in 2020?
In 2020, the median household income in Massachusetts was $85,008.
What is the Gini coefficient in Massachusetts?
The Gini coefficient in Massachusetts is 0.554. 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 Massachusetts?
Since 2009, the income gap between men and women in Massachusetts has narrowed from about 22% to 18% in 2023. In dollar terms, the gap has widened by $2,955 since 2009.