Wealth Index
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 | Romulus | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $70,489 | $71,353 | $78,145 |
| Median Personal Income | $53,169 | $60,704 | $61,726 |
| Average income growth | 6.8% | 4.9% | 5.1% |
| Six-Figure Earners | 5.9% | 10.8% | 13.2% |
The median household income in Romulus is about 1% lower than in Michigan. Income has been growing faster in Romulus (6.8%/yr) than in Michigan (4.9%/yr).
About 6% of adults in Romulus earn six figures ($100,000 or more) a year, lower than the Michigan average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Romulus, Michigan grew by 39.2% from 2009 to 2023, reaching $70,489 in 2023. That's an average of about 6.8% per year.
Economic Inequality in Romulus | Gender Pay Gap | Gini Coefficient
| Metric | Romulus | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.539 | 0.556 | 0.570 |
| Male Median Income | $57,259 | $67,497 | $67,746 |
| Female Median Income | $49,024 | $52,846 | $54,793 |
| Gender Pay Gap | 14.4% | 21.7% | 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 Romulus, it is 0.539, lower than Michigan's 0.556, 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 17% more than women's income in Romulus, Michigan. Over a 35-year career, a 17% wage gap accumulates to roughly $288,225 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Romulus, Michigan has narrowed from about 29% to 14% in 2023. In dollar terms, the gap has narrowed by $6,414 since 2009.
Employment
| Metric | Romulus | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.8% | 5.8% | 5.2% |
| Working from Home | 10.5% | 12.0% | 13.4% |
| Commute time (minutes) | 23 | 21 | 22 |
Approximately 1,090 people are unemployed in Romulus, Michigan.
The average commute time in Romulus is 23 minutes, longer than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Romulus, Michigan has fallen from 14.5% to 8.8% in 2023.
Conclusion
Considering all these factors, Romulus, Michigan has an overall wealth index grade of D, making it about on par with Michigan, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Romulus, Michigan.
How Rich Is Romulus, Michigan?
Romulus has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $70,489, about 1% lower than the Michigan average of $71,353.
What is the current median household income in Romulus, Michigan?
As of 2023, the median household income in Romulus, Michigan is $70,489.
What was the median household income in Romulus in 2023?
In 2023, the median household income in Romulus, Michigan was $70,489.
What was the median household income in Romulus in 2020?
In 2020, the median household income in Romulus, Michigan was $60,967.
What is the Gini coefficient in Romulus, Michigan?
The Gini coefficient in Romulus is 0.539. 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 Romulus, Michigan?
Since 2009, the income gap between men and women in Romulus, Michigan has narrowed from about 29% to 14% in 2023. In dollar terms, the gap has narrowed by $6,414 since 2009.