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 | Cape May County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $88,430 | $101,200 | $78,145 |
| Median Personal Income | $72,589 | $76,824 | $61,726 |
| Average income growth | 5.9% | 4.6% | 5.1% |
| Six-Figure Earners | 16.5% | 19.2% | 13.2% |
The median household income in Cape May County is about 13% lower than in New Jersey. Income has been growing faster in Cape May County (5.9%/yr) than in New Jersey (4.6%/yr).
About 17% of adults in Cape May County earn six figures ($100,000 or more) a year, lower than the New Jersey average of 19%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Cape May County, New Jersey grew by 61.3% from 2009 to 2023, reaching $88,430 in 2023. That's an average of about 5.9% per year.
Economic Inequality in Cape May County | Gender Pay Gap | Gini Coefficient
| Metric | Cape May County | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.534 | 0.570 | 0.570 |
| Male Median Income | $75,378 | $85,325 | $67,746 |
| Female Median Income | $68,671 | $68,761 | $54,793 |
| Gender Pay Gap | 8.9% | 19.4% | 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 Cape May County, it is 0.534, lower than New Jersey's 0.570, so income is more evenly distributed here than there.
Men's income is about 10% more than women's income in Cape May County, New Jersey. Over a 35-year career, a 10% wage gap accumulates to roughly $234,745 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Cape May County, New Jersey has narrowed from about 22% to 9% in 2023. In dollar terms, the gap has narrowed by $4,792 since 2009.
Employment
| Metric | Cape May County | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.0% | 6.1% | 5.2% |
| Working from Home | 9.9% | 15.0% | 13.4% |
| Commute time (minutes) | 18 | 26 | 22 |
Approximately 2,756 people are unemployed in Cape May County, New Jersey.
The average commute time in Cape May County is 18 minutes, shorter than the 26 minutes in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Cape May County, New Jersey has fallen from 8.9% to 6.0% in 2023.
Conclusion
Considering all these factors, Cape May County, New Jersey has an overall wealth index grade of B, making it about on par with New Jersey, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Cape May County, New Jersey.
How Rich Is Cape May County, New Jersey?
Cape May 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 $88,430, about 13% lower than the New Jersey average of $101,200.
What is the current median household income in Cape May County, New Jersey?
As of 2023, the median household income in Cape May County, New Jersey is $88,430.
What was the median household income in Cape May County in 2023?
In 2023, the median household income in Cape May County, New Jersey was $88,430.
What was the median household income in Cape May County in 2020?
In 2020, the median household income in Cape May County, New Jersey was $71,743.
What is the Gini coefficient in Cape May County, New Jersey?
The Gini coefficient in Cape May County is 0.534. 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 Cape May County, New Jersey?
Since 2009, the income gap between men and women in Cape May County, New Jersey has narrowed from about 22% to 9% in 2023. In dollar terms, the gap has narrowed by $4,792 since 2009.