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 | Elizabeth | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $63,844 | $101,200 | $78,145 |
| Median Personal Income | $63,844 | $101,200 | $78,145 |
| Average income growth | 5.5% | 5.5% | 5.5% |
The median household income in Elizabeth is about 37% lower than in New Jersey. Income has been growing faster in Elizabeth (5.5%/yr) than in New Jersey (4.6%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Elizabeth, New Jersey grew by 46.1% from 2009 to 2023, reaching $63,844 in 2023. That's an average of about 3.3% per year.
Economic Inequality in Elizabeth | Gender Pay Gap | Gini Coefficient
| Metric | Elizabeth | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.546 | 0.570 | 0.570 |
| Male Median Income | $49,367 | $85,325 | $67,746 |
| Female Median Income | $41,572 | $68,761 | $54,793 |
| Gender Pay Gap | 15.8% | 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 Elizabeth, it is 0.546, lower than New Jersey's 0.570, so income is more evenly distributed here than there.
Men's income is about 19% more than women's income in Elizabeth, New Jersey.
Income by Sex Over Time
Since 2009, the income gap between men and women in Elizabeth, New Jersey has widened from about 14% to 16% in 2023.
Employment
| Metric | Elizabeth | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.9% | 6.1% | 5.2% |
| Working from Home | 5.7% | 15.0% | 13.4% |
| Commute time (minutes) | 22 | 26 | 22 |
The average commute time in Elizabeth is 22 minutes, shorter than the 26 minutes in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Elizabeth, New Jersey has fallen from 10.9% to 6.9% in 2023.
Conclusion
Considering all these factors, Elizabeth, New Jersey has an overall wealth index grade of D, making it somewhat worse than New Jersey, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Elizabeth, New Jersey.
How Wealthy Is Elizabeth, New Jersey?
Elizabeth 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 $63,844, about 37% lower than the New Jersey average of $101,200.
What is the current median household income in Elizabeth, New Jersey?
As of 2023, the median household income in Elizabeth, New Jersey is $63,844.
What was the median household income in Elizabeth in 2023?
In 2023, the median household income in Elizabeth, New Jersey was $63,844.
What was the median household income in Elizabeth in 2020?
In 2020, the median household income in Elizabeth, New Jersey was $50,829.
What is the Gini coefficient in Elizabeth, New Jersey?
The Gini coefficient in Elizabeth is 0.546. 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 Elizabeth, New Jersey?
Since 2009, the income gap between men and women in Elizabeth, New Jersey has widened from about 14% to 16% in 2023.