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 | Elmwood Park | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $100,178 | $101,200 | $78,145 |
| Median Personal Income | $100,178 | $101,200 | $78,145 |
| Average income growth | 4.6% | 4.6% | 4.6% |
The median household income in Elmwood Park is about 1% lower than in New Jersey. Income has been growing slower in Elmwood Park (4.6%/yr) than in New Jersey (4.6%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Elmwood Park, New Jersey grew by 59.8% from 2009 to 2023, reaching $100,178 in 2023. That's an average of about 4.3% per year.
Economic Inequality in Elmwood Park | Gender Pay Gap | Gini Coefficient
| Metric | Elmwood Park | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.554 | 0.570 | 0.570 |
| Male Median Income | $70,049 | $85,325 | $67,746 |
| Female Median Income | $62,335 | $68,761 | $54,793 |
| Gender Pay Gap | 11.0% | 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 Elmwood Park, it is 0.554, lower than New Jersey's 0.570, so income is more evenly distributed here than there.
Men's income is about 12% more than women's income in Elmwood Park, New Jersey.
Income by Sex Over Time
Since 2009, the income gap between men and women in Elmwood Park, New Jersey has widened from about 8% to 11% in 2023.
Employment
| Metric | Elmwood Park | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.4% | 6.1% | 5.2% |
| Working from Home | 7.8% | 15.0% | 13.4% |
| Commute time (minutes) | 22 | 26 | 22 |
The average commute time in Elmwood Park is 22 minutes, shorter than the 26 minutes in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Elmwood Park, New Jersey has risen from 6.3% to 7.4% in 2023.
Conclusion
Considering all these factors, Elmwood Park, 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 Elmwood Park, New Jersey.
How Wealthy Is Elmwood Park, New Jersey?
Elmwood Park 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 $100,178, about 1% lower than the New Jersey average of $101,200.
What is the current median household income in Elmwood Park, New Jersey?
As of 2023, the median household income in Elmwood Park, New Jersey is $100,178.
What was the median household income in Elmwood Park in 2023?
In 2023, the median household income in Elmwood Park, New Jersey was $100,178.
What was the median household income in Elmwood Park in 2020?
In 2020, the median household income in Elmwood Park, New Jersey was $77,177.
What is the Gini coefficient in Elmwood Park, New Jersey?
The Gini coefficient in Elmwood Park 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 Elmwood Park, New Jersey?
Since 2009, the income gap between men and women in Elmwood Park, New Jersey has widened from about 8% to 11% in 2023.