Wealth Index
Among the 3 least wealthy counties in New Jersey
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 | Essex County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $77,073 | $101,200 | $78,145 |
| Median Personal Income | $66,510 | $76,824 | $61,726 |
| Average income growth | 4.9% | 4.6% | 5.1% |
| Six-Figure Earners | 16.1% | 19.2% | 13.2% |
The median household income in Essex County is about 24% lower than in New Jersey. Income has been growing faster in Essex County (4.9%/yr) than in New Jersey (4.6%/yr).
About 16% of adults in Essex 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 Essex County, New Jersey grew by 41.7% from 2009 to 2023, reaching $77,073 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Essex County | Gender Pay Gap | Gini Coefficient
| Metric | Essex County | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.598 | 0.570 | 0.570 |
| Male Median Income | $69,988 | $85,325 | $67,746 |
| Female Median Income | $62,574 | $68,761 | $54,793 |
| Gender Pay Gap | 10.6% | 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 Essex County, it is 0.598, higher than New Jersey's 0.570, so income is less evenly distributed here than there.
Men's income is about 12% more than women's income in Essex County, New Jersey. Over a 35-year career, a 12% wage gap accumulates to roughly $259,490 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Essex County, New Jersey has narrowed from about 15% to 11% in 2023. In dollar terms, the gap has narrowed by $39 since 2009.
Employment
| Metric | Essex County | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.3% | 6.1% | 5.2% |
| Working from Home | 14.2% | 15.0% | 13.4% |
| Commute time (minutes) | 30 | 26 | 22 |
Approximately 37,183 people are unemployed in Essex County, New Jersey.
The average commute time in Essex County is 30 minutes, longer than the 26 minutes in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Essex County, New Jersey has fallen from 11.3% to 8.3% in 2023.
Conclusion
Considering all these factors, Essex County, New Jersey has an overall wealth index grade of C, making it somewhat worse than New Jersey, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Essex County, New Jersey.
How Wealthy Is Essex County, New Jersey?
Essex County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $77,073, about 24% lower than the New Jersey average of $101,200.
What is the current median household income in Essex County, New Jersey?
As of 2023, the median household income in Essex County, New Jersey is $77,073.
What was the median household income in Essex County in 2023?
In 2023, the median household income in Essex County, New Jersey was $77,073.
What was the median household income in Essex County in 2020?
In 2020, the median household income in Essex County, New Jersey was $64,718.
What is the Gini coefficient in Essex County, New Jersey?
The Gini coefficient in Essex County is 0.598. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Essex County, New Jersey?
Since 2009, the income gap between men and women in Essex County, New Jersey has narrowed from about 15% to 11% in 2023. In dollar terms, the gap has narrowed by $39 since 2009.