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 | Jersey City | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $95,618 | $101,200 | $78,145 |
| Median Personal Income | $95,618 | $101,200 | $78,145 |
| Average income growth | 6.7% | 6.7% | 6.7% |
The median household income in Jersey City is about 6% lower than in New Jersey. Income has been growing faster in Jersey City (6.7%/yr) than in New Jersey (4.6%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Jersey City, New Jersey grew by 85.3% from 2009 to 2023, reaching $95,618 in 2023. That's an average of about 6.1% per year.
Economic Inequality in Jersey City | Gender Pay Gap | Gini Coefficient
| Metric | Jersey City | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.592 | 0.570 | 0.570 |
| Male Median Income | $91,730 | $85,325 | $67,746 |
| Female Median Income | $77,113 | $68,761 | $54,793 |
| Gender Pay Gap | 15.9% | 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 Jersey City, it is 0.592, higher than New Jersey's 0.570, so income is less evenly distributed here than there.
Men's income is about 19% more than women's income in Jersey City, New Jersey.
Income by Sex Over Time
Since 2009, the income gap between men and women in Jersey City, New Jersey has widened from about 10% to 16% in 2023.
Employment
| Metric | Jersey City | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.8% | 6.1% | 5.2% |
| Working from Home | 21.6% | 15.0% | 13.4% |
| Commute time (minutes) | 33 | 26 | 22 |
The average commute time in Jersey City is 33 minutes, longer than the 26 minutes in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Jersey City, New Jersey has fallen from 10.3% to 5.8% in 2023.
Conclusion
Considering all these factors, Jersey City, 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 Jersey City, New Jersey.
How Rich Is Jersey City, New Jersey?
Jersey City 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 $95,618, about 6% lower than the New Jersey average of $101,200.
What is the current median household income in Jersey City, New Jersey?
As of 2023, the median household income in Jersey City, New Jersey is $95,618.
What was the median household income in Jersey City in 2023?
In 2023, the median household income in Jersey City, New Jersey was $95,618.
What was the median household income in Jersey City in 2020?
In 2020, the median household income in Jersey City, New Jersey was $76,749.
What is the Gini coefficient in Jersey City, New Jersey?
The Gini coefficient in Jersey City is 0.592. 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 Jersey City, New Jersey?
Since 2009, the income gap between men and women in Jersey City, New Jersey has widened from about 10% to 16% in 2023.