Wealth Index
Among the top 5 wealthiest 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 | Monmouth County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $122,815 | $101,200 | $78,145 |
| Median Personal Income | $91,676 | $76,824 | $61,726 |
| Average income growth | 4.8% | 4.6% | 5.1% |
| Six-Figure Earners | 24.6% | 19.2% | 13.2% |
The median household income in Monmouth County is about 21% higher than in New Jersey. Income has been growing faster in Monmouth County (4.8%/yr) than in New Jersey (4.6%/yr).
About 25% of adults in Monmouth County earn six figures ($100,000 or more) a year, higher than the New Jersey average of 19%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Monmouth County, New Jersey grew by 48.8% from 2009 to 2023, reaching $122,815 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Monmouth County | Gender Pay Gap | Gini Coefficient
| Metric | Monmouth County | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.556 | 0.570 | 0.570 |
| Male Median Income | $107,209 | $85,325 | $67,746 |
| Female Median Income | $76,435 | $68,761 | $54,793 |
| Gender Pay Gap | 28.7% | 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 Monmouth County, it is 0.556, lower than New Jersey's 0.570, so income is more evenly distributed here than there.
Men's income is about 40% more than women's income in Monmouth County, New Jersey. Over a 35-year career, a 40% wage gap accumulates to roughly $1,077,090 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Monmouth County, New Jersey has narrowed from about 34% to 29% in 2023. In dollar terms, the gap has widened by $6,292 since 2009.
Employment
| Metric | Monmouth County | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.2% | 6.1% | 5.2% |
| Working from Home | 16.8% | 15.0% | 13.4% |
| Commute time (minutes) | 26 | 26 | 22 |
Approximately 18,336 people are unemployed in Monmouth County, New Jersey.
The average commute time in Monmouth County is 26 minutes, about the same as in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Monmouth County, New Jersey has fallen from 7.6% to 5.2% in 2023.
Conclusion
Considering all these factors, Monmouth County, New Jersey has an overall wealth index grade of A, making it somewhat better than New Jersey, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Monmouth County, New Jersey.
How Rich Is Monmouth County, New Jersey?
Monmouth County has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $122,815, about 21% higher than the New Jersey average of $101,200.
What is the current median household income in Monmouth County, New Jersey?
As of 2023, the median household income in Monmouth County, New Jersey is $122,815.
What was the median household income in Monmouth County in 2023?
In 2023, the median household income in Monmouth County, New Jersey was $122,815.
What was the median household income in Monmouth County in 2020?
In 2020, the median household income in Monmouth County, New Jersey was $103,996.
What is the Gini coefficient in Monmouth County, New Jersey?
The Gini coefficient in Monmouth County is 0.556. 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 Monmouth County, New Jersey?
Since 2009, the income gap between men and women in Monmouth County, New Jersey has narrowed from about 34% to 29% in 2023. In dollar terms, the gap has widened by $6,292 since 2009.