Wealth Index
Among the top 3 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 | Morris County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $134,902 | $101,200 | $78,145 |
| Median Personal Income | $96,597 | $76,824 | $61,726 |
| Average income growth | 3.8% | 4.6% | 5.1% |
| Six-Figure Earners | 27.3% | 19.2% | 13.2% |
The median household income in Morris County is about 33% higher than in New Jersey. Income has been growing slower in Morris County (3.8%/yr) than in New Jersey (4.6%/yr).
About 27% of adults in Morris 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 Morris County, New Jersey grew by 39.8% from 2009 to 2023, reaching $134,902 in 2023. That's an average of about 3.8% per year.
Economic Inequality in Morris County | Gender Pay Gap | Gini Coefficient
| Metric | Morris County | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.548 | 0.570 | 0.570 |
| Male Median Income | $107,515 | $85,325 | $67,746 |
| Female Median Income | $85,103 | $68,761 | $54,793 |
| Gender Pay Gap | 20.8% | 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 Morris County, it is 0.548, lower than New Jersey's 0.570, so income is more evenly distributed here than there.
Men's income is about 26% more than women's income in Morris County, New Jersey. Over a 35-year career, a 26% wage gap accumulates to roughly $784,420 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Morris County, New Jersey has narrowed from about 31% to 21% in 2023. In dollar terms, the gap has narrowed by $2,255 since 2009.
Employment
| Metric | Morris County | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.2% | 6.1% | 5.2% |
| Working from Home | 19.6% | 15.0% | 13.4% |
| Commute time (minutes) | 26 | 26 | 22 |
Approximately 14,883 people are unemployed in Morris County, New Jersey.
The average commute time in Morris County is 26 minutes, about the same as in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Morris County, New Jersey has fallen from 6.4% to 5.2% in 2023.
Conclusion
Considering all these factors, Morris County, New Jersey has an overall wealth index grade of A+, making it somewhat better than New Jersey, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Morris County, New Jersey.
How Rich Is Morris County, New Jersey?
Morris 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 it is one of the most prosperous areas in the country. The median household income is $134,902, about 33% higher than the New Jersey average of $101,200.
What is the current median household income in Morris County, New Jersey?
As of 2023, the median household income in Morris County, New Jersey is $134,902.
What was the median household income in Morris County in 2023?
In 2023, the median household income in Morris County, New Jersey was $134,902.
What was the median household income in Morris County in 2020?
In 2020, the median household income in Morris County, New Jersey was $117,957.
What is the Gini coefficient in Morris County, New Jersey?
The Gini coefficient in Morris County is 0.548. 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 Morris County, New Jersey?
Since 2009, the income gap between men and women in Morris County, New Jersey has narrowed from about 31% to 21% in 2023. In dollar terms, the gap has narrowed by $2,255 since 2009.