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 | Palisades Park | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $100,994 | $101,200 | $78,145 |
| Median Personal Income | $100,994 | $101,200 | $78,145 |
| Average income growth | 7.0% | 7.0% | 7.0% |
The median household income in Palisades Park is about the same as in New Jersey. Income has been growing faster in Palisades Park (7.0%/yr) than in New Jersey (4.6%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Palisades Park, New Jersey grew by 61.3% from 2009 to 2023, reaching $100,994 in 2023. That's an average of about 4.4% per year.
Economic Inequality in Palisades Park | Gender Pay Gap | Gini Coefficient
| Metric | Palisades Park | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.595 | 0.570 | 0.570 |
| Male Median Income | $74,454 | $85,325 | $67,746 |
| Female Median Income | $67,716 | $68,761 | $54,793 |
| Gender Pay Gap | 9.0% | 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 Palisades Park, it is 0.595, higher than New Jersey's 0.570, so income is less evenly distributed here than there.
Men's income is about 10% more than women's income in Palisades Park, New Jersey.
Income by Sex Over Time
Since 2009, the income gap between men and women in Palisades Park, New Jersey has widened from about 2% to 9% in 2023.
Employment
| Metric | Palisades Park | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.4% | 6.1% | 5.2% |
| Working from Home | 9.9% | 15.0% | 13.4% |
| Commute time (minutes) | 30 | 26 | 22 |
The average commute time in Palisades Park is 30 minutes, longer than the 26 minutes in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Palisades Park, New Jersey has fallen from 6.6% to 5.4% in 2023.
Conclusion
Considering all these factors, Palisades Park, 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 Palisades Park, New Jersey.
How Rich Is Palisades Park, New Jersey?
Palisades Park 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 $100,994, close to the New Jersey average of $101,200.
What is the current median household income in Palisades Park, New Jersey?
As of 2023, the median household income in Palisades Park, New Jersey is $100,994.
What was the median household income in Palisades Park in 2023?
In 2023, the median household income in Palisades Park, New Jersey was $100,994.
What was the median household income in Palisades Park in 2020?
In 2020, the median household income in Palisades Park, New Jersey was $78,689.
What is the Gini coefficient in Palisades Park, New Jersey?
The Gini coefficient in Palisades Park is 0.595. 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 Palisades Park, New Jersey?
Since 2009, the income gap between men and women in Palisades Park, New Jersey has widened from about 2% to 9% in 2023.