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 | Paterson | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $54,127 | $101,200 | $78,145 |
| Median Personal Income | $54,127 | $101,200 | $78,145 |
| Average income growth | 6.8% | 6.8% | 6.8% |
The median household income in Paterson is about 47% lower than in New Jersey. Income has been growing faster in Paterson (6.8%/yr) than in New Jersey (4.6%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Paterson, New Jersey grew by 59.9% from 2009 to 2023, reaching $54,127 in 2023. That's an average of about 4.3% per year.
Economic Inequality in Paterson | Gender Pay Gap | Gini Coefficient
| Metric | Paterson | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.574 | 0.570 | 0.570 |
| Male Median Income | $46,372 | $85,325 | $67,746 |
| Female Median Income | $41,682 | $68,761 | $54,793 |
| Gender Pay Gap | 10.1% | 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 Paterson, it is 0.574, about the same as New Jersey's 0.570, so income here is about as evenly distributed as there.
Men's income is about 11% more than women's income in Paterson, New Jersey.
Income by Sex Over Time
Since 2009, the income gap between men and women in Paterson, New Jersey has widened from about 9% to 10% in 2023.
Employment
| Metric | Paterson | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 10.2% | 6.1% | 5.2% |
| Working from Home | 4.8% | 15.0% | 13.4% |
| Commute time (minutes) | 20 | 26 | 22 |
The average commute time in Paterson is 20 minutes, shorter than the 26 minutes in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Paterson, New Jersey has fallen from 10.7% to 10.2% in 2023.
Conclusion
Considering all these factors, Paterson, New Jersey has an overall wealth index grade of D, making it worse than New Jersey, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Paterson, New Jersey.
How Rich Is Paterson, New Jersey?
Paterson has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $54,127, about 47% lower than the New Jersey average of $101,200.
What is the current median household income in Paterson, New Jersey?
As of 2023, the median household income in Paterson, New Jersey is $54,127.
What was the median household income in Paterson in 2023?
In 2023, the median household income in Paterson, New Jersey was $54,127.
What was the median household income in Paterson in 2020?
In 2020, the median household income in Paterson, New Jersey was $45,124.
What is the Gini coefficient in Paterson, New Jersey?
The Gini coefficient in Paterson is 0.574. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Paterson, New Jersey?
Since 2009, the income gap between men and women in Paterson, New Jersey has widened from about 9% to 10% in 2023.