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 | Rahway | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $89,856 | $101,200 | $78,145 |
| Median Personal Income | $89,856 | $101,200 | $78,145 |
| Average income growth | 4.6% | 4.6% | 4.6% |
The median household income in Rahway is about 11% lower than in New Jersey. Income has been growing slower in Rahway (4.6%/yr) than in New Jersey (4.6%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Rahway, New Jersey grew by 43.1% from 2009 to 2023, reaching $89,856 in 2023. That's an average of about 3.1% per year.
Economic Inequality in Rahway | Gender Pay Gap | Gini Coefficient
| Metric | Rahway | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.540 | 0.570 | 0.570 |
| Male Median Income | $78,798 | $85,325 | $67,746 |
| Female Median Income | $65,431 | $68,761 | $54,793 |
| Gender Pay Gap | 17.0% | 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 Rahway, it is 0.540, lower than New Jersey's 0.570, so income is more evenly distributed here than there.
Men's income is about 20% more than women's income in Rahway, New Jersey.
Income by Sex Over Time
The income gap between men and women in Rahway, New Jersey has stayed about the same since 2009, at around 17%.
Employment
| Metric | Rahway | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.4% | 6.1% | 5.2% |
| Working from Home | 14.8% | 15.0% | 13.4% |
| Commute time (minutes) | 28 | 26 | 22 |
The average commute time in Rahway is 28 minutes, longer than the 26 minutes in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Rahway, New Jersey has fallen from 9.2% to 7.4% in 2023.
Conclusion
Considering all these factors, Rahway, 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 Rahway, New Jersey.
How Rich Is Rahway, New Jersey?
Rahway 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 $89,856, about 11% lower than the New Jersey average of $101,200.
What is the current median household income in Rahway, New Jersey?
As of 2023, the median household income in Rahway, New Jersey is $89,856.
What was the median household income in Rahway in 2023?
In 2023, the median household income in Rahway, New Jersey was $89,856.
What was the median household income in Rahway in 2020?
In 2020, the median household income in Rahway, New Jersey was $79,618.
What is the Gini coefficient in Rahway, New Jersey?
The Gini coefficient in Rahway is 0.540. 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 Rahway, New Jersey?
The income gap between men and women in Rahway, New Jersey has stayed about the same since 2009, at around 17%.