Wealth Index
Less wealthy than 75% of 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 | Salem County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $79,362 | $101,200 | $78,145 |
| Median Personal Income | $63,965 | $76,824 | $61,726 |
| Average income growth | 3.8% | 4.6% | 5.1% |
| Six-Figure Earners | 11.6% | 19.2% | 13.2% |
The median household income in Salem County is about 22% lower than in New Jersey. Income has been growing slower in Salem County (3.8%/yr) than in New Jersey (4.6%/yr).
About 12% of adults in Salem County earn six figures ($100,000 or more) a year, lower than the New Jersey average of 19%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Salem County, New Jersey grew by 33.1% from 2009 to 2023, reaching $79,362 in 2023. That's an average of about 3.8% per year.
Economic Inequality in Salem County | Gender Pay Gap | Gini Coefficient
| Metric | Salem County | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.550 | 0.570 | 0.570 |
| Male Median Income | $70,006 | $85,325 | $67,746 |
| Female Median Income | $56,443 | $68,761 | $54,793 |
| Gender Pay Gap | 19.4% | 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 Salem County, it is 0.550, lower than New Jersey's 0.570, so income is more evenly distributed here than there.
Men's income is about 24% more than women's income in Salem County, New Jersey. Over a 35-year career, a 24% wage gap accumulates to roughly $474,705 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Salem County, New Jersey has narrowed from about 27% to 19% in 2023. In dollar terms, the gap has narrowed by $923 since 2009.
Employment
| Metric | Salem County | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.5% | 6.1% | 5.2% |
| Working from Home | 9.5% | 15.0% | 13.4% |
| Commute time (minutes) | 23 | 26 | 22 |
Approximately 2,380 people are unemployed in Salem County, New Jersey.
The average commute time in Salem County is 23 minutes, shorter than the 26 minutes in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Salem County, New Jersey has fallen from 11.0% to 7.5% in 2023.
Conclusion
Considering all these factors, Salem County, 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 Salem County, New Jersey.
How Rich Is Salem County, New Jersey?
Salem County 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 $79,362, about 22% lower than the New Jersey average of $101,200.
What is the current median household income in Salem County, New Jersey?
As of 2023, the median household income in Salem County, New Jersey is $79,362.
What was the median household income in Salem County in 2023?
In 2023, the median household income in Salem County, New Jersey was $79,362.
What was the median household income in Salem County in 2020?
In 2020, the median household income in Salem County, New Jersey was $65,306.
What is the Gini coefficient in Salem County, New Jersey?
The Gini coefficient in Salem County is 0.550. 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 Salem County, New Jersey?
Since 2009, the income gap between men and women in Salem County, New Jersey has narrowed from about 27% to 19% in 2023. In dollar terms, the gap has narrowed by $923 since 2009.