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 | Somerset County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $136,053 | $101,200 | $78,145 |
| Median Personal Income | $94,659 | $76,824 | $61,726 |
| Average income growth | 4.0% | 4.6% | 5.1% |
| Six-Figure Earners | 27.2% | 19.2% | 13.2% |
The median household income in Somerset County is about 34% higher than in New Jersey. Income has been growing slower in Somerset County (4.0%/yr) than in New Jersey (4.6%/yr).
About 27% of adults in Somerset 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 Somerset County, New Jersey grew by 41.1% from 2009 to 2023, reaching $136,053 in 2023. That's an average of about 4.0% per year.
Economic Inequality in Somerset County | Gender Pay Gap | Gini Coefficient
| Metric | Somerset County | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.552 | 0.570 | 0.570 |
| Male Median Income | $106,787 | $85,325 | $67,746 |
| Female Median Income | $82,183 | $68,761 | $54,793 |
| Gender Pay Gap | 23.0% | 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 Somerset County, it is 0.552, lower than New Jersey's 0.570, so income is more evenly distributed here than there.
Men's income is about 30% more than women's income in Somerset County, New Jersey. Over a 35-year career, a 30% wage gap accumulates to roughly $861,140 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Somerset County, New Jersey has narrowed from about 24% to 23% in 2023. In dollar terms, the gap has widened by $6,216 since 2009.
Employment
| Metric | Somerset County | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.8% | 6.1% | 5.2% |
| Working from Home | 20.5% | 15.0% | 13.4% |
| Commute time (minutes) | 27 | 26 | 22 |
Approximately 9,380 people are unemployed in Somerset County, New Jersey.
The average commute time in Somerset County is 27 minutes, longer than the 26 minutes in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Somerset County, New Jersey has fallen from 6.4% to 4.8% in 2023.
Conclusion
Considering all these factors, Somerset 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 Somerset County, New Jersey.
How Rich Is Somerset County, New Jersey?
Somerset 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 $136,053, about 34% higher than the New Jersey average of $101,200.
What is the current median household income in Somerset County, New Jersey?
As of 2023, the median household income in Somerset County, New Jersey is $136,053.
What was the median household income in Somerset County in 2023?
In 2023, the median household income in Somerset County, New Jersey was $136,053.
What was the median household income in Somerset County in 2020?
In 2020, the median household income in Somerset County, New Jersey was $116,765.
What is the Gini coefficient in Somerset County, New Jersey?
The Gini coefficient in Somerset County is 0.552. 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 Somerset County, New Jersey?
Since 2009, the income gap between men and women in Somerset County, New Jersey has narrowed from about 24% to 23% in 2023. In dollar terms, the gap has widened by $6,216 since 2009.