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 | Union City | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $64,967 | $101,200 | $78,145 |
| Median Personal Income | $64,967 | $101,200 | $78,145 |
| Average income growth | 6.2% | 6.2% | 6.2% |
The median household income in Union City is about 36% lower than in New Jersey. Income has been growing faster in Union City (6.2%/yr) than in New Jersey (4.6%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Union City, New Jersey grew by 65.9% from 2009 to 2023, reaching $64,967 in 2023. That's an average of about 4.7% per year.
Economic Inequality in Union City | Gender Pay Gap | Gini Coefficient
| Metric | Union City | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.566 | 0.570 | 0.570 |
| Male Median Income | $51,736 | $85,325 | $67,746 |
| Female Median Income | $46,451 | $68,761 | $54,793 |
| Gender Pay Gap | 10.2% | 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 Union City, it is 0.566, 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 Union City, New Jersey.
Income by Sex Over Time
Since 2009, the income gap between men and women in Union City, New Jersey has narrowed from about 23% to 10% in 2023.
Employment
| Metric | Union City | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.5% | 6.1% | 5.2% |
| Working from Home | 7.2% | 15.0% | 13.4% |
| Commute time (minutes) | 31 | 26 | 22 |
The average commute time in Union City is 31 minutes, longer than the 26 minutes in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Union City, New Jersey has fallen from 11.6% to 8.5% in 2023.
Conclusion
Considering all these factors, Union City, New Jersey has an overall wealth index grade of D, making it somewhat worse than New Jersey, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Union City, New Jersey.
How Wealthy Is Union City, New Jersey?
Union City 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 $64,967, about 36% lower than the New Jersey average of $101,200.
What is the current median household income in Union City, New Jersey?
As of 2023, the median household income in Union City, New Jersey is $64,967.
What was the median household income in Union City in 2023?
In 2023, the median household income in Union City, New Jersey was $64,967.
What was the median household income in Union City in 2020?
In 2020, the median household income in Union City, New Jersey was $49,685.
What is the Gini coefficient in Union City, New Jersey?
The Gini coefficient in Union City is 0.566. 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 Union City, New Jersey?
Since 2009, the income gap between men and women in Union City, New Jersey has narrowed from about 23% to 10% in 2023.