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 County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $100,148 | $101,200 | $78,145 |
| Median Personal Income | $70,291 | $76,824 | $61,726 |
| Average income growth | 5.1% | 4.6% | 5.1% |
| Six-Figure Earners | 18.1% | 19.2% | 13.2% |
The median household income in Union County is about 1% lower than in New Jersey. Income has been growing faster in Union County (5.1%/yr) than in New Jersey (4.6%/yr).
About 18% of adults in Union 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 Union County, New Jersey grew by 50.5% from 2009 to 2023, reaching $100,148 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Union County | Gender Pay Gap | Gini Coefficient
| Metric | Union County | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.571 | 0.570 | 0.570 |
| Male Median Income | $74,850 | $85,325 | $67,746 |
| Female Median Income | $65,200 | $68,761 | $54,793 |
| Gender Pay Gap | 12.9% | 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 County, it is 0.571, about the same as New Jersey's 0.570, so income here is about as evenly distributed as there.
Men's income is about 15% more than women's income in Union County, New Jersey. Over a 35-year career, a 15% wage gap accumulates to roughly $337,750 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Union County, New Jersey has narrowed from about 20% to 13% in 2023. In dollar terms, the gap has narrowed by $846 since 2009.
Employment
| Metric | Union County | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.3% | 6.1% | 5.2% |
| Working from Home | 12.9% | 15.0% | 13.4% |
| Commute time (minutes) | 26 | 26 | 22 |
Approximately 19,747 people are unemployed in Union County, New Jersey.
The average commute time in Union County is 26 minutes, about the same as in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Union County, New Jersey has fallen from 9.6% to 6.3% in 2023.
Conclusion
Considering all these factors, Union 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 Union County, New Jersey.
How Wealthy Is Union County, New Jersey?
Union 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 $100,148, about 1% lower than the New Jersey average of $101,200.
What is the current median household income in Union County, New Jersey?
As of 2023, the median household income in Union County, New Jersey is $100,148.
What was the median household income in Union County in 2023?
In 2023, the median household income in Union County, New Jersey was $100,148.
What was the median household income in Union County in 2020?
In 2020, the median household income in Union County, New Jersey was $83,873.
What is the Gini coefficient in Union County, New Jersey?
The Gini coefficient in Union County is 0.571. 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 County, New Jersey?
Since 2009, the income gap between men and women in Union County, New Jersey has narrowed from about 20% to 13% in 2023. In dollar terms, the gap has narrowed by $846 since 2009.