Wealth Index
Wealthier than 90% of states in US
The wealth index reflects the overall economic prosperity and financial well-being of a state's residents based on income levels, employment rates, and income inequality metrics.
Wealthiest and Least Wealthy Counties in New Jersey
- Hunterdon County (133% of U.S. avg)
- Morris County (130% of U.S. avg)
- Somerset County (130% of U.S. avg)
- Cumberland County (87% of U.S. avg)
- Passaic County (97% of U.S. avg)
- Essex County (98% of U.S. avg)
Ranked by the Map AI Wealth Index, which combines income, employment, and income inequality metrics.
Income Statistics Overview
| Metric | New Jersey | US Average |
|---|---|---|
| Median Household Income | $101,200 | $78,145 |
| Median Personal Income | $76,824 | $61,726 |
| Average income growth | 4.6% | 5.1% |
| Six-Figure Earners | 19.2% | 13.2% |
The median household income in New Jersey is about 30% higher than in US. Income has been growing slower in New Jersey (4.6%/yr) than in US (5.1%/yr).
About 19% of adults in New Jersey earn six figures ($100,000 or more) a year, higher than the US average of 13%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in New Jersey grew by 46.1% from 2009 to 2023, reaching $101,200 in 2023. That's an average of about 4.6% per year.
Economic Inequality in New Jersey | Gender Pay Gap | Gini Coefficient
| Metric | New Jersey | US Average |
|---|---|---|
| Gini Coefficient | 0.570 | 0.570 |
| Male Median Income | $85,325 | $67,746 |
| Female Median Income | $68,761 | $54,793 |
| Gender Pay Gap | 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 New Jersey, it is 0.570, about the same as US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 24% more than women's income in New Jersey. Over a 35-year career, a 24% wage gap accumulates to roughly $579,740 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in New Jersey has narrowed from about 24% to 19% in 2023. In dollar terms, the gap has widened by $2,601 since 2009.
Employment
| Metric | New Jersey | US Average |
|---|---|---|
| Unemployment Rate | 6.1% | 5.2% |
| Working from Home | 15.0% | 13.4% |
| Commute time (minutes) | 26 | 22 |
Approximately 304,775 people are unemployed in New Jersey.
The average commute time in New Jersey is 26 minutes, longer than the 22 minutes in US.
Unemployment Rate Over Time
Since 2011, the unemployment rate in New Jersey has fallen from 8.7% to 6.1% in 2023.
Conclusion
Considering all these factors, New Jersey has an overall wealth index grade of B, making it somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in New Jersey.
How Rich Is New Jersey?
New Jersey 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 $101,200, about 30% higher than the US average of $78,145.
What is the current median household income in New Jersey?
As of 2023, the median household income in New Jersey is $101,200.
What was the median household income in New Jersey in 2023?
In 2023, the median household income in New Jersey was $101,200.
What was the median household income in New Jersey in 2020?
In 2020, the median household income in New Jersey was $85,961.
What is the Gini coefficient in New Jersey?
The Gini coefficient in New Jersey is 0.570. 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 New Jersey?
Since 2009, the income gap between men and women in New Jersey has narrowed from about 24% to 19% in 2023. In dollar terms, the gap has widened by $2,601 since 2009.