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 | Chaves County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Household Income | $52,796 | $62,378 | $78,145 |
| Median Personal Income | $45,972 | $53,658 | $61,726 |
| Average income growth | 3.5% | 4.6% | 5.1% |
| Six-Figure Earners | 6.4% | 9.5% | 13.2% |
The median household income in Chaves County is about 15% lower than in New Mexico. Income has been growing slower in Chaves County (3.5%/yr) than in New Mexico (4.6%/yr).
About 6% of adults in Chaves County earn six figures ($100,000 or more) a year, lower than the New Mexico average of 9%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Chaves County, New Mexico grew by 44.3% from 2009 to 2023, reaching $52,796 in 2023. That's an average of about 3.5% per year.
Economic Inequality in Chaves County | Gender Pay Gap | Gini Coefficient
| Metric | Chaves County | New Mexico Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.566 | 0.582 | 0.570 |
| Male Median Income | $49,454 | $58,181 | $67,746 |
| Female Median Income | $42,741 | $48,923 | $54,793 |
| Gender Pay Gap | 13.6% | 15.9% | 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 Chaves County, it is 0.566, lower than New Mexico's 0.582, so income is more evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 16% more than women's income in Chaves County, New Mexico. Over a 35-year career, a 16% wage gap accumulates to roughly $234,955 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Chaves County, New Mexico has narrowed from about 30% to 14% in 2023. In dollar terms, the gap has narrowed by $4,312 since 2009.
Employment
| Metric | Chaves County | New Mexico Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.6% | 5.9% | 5.2% |
| Working from Home | 5.0% | 11.0% | 13.4% |
| Commute time (minutes) | 15 | 18 | 22 |
Approximately 1,576 people are unemployed in Chaves County, New Mexico.
The average commute time in Chaves County is 15 minutes, shorter than the 18 minutes in New Mexico.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Chaves County, New Mexico has fallen from 5.8% to 5.6% in 2023.
Conclusion
Considering all these factors, Chaves County, New Mexico has an overall wealth index grade of D, making it about on par with New Mexico, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Chaves County, New Mexico.
How Rich Is Chaves County, New Mexico?
Chaves County 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 $52,796, about 15% lower than the New Mexico average of $62,378.
What is the current median household income in Chaves County, New Mexico?
As of 2023, the median household income in Chaves County, New Mexico is $52,796.
What was the median household income in Chaves County in 2023?
In 2023, the median household income in Chaves County, New Mexico was $52,796.
What was the median household income in Chaves County in 2020?
In 2020, the median household income in Chaves County, New Mexico was $46,769.
What is the Gini coefficient in Chaves County, New Mexico?
The Gini coefficient in Chaves County 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 Chaves County, New Mexico?
Since 2009, the income gap between men and women in Chaves County, New Mexico has narrowed from about 30% to 14% in 2023. In dollar terms, the gap has narrowed by $4,312 since 2009.