Wealth Index
Wealthier than 84% of counties in New Mexico
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 | Lea County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Household Income | $68,054 | $62,378 | $78,145 |
| Median Personal Income | $62,440 | $53,658 | $61,726 |
| Average income growth | 2.3% | 4.6% | 5.1% |
| Six-Figure Earners | 11.0% | 9.5% | 13.2% |
The median household income in Lea County is about 9% higher than in New Mexico. Income has been growing slower in Lea County (2.3%/yr) than in New Mexico (4.6%/yr).
About 11% of adults in Lea County earn six figures ($100,000 or more) a year, higher than the New Mexico average of 9%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Lea County, New Mexico grew by 59.3% from 2009 to 2023, reaching $68,054 in 2023. That's an average of about 2.3% per year.
Economic Inequality in Lea County | Gender Pay Gap | Gini Coefficient
| Metric | Lea County | New Mexico Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.605 | 0.582 | 0.570 |
| Male Median Income | $70,299 | $58,181 | $67,746 |
| Female Median Income | $42,964 | $48,923 | $54,793 |
| Gender Pay Gap | 38.9% | 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 Lea County, it is 0.605, higher than New Mexico's 0.582, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 64% more than women's income in Lea County, New Mexico. Over a 35-year career, a 64% wage gap accumulates to roughly $956,725 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lea County, New Mexico has narrowed from about 40% to 39% in 2023. In dollar terms, the gap has widened by $9,371 since 2009.
Employment
| Metric | Lea County | New Mexico Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.0% | 5.9% | 5.2% |
| Working from Home | 3.7% | 11.0% | 13.4% |
| Commute time (minutes) | 13 | 18 | 22 |
Approximately 2,333 people are unemployed in Lea County, New Mexico.
The average commute time in Lea County is 13 minutes, shorter than the 18 minutes in New Mexico.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lea County, New Mexico has fallen from 7.6% to 7.0% in 2023.
Conclusion
Considering all these factors, Lea County, New Mexico has an overall wealth index grade of C, making it somewhat better than New Mexico, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lea County, New Mexico.
How Rich Is Lea County, New Mexico?
Lea County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $68,054, about 9% higher than the New Mexico average of $62,378.
What is the current median household income in Lea County, New Mexico?
As of 2023, the median household income in Lea County, New Mexico is $68,054.
What was the median household income in Lea County in 2023?
In 2023, the median household income in Lea County, New Mexico was $68,054.
What was the median household income in Lea County in 2020?
In 2020, the median household income in Lea County, New Mexico was $62,058.
What is the Gini coefficient in Lea County, New Mexico?
The Gini coefficient in Lea County is 0.605. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Lea County, New Mexico?
Since 2009, the income gap between men and women in Lea County, New Mexico has narrowed from about 40% to 39% in 2023. In dollar terms, the gap has widened by $9,371 since 2009.