Wealth Index
Less wealthy than 81% 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 | San Miguel County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Household Income | $46,346 | $62,378 | $78,145 |
| Median Personal Income | $49,056 | $53,658 | $61,726 |
| Average income growth | 8.0% | 4.6% | 5.1% |
| Six-Figure Earners | 5.1% | 9.5% | 13.2% |
The median household income in San Miguel County is about 26% lower than in New Mexico. Income has been growing faster in San Miguel County (8.0%/yr) than in New Mexico (4.6%/yr).
About 5% of adults in San Miguel 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 San Miguel County, New Mexico grew by 50.8% from 2009 to 2023, reaching $46,346 in 2023. That's an average of about 8.0% per year.
Economic Inequality in San Miguel County | Gender Pay Gap | Gini Coefficient
| Metric | San Miguel County | New Mexico Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.575 | 0.582 | 0.570 |
| Male Median Income | $48,691 | $58,181 | $67,746 |
| Female Median Income | $49,593 | $48,923 | $54,793 |
| Gender Pay Gap | -1.9% | 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 San Miguel County, it is 0.575, lower than New Mexico's 0.582, so income is more evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Women's income is about 2% more than men's income in San Miguel County, New Mexico. Over a 35-year career, a 2% wage gap accumulates to roughly $31,570 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in San Miguel County, New Mexico has narrowed from about 23% to -2% in 2023. In dollar terms, the gap has narrowed by $9,429 since 2009.
Employment
| Metric | San Miguel County | New Mexico Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.3% | 5.9% | 5.2% |
| Working from Home | 12.0% | 11.0% | 13.4% |
| Commute time (minutes) | 13 | 18 | 22 |
Approximately 619 people are unemployed in San Miguel County, New Mexico.
The average commute time in San Miguel County is 13 minutes, shorter than the 18 minutes in New Mexico.
Unemployment Rate Over Time
Since 2011, the unemployment rate in San Miguel County, New Mexico has fallen from 10.2% to 5.3% in 2023.
Conclusion
Considering all these factors, San Miguel County, New Mexico has an overall wealth index grade of D, making it somewhat worse than New Mexico, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in San Miguel County, New Mexico.
How Rich Is San Miguel County, New Mexico?
San Miguel 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 $46,346, about 26% lower than the New Mexico average of $62,378.
What is the current median household income in San Miguel County, New Mexico?
As of 2023, the median household income in San Miguel County, New Mexico is $46,346.
What was the median household income in San Miguel County in 2023?
In 2023, the median household income in San Miguel County, New Mexico was $46,346.
What was the median household income in San Miguel County in 2020?
In 2020, the median household income in San Miguel County, New Mexico was $32,952.
What is the Gini coefficient in San Miguel County, New Mexico?
The Gini coefficient in San Miguel County is 0.575. 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 San Miguel County, New Mexico?
Since 2009, the income gap between men and women in San Miguel County, New Mexico has narrowed from about 23% to -2% in 2023. In dollar terms, the gap has narrowed by $9,429 since 2009.