Wealth Index
Among the top 5 wealthiest 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 | Sandoval County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Household Income | $83,271 | $62,378 | $78,145 |
| Median Personal Income | $61,486 | $53,658 | $61,726 |
| Average income growth | 4.9% | 4.6% | 5.1% |
| Six-Figure Earners | 11.8% | 9.5% | 13.2% |
The median household income in Sandoval County is about 33% higher than in New Mexico. Income has been growing faster in Sandoval County (4.9%/yr) than in New Mexico (4.6%/yr).
About 12% of adults in Sandoval 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 Sandoval County, New Mexico grew by 46.0% from 2009 to 2023, reaching $83,271 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Sandoval County | Gender Pay Gap | Gini Coefficient
| Metric | Sandoval County | New Mexico Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.565 | 0.582 | 0.570 |
| Male Median Income | $67,028 | $58,181 | $67,746 |
| Female Median Income | $55,129 | $48,923 | $54,793 |
| Gender Pay Gap | 17.8% | 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 Sandoval County, it is 0.565, 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 22% more than women's income in Sandoval County, New Mexico. Over a 35-year career, a 22% wage gap accumulates to roughly $416,465 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Sandoval County, New Mexico has narrowed from about 27% to 18% in 2023. In dollar terms, the gap has narrowed by $960 since 2009.
Employment
| Metric | Sandoval County | New Mexico Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.4% | 5.9% | 5.2% |
| Working from Home | 15.0% | 11.0% | 13.4% |
| Commute time (minutes) | 30 | 18 | 22 |
Approximately 3,873 people are unemployed in Sandoval County, New Mexico.
The average commute time in Sandoval County is 30 minutes, longer than the 18 minutes in New Mexico.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Sandoval County, New Mexico has fallen from 7.5% to 5.4% in 2023.
Conclusion
Considering all these factors, Sandoval 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 Sandoval County, New Mexico.
How Rich Is Sandoval County, New Mexico?
Sandoval 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 $83,271, about 33% higher than the New Mexico average of $62,378.
What is the current median household income in Sandoval County, New Mexico?
As of 2023, the median household income in Sandoval County, New Mexico is $83,271.
What was the median household income in Sandoval County in 2023?
In 2023, the median household income in Sandoval County, New Mexico was $83,271.
What was the median household income in Sandoval County in 2020?
In 2020, the median household income in Sandoval County, New Mexico was $65,241.
What is the Gini coefficient in Sandoval County, New Mexico?
The Gini coefficient in Sandoval County is 0.565. 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 Sandoval County, New Mexico?
Since 2009, the income gap between men and women in Sandoval County, New Mexico has narrowed from about 27% to 18% in 2023. In dollar terms, the gap has narrowed by $960 since 2009.