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 | Sierra County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Household Income | $37,489 | $62,378 | $78,145 |
| Median Personal Income | $40,430 | $53,658 | $61,726 |
| Average income growth | 3.5% | 4.6% | 5.1% |
| Six-Figure Earners | 1.8% | 9.5% | 13.2% |
The median household income in Sierra County is about 40% lower than in New Mexico. Income has been growing slower in Sierra County (3.5%/yr) than in New Mexico (4.6%/yr).
About 2% of adults in Sierra 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 Sierra County, New Mexico grew by 45.7% from 2009 to 2023, reaching $37,489 in 2023. That's an average of about 3.5% per year.
Economic Inequality in Sierra County | Gender Pay Gap | Gini Coefficient
| Metric | Sierra County | New Mexico Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.531 | 0.582 | 0.570 |
| Male Median Income | $39,196 | $58,181 | $67,746 |
| Female Median Income | $41,874 | $48,923 | $54,793 |
| Gender Pay Gap | -6.8% | 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 Sierra County, it is 0.531, lower than New Mexico's 0.582, so income is more evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Women's income is about 7% more than men's income in Sierra County, New Mexico. Over a 35-year career, a 7% wage gap accumulates to roughly $93,730 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Sierra County, New Mexico has narrowed from about 19% to -7% in 2023. In dollar terms, the gap has narrowed by $8,683 since 2009.
Employment
| Metric | Sierra County | New Mexico Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.6% | 5.9% | 5.2% |
| Working from Home | 7.2% | 11.0% | 13.4% |
| Commute time (minutes) | 10 | 18 | 22 |
Approximately 128 people are unemployed in Sierra County, New Mexico.
The average commute time in Sierra County is 10 minutes, shorter than the 18 minutes in New Mexico.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Sierra County, New Mexico has fallen from 5.4% to 3.6% in 2023.
Conclusion
Considering all these factors, Sierra 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 Sierra County, New Mexico.
How Rich Is Sierra County, New Mexico?
Sierra 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 $37,489, about 40% lower than the New Mexico average of $62,378.
What is the current median household income in Sierra County, New Mexico?
As of 2023, the median household income in Sierra County, New Mexico is $37,489.
What was the median household income in Sierra County in 2023?
In 2023, the median household income in Sierra County, New Mexico was $37,489.
What was the median household income in Sierra County in 2020?
In 2020, the median household income in Sierra County, New Mexico was $34,061.
What is the Gini coefficient in Sierra County, New Mexico?
The Gini coefficient in Sierra County is 0.531. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Sierra County, New Mexico?
Since 2009, the income gap between men and women in Sierra County, New Mexico has narrowed from about 19% to -7% in 2023. In dollar terms, the gap has narrowed by $8,683 since 2009.