Wealth Index
Wealthier than 75% 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 | Taos County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Household Income | $58,119 | $62,378 | $78,145 |
| Median Personal Income | $50,858 | $53,658 | $61,726 |
| Average income growth | 7.5% | 4.6% | 5.1% |
| Six-Figure Earners | 10.6% | 9.5% | 13.2% |
The median household income in Taos County is about 7% lower than in New Mexico. Income has been growing faster in Taos County (7.5%/yr) than in New Mexico (4.6%/yr).
About 11% of adults in Taos 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 Taos County, New Mexico grew by 62.2% from 2009 to 2023, reaching $58,119 in 2023. That's an average of about 7.5% per year.
Economic Inequality in Taos County | Gender Pay Gap | Gini Coefficient
| Metric | Taos County | New Mexico Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.555 | 0.582 | 0.570 |
| Male Median Income | $53,440 | $58,181 | $67,746 |
| Female Median Income | $47,430 | $48,923 | $54,793 |
| Gender Pay Gap | 11.2% | 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 Taos County, it is 0.555, 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.
Men's income is about 13% more than women's income in Taos County, New Mexico. Over a 35-year career, a 13% wage gap accumulates to roughly $210,350 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Taos County, New Mexico has narrowed from about 23% to 11% in 2023. In dollar terms, the gap has narrowed by $2,020 since 2009.
Employment
| Metric | Taos County | New Mexico Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.0% | 5.9% | 5.2% |
| Working from Home | 17.4% | 11.0% | 13.4% |
| Commute time (minutes) | 18 | 18 | 22 |
Approximately 780 people are unemployed in Taos County, New Mexico.
The average commute time in Taos County is 18 minutes, about the same as in New Mexico.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Taos County, New Mexico has fallen from 12.3% to 5.0% in 2023.
Conclusion
Considering all these factors, Taos 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 Taos County, New Mexico.
How Rich Is Taos County, New Mexico?
Taos 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 $58,119, about 7% lower than the New Mexico average of $62,378.
What is the current median household income in Taos County, New Mexico?
As of 2023, the median household income in Taos County, New Mexico is $58,119.
What was the median household income in Taos County in 2023?
In 2023, the median household income in Taos County, New Mexico was $58,119.
What was the median household income in Taos County in 2020?
In 2020, the median household income in Taos County, New Mexico was $41,463.
What is the Gini coefficient in Taos County, New Mexico?
The Gini coefficient in Taos County is 0.555. 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 Taos County, New Mexico?
Since 2009, the income gap between men and women in Taos County, New Mexico has narrowed from about 23% to 11% in 2023. In dollar terms, the gap has narrowed by $2,020 since 2009.