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 | Torrance County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Household Income | $45,739 | $62,378 | $78,145 |
| Median Personal Income | $42,919 | $53,658 | $61,726 |
| Average income growth | 5.4% | 4.6% | 5.1% |
| Six-Figure Earners | 3.8% | 9.5% | 13.2% |
The median household income in Torrance County is about 27% lower than in New Mexico. Income has been growing faster in Torrance County (5.4%/yr) than in New Mexico (4.6%/yr).
About 4% of adults in Torrance 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 Torrance County, New Mexico grew by 30.2% from 2009 to 2023, reaching $45,739 in 2023. That's an average of about 5.4% per year.
Economic Inequality in Torrance County | Gender Pay Gap | Gini Coefficient
| Metric | Torrance County | New Mexico Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.579 | 0.582 | 0.570 |
| Male Median Income | $43,564 | $58,181 | $67,746 |
| Female Median Income | $41,817 | $48,923 | $54,793 |
| Gender Pay Gap | 4.0% | 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 Torrance County, it is 0.579, about the same as New Mexico's 0.582, so income here is about as evenly distributed as there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 4% more than women's income in Torrance County, New Mexico. Over a 35-year career, a 4% wage gap accumulates to roughly $61,145 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Torrance County, New Mexico has narrowed from about 26% to 4% in 2023. In dollar terms, the gap has narrowed by $7,962 since 2009.
Employment
| Metric | Torrance County | New Mexico Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 11.6% | 5.9% | 5.2% |
| Working from Home | 11.5% | 11.0% | 13.4% |
| Commute time (minutes) | 33 | 18 | 22 |
Approximately 721 people are unemployed in Torrance County, New Mexico.
The average commute time in Torrance County is 33 minutes, longer than the 18 minutes in New Mexico.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Torrance County, New Mexico has fallen from 14.4% to 11.6% in 2023.
Conclusion
Considering all these factors, Torrance 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 Torrance County, New Mexico.
How Rich Is Torrance County, New Mexico?
Torrance 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 $45,739, about 27% lower than the New Mexico average of $62,378.
What is the current median household income in Torrance County, New Mexico?
As of 2023, the median household income in Torrance County, New Mexico is $45,739.
What was the median household income in Torrance County in 2023?
In 2023, the median household income in Torrance County, New Mexico was $45,739.
What was the median household income in Torrance County in 2020?
In 2020, the median household income in Torrance County, New Mexico was $39,290.
What is the Gini coefficient in Torrance County, New Mexico?
The Gini coefficient in Torrance County is 0.579. 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 Torrance County, New Mexico?
Since 2009, the income gap between men and women in Torrance County, New Mexico has narrowed from about 26% to 4% in 2023. In dollar terms, the gap has narrowed by $7,962 since 2009.