Wealth Index
Wealthiest county in Nevada
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 | Elko County | Nevada Avg | US Average |
|---|---|---|---|
| Median Household Income | $83,822 | $75,608 | $78,145 |
| Median Personal Income | $64,323 | $55,569 | $61,726 |
| Average income growth | 1.7% | 5.1% | 5.1% |
| Six-Figure Earners | 13.5% | 11.0% | 13.2% |
The median household income in Elko County is about 11% higher than in Nevada. Income has been growing slower in Elko County (1.7%/yr) than in Nevada (5.1%/yr).
About 14% of adults in Elko County earn six figures ($100,000 or more) a year, higher than the Nevada average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Elko County, Nevada grew by 33.0% from 2009 to 2023, reaching $83,822 in 2023. That's an average of about 1.7% per year.
Economic Inequality in Elko County | Gender Pay Gap | Gini Coefficient
| Metric | Elko County | Nevada Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.547 | 0.552 | 0.570 |
| Male Median Income | $78,859 | $60,195 | $67,746 |
| Female Median Income | $46,709 | $50,957 | $54,793 |
| Gender Pay Gap | 40.8% | 15.3% | 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 Elko County, it is 0.547, lower than Nevada's 0.552, 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 69% more than women's income in Elko County, Nevada. Over a 35-year career, a 69% wage gap accumulates to roughly $1,125,250 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Elko County, Nevada has widened from about 40% to 41% in 2023. In dollar terms, the gap has widened by $9,864 since 2009.
Employment
| Metric | Elko County | Nevada Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.2% | 6.8% | 5.2% |
| Working from Home | 5.8% | 10.5% | 13.4% |
| Commute time (minutes) | 17 | 22 | 22 |
Approximately 1,182 people are unemployed in Elko County, Nevada.
The average commute time in Elko County is 17 minutes, shorter than the 22 minutes in Nevada.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Elko County, Nevada has fallen from 4.8% to 4.2% in 2023.
Conclusion
Considering all these factors, Elko County, Nevada has an overall wealth index grade of B, making it somewhat better than Nevada, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Elko County, Nevada.
How Wealthy Is Elko County, Nevada?
Elko County has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $83,822, about 11% higher than the Nevada average of $75,608.
What is the current median household income in Elko County, Nevada?
As of 2023, the median household income in Elko County, Nevada is $83,822.
What was the median household income in Elko County in 2023?
In 2023, the median household income in Elko County, Nevada was $83,822.
What was the median household income in Elko County in 2020?
In 2020, the median household income in Elko County, Nevada was $80,480.
What is the Gini coefficient in Elko County, Nevada?
The Gini coefficient in Elko County is 0.547. 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 Elko County, Nevada?
Since 2009, the income gap between men and women in Elko County, Nevada has widened from about 40% to 41% in 2023. In dollar terms, the gap has widened by $9,864 since 2009.