Wealth Index
Among the 5 least wealthy counties 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 | Nye County | Nevada Avg | US Average |
|---|---|---|---|
| Median Household Income | $56,587 | $75,608 | $78,145 |
| Median Personal Income | $57,358 | $55,569 | $61,726 |
| Average income growth | 3.8% | 5.1% | 5.1% |
| Six-Figure Earners | 7.5% | 11.0% | 13.2% |
The median household income in Nye County is about 25% lower than in Nevada. Income has been growing slower in Nye County (3.8%/yr) than in Nevada (5.1%/yr).
About 7% of adults in Nye County earn six figures ($100,000 or more) a year, lower than the Nevada average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Nye County, Nevada grew by 29.5% from 2009 to 2023, reaching $56,587 in 2023. That's an average of about 3.8% per year.
Economic Inequality in Nye County | Gender Pay Gap | Gini Coefficient
| Metric | Nye County | Nevada Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.556 | 0.552 | 0.570 |
| Male Median Income | $58,676 | $60,195 | $67,746 |
| Female Median Income | $56,159 | $50,957 | $54,793 |
| Gender Pay Gap | 4.3% | 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 Nye County, it is 0.556, about the same as Nevada's 0.552, so income here is about as evenly distributed as there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 4% more than women's income in Nye County, Nevada. Over a 35-year career, a 4% wage gap accumulates to roughly $88,095 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Nye County, Nevada has narrowed from about 25% to 4% in 2023. In dollar terms, the gap has narrowed by $8,738 since 2009.
Employment
| Metric | Nye County | Nevada Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 9.5% | 6.8% | 5.2% |
| Working from Home | 9.9% | 10.5% | 13.4% |
| Commute time (minutes) | 16 | 22 | 22 |
Approximately 1,782 people are unemployed in Nye County, Nevada.
The average commute time in Nye County is 16 minutes, shorter than the 22 minutes in Nevada.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Nye County, Nevada has fallen from 15.6% to 9.5% in 2023.
Conclusion
Considering all these factors, Nye County, Nevada has an overall wealth index grade of D, making it somewhat worse than Nevada, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Nye County, Nevada.
How Rich Is Nye County, Nevada?
Nye 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 $56,587, about 25% lower than the Nevada average of $75,608.
What is the current median household income in Nye County, Nevada?
As of 2023, the median household income in Nye County, Nevada is $56,587.
What was the median household income in Nye County in 2023?
In 2023, the median household income in Nye County, Nevada was $56,587.
What was the median household income in Nye County in 2020?
In 2020, the median household income in Nye County, Nevada was $47,391.
What is the Gini coefficient in Nye County, Nevada?
The Gini coefficient in Nye County is 0.556. 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 Nye County, Nevada?
Since 2009, the income gap between men and women in Nye County, Nevada has narrowed from about 25% to 4% in 2023. In dollar terms, the gap has narrowed by $8,738 since 2009.