Wealth Index
Among the top 5 wealthiest 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 | Storey County | Nevada Avg | US Average |
|---|---|---|---|
| Median Household Income | $95,520 | $75,608 | $78,145 |
| Median Personal Income | $67,573 | $55,569 | $61,726 |
| Average income growth | 5.8% | 5.1% | 5.1% |
| Six-Figure Earners | 11.3% | 11.0% | 13.2% |
The median household income in Storey County is about 26% higher than in Nevada. Income has been growing faster in Storey County (5.8%/yr) than in Nevada (5.1%/yr).
About 11% of adults in Storey County earn six figures ($100,000 or more) a year, about the same as the Nevada average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Storey County, Nevada grew by 56.7% from 2009 to 2023, reaching $95,520 in 2023. That's an average of about 5.8% per year.
Economic Inequality in Storey County | Gender Pay Gap | Gini Coefficient
| Metric | Storey County | Nevada Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.516 | 0.552 | 0.570 |
| Male Median Income | $64,231 | $60,195 | $67,746 |
| Female Median Income | $80,307 | $50,957 | $54,793 |
| Gender Pay Gap | -25.0% | 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 Storey County, it is 0.516, 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.
Women's income is about 25% more than men's income in Storey County, Nevada. Over a 35-year career, a 25% wage gap accumulates to roughly $562,660 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Storey County, Nevada has narrowed from about 34% to -25% in 2023. In dollar terms, the gap has narrowed by $34,376 since 2009.
Employment
| Metric | Storey County | Nevada Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.7% | 6.8% | 5.2% |
| Working from Home | 13.0% | 10.5% | 13.4% |
| Commute time (minutes) | 32 | 22 | 22 |
Approximately 118 people are unemployed in Storey County, Nevada.
The average commute time in Storey County is 32 minutes, longer than the 22 minutes in Nevada.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Storey County, Nevada has fallen from 18.3% to 6.7% in 2023.
Conclusion
Considering all these factors, Storey 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 Storey County, Nevada.
How Rich Is Storey County, Nevada?
Storey 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 $95,520, about 26% higher than the Nevada average of $75,608.
What is the current median household income in Storey County, Nevada?
As of 2023, the median household income in Storey County, Nevada is $95,520.
What was the median household income in Storey County in 2023?
In 2023, the median household income in Storey County, Nevada was $95,520.
What was the median household income in Storey County in 2020?
In 2020, the median household income in Storey County, Nevada was $66,301.
What is the Gini coefficient in Storey County, Nevada?
The Gini coefficient in Storey County is 0.516. 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 Storey County, Nevada?
Since 2009, the income gap between men and women in Storey County, Nevada has narrowed from about 34% to -25% in 2023. In dollar terms, the gap has narrowed by $34,376 since 2009.