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 | Erie County | New York Avg | US Average |
|---|---|---|---|
| Median Household Income | $71,241 | $85,191 | $78,145 |
| Median Personal Income | $63,238 | $70,822 | $61,726 |
| Average income growth | 4.3% | 4.9% | 5.1% |
| Six-Figure Earners | 11.4% | 16.1% | 13.2% |
The median household income in Erie County is about 16% lower than in New York. Income has been growing slower in Erie County (4.3%/yr) than in New York (4.9%/yr).
About 11% of adults in Erie County earn six figures ($100,000 or more) a year, lower than the New York average of 16%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Erie County, New York grew by 52.9% from 2009 to 2023, reaching $71,241 in 2023. That's an average of about 4.3% per year.
Economic Inequality in Erie County | Gender Pay Gap | Gini Coefficient
| Metric | Erie County | New York Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.532 | 0.576 | 0.570 |
| Male Median Income | $68,276 | $75,380 | $67,746 |
| Female Median Income | $57,933 | $65,850 | $54,793 |
| Gender Pay Gap | 15.1% | 12.6% | 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 Erie County, it is 0.532, lower than New York's 0.576, 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 18% more than women's income in Erie County, New York. Over a 35-year career, a 18% wage gap accumulates to roughly $362,005 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Erie County, New York has narrowed from about 26% to 15% in 2023. In dollar terms, the gap has narrowed by $2,175 since 2009.
Employment
| Metric | Erie County | New York Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.8% | 6.2% | 5.2% |
| Working from Home | 11.4% | 13.4% | 13.4% |
| Commute time (minutes) | 20 | 28 | 22 |
Approximately 23,640 people are unemployed in Erie County, New York.
The average commute time in Erie County is 20 minutes, shorter than the 28 minutes in New York.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Erie County, New York has fallen from 8.0% to 4.8% in 2023.
Conclusion
Considering all these factors, Erie County, New York has an overall wealth index grade of B, making it about on par with New York, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Erie County, New York.
How Wealthy Is Erie County, New York?
Erie 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 $71,241, about 16% lower than the New York average of $85,191.
What is the current median household income in Erie County, New York?
As of 2023, the median household income in Erie County, New York is $71,241.
What was the median household income in Erie County in 2023?
In 2023, the median household income in Erie County, New York was $71,241.
What was the median household income in Erie County in 2020?
In 2020, the median household income in Erie County, New York was $59,534.
What is the Gini coefficient in Erie County, New York?
The Gini coefficient in Erie County is 0.532. 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 Erie County, New York?
Since 2009, the income gap between men and women in Erie County, New York has narrowed from about 26% to 15% in 2023. In dollar terms, the gap has narrowed by $2,175 since 2009.