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 | New York | New York Avg | US Average |
|---|---|---|---|
| Median Household Income | $79,999 | $85,191 | $78,145 |
| Median Personal Income | $79,999 | $85,191 | $78,145 |
| Average income growth | 5.3% | 5.3% | 5.3% |
The median household income in New York is about 6% lower than in New York. Income has been growing faster in New York (5.3%/yr) than in New York (4.9%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in New York, New York grew by 59.3% from 2009 to 2023, reaching $79,999 in 2023. That's an average of about 4.2% per year.
Economic Inequality in New York | Gender Pay Gap | Gini Coefficient
| Metric | New York | New York Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.596 | 0.576 | 0.570 |
| Male Median Income | $74,037 | $75,380 | $67,746 |
| Female Median Income | $69,214 | $65,850 | $54,793 |
| Gender Pay Gap | 6.5% | 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 New York, it is 0.596, higher than New York's 0.576, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 7% more than women's income in New York, New York.
Income by Sex Over Time
The income gap between men and women in New York, New York has stayed about the same since 2009, at around 7%.
Employment
| Metric | New York | New York Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.7% | 6.2% | 5.2% |
| Working from Home | 15.0% | 13.4% | 13.4% |
| Commute time (minutes) | 37 | 28 | 22 |
The average commute time in New York is 37 minutes, longer than the 28 minutes in New York.
Unemployment Rate Over Time
Since 2011, the unemployment rate in New York, New York has fallen from 9.5% to 7.7% in 2023.
Conclusion
Considering all these factors, New York, New York has an overall wealth index grade of C, making it about on par with New York, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in New York, New York.
How Rich Is New York, New York?
New York has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $79,999, about 6% lower than the New York average of $85,191.
What is the current median household income in New York, New York?
As of 2023, the median household income in New York, New York is $79,999.
What was the median household income in New York in 2023?
In 2023, the median household income in New York, New York was $79,999.
What was the median household income in New York in 2020?
In 2020, the median household income in New York, New York was $67,622.
What is the Gini coefficient in New York, New York?
The Gini coefficient in New York is 0.596. 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 New York, New York?
The income gap between men and women in New York, New York has stayed about the same since 2009, at around 7%.