Wealth Index
Among the top 5 wealthiest counties in New York
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 | Saratoga County | New York Avg | US Average |
|---|---|---|---|
| Median Household Income | $99,770 | $85,191 | $78,145 |
| Median Personal Income | $76,522 | $70,822 | $61,726 |
| Average income growth | 4.4% | 4.9% | 5.1% |
| Six-Figure Earners | 18.7% | 16.1% | 13.2% |
The median household income in Saratoga County is about 17% higher than in New York. Income has been growing slower in Saratoga County (4.4%/yr) than in New York (4.9%/yr).
About 19% of adults in Saratoga County earn six figures ($100,000 or more) a year, higher than the New York average of 16%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Saratoga County, New York grew by 52.5% from 2009 to 2023, reaching $99,770 in 2023. That's an average of about 4.4% per year.
Economic Inequality in Saratoga County | Gender Pay Gap | Gini Coefficient
| Metric | Saratoga County | New York Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.523 | 0.576 | 0.570 |
| Male Median Income | $86,763 | $75,380 | $67,746 |
| Female Median Income | $66,275 | $65,850 | $54,793 |
| Gender Pay Gap | 23.6% | 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 Saratoga County, it is 0.523, 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 31% more than women's income in Saratoga County, New York. Over a 35-year career, a 31% wage gap accumulates to roughly $717,080 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Saratoga County, New York has narrowed from about 26% to 24% in 2023. In dollar terms, the gap has widened by $5,799 since 2009.
Employment
| Metric | Saratoga County | New York Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.1% | 6.2% | 5.2% |
| Working from Home | 15.7% | 13.4% | 13.4% |
| Commute time (minutes) | 22 | 28 | 22 |
Approximately 3,987 people are unemployed in Saratoga County, New York.
The average commute time in Saratoga County is 22 minutes, shorter than the 28 minutes in New York.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Saratoga County, New York has fallen from 5.3% to 3.1% in 2023.
Conclusion
Considering all these factors, Saratoga County, New York has an overall wealth index grade of B, making it somewhat better than New York, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Saratoga County, New York.
How Rich Is Saratoga County, New York?
Saratoga 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 $99,770, about 17% higher than the New York average of $85,191.
What is the current median household income in Saratoga County, New York?
As of 2023, the median household income in Saratoga County, New York is $99,770.
What was the median household income in Saratoga County in 2023?
In 2023, the median household income in Saratoga County, New York was $99,770.
What was the median household income in Saratoga County in 2020?
In 2020, the median household income in Saratoga County, New York was $86,090.
What is the Gini coefficient in Saratoga County, New York?
The Gini coefficient in Saratoga County is 0.523. 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 Saratoga County, New York?
Since 2009, the income gap between men and women in Saratoga County, New York has narrowed from about 26% to 24% in 2023. In dollar terms, the gap has widened by $5,799 since 2009.