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 | Steuben County | New York Avg | US Average |
|---|---|---|---|
| Median Household Income | $65,782 | $85,191 | $78,145 |
| Median Personal Income | $57,599 | $70,822 | $61,726 |
| Average income growth | 4.3% | 4.9% | 5.1% |
| Six-Figure Earners | 8.6% | 16.1% | 13.2% |
The median household income in Steuben County is about 23% lower than in New York. Income has been growing slower in Steuben County (4.3%/yr) than in New York (4.9%/yr).
About 9% of adults in Steuben 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 Steuben County, New York grew by 53.9% from 2009 to 2023, reaching $65,782 in 2023. That's an average of about 4.3% per year.
Economic Inequality in Steuben County | Gender Pay Gap | Gini Coefficient
| Metric | Steuben County | New York Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.537 | 0.576 | 0.570 |
| Male Median Income | $61,960 | $75,380 | $67,746 |
| Female Median Income | $51,637 | $65,850 | $54,793 |
| Gender Pay Gap | 16.7% | 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 Steuben County, it is 0.537, 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 20% more than women's income in Steuben County, New York. Over a 35-year career, a 20% wage gap accumulates to roughly $361,305 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Steuben County, New York has narrowed from about 22% to 17% in 2023. In dollar terms, the gap has widened by $1,009 since 2009.
Employment
| Metric | Steuben County | New York Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.8% | 6.2% | 5.2% |
| Working from Home | 7.9% | 13.4% | 13.4% |
| Commute time (minutes) | 17 | 28 | 22 |
Approximately 2,595 people are unemployed in Steuben County, New York.
The average commute time in Steuben County is 17 minutes, shorter than the 28 minutes in New York.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Steuben County, New York has fallen from 8.9% to 5.8% in 2023.
Conclusion
Considering all these factors, Steuben County, 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 Steuben County, New York.
How Rich Is Steuben County, New York?
Steuben County 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 $65,782, about 23% lower than the New York average of $85,191.
What is the current median household income in Steuben County, New York?
As of 2023, the median household income in Steuben County, New York is $65,782.
What was the median household income in Steuben County in 2023?
In 2023, the median household income in Steuben County, New York was $65,782.
What was the median household income in Steuben County in 2020?
In 2020, the median household income in Steuben County, New York was $55,459.
What is the Gini coefficient in Steuben County, New York?
The Gini coefficient in Steuben County is 0.537. 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 Steuben County, New York?
Since 2009, the income gap between men and women in Steuben County, New York has narrowed from about 22% to 17% in 2023. In dollar terms, the gap has widened by $1,009 since 2009.