Wealth Index
The wealth index reflects the overall economic prosperity and financial well-being of a state's residents based on income levels, employment rates, and income inequality metrics.
Wealthiest and Least Wealthy Counties in New York
- Nassau County (125% of U.S. avg)
- Putnam County (123% of U.S. avg)
- Suffolk County (119% of U.S. avg)
- Bronx County (70% of U.S. avg)
- Franklin County (84% of U.S. avg)
- St. Lawrence County (86% of U.S. avg)
Ranked by the Map AI Wealth Index, which combines income, employment, and income inequality metrics.
Income Statistics Overview
| Metric | New York | US Average |
|---|---|---|
| Median Household Income | $85,191 | $78,145 |
| Median Personal Income | $70,822 | $61,726 |
| Average income growth | 4.9% | 5.1% |
| Six-Figure Earners | 16.1% | 13.2% |
The median household income in New York is about 9% higher than in US. Income has been growing slower in New York (4.9%/yr) than in US (5.1%/yr).
About 16% of adults in New York earn six figures ($100,000 or more) a year, higher than the US average of 13%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in New York grew by 53.3% from 2009 to 2023, reaching $85,191 in 2023. That's an average of about 4.9% per year.
Economic Inequality in New York | Gender Pay Gap | Gini Coefficient
| Metric | New York | US Average |
|---|---|---|
| Gini Coefficient | 0.576 | 0.570 |
| Male Median Income | $75,380 | $67,746 |
| Female Median Income | $65,850 | $54,793 |
| Gender Pay Gap | 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 0.576, higher than US's 0.570, so income is less evenly distributed here than there.
Men's income is about 14% more than women's income in New York. Over a 35-year career, a 14% wage gap accumulates to roughly $333,550 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in New York has narrowed from about 18% to 13% in 2023. In dollar terms, the gap has widened by $207 since 2009.
Employment
| Metric | New York | US Average |
|---|---|---|
| Unemployment Rate | 6.2% | 5.2% |
| Working from Home | 13.4% | 13.4% |
| Commute time (minutes) | 28 | 22 |
Approximately 629,581 people are unemployed in New York.
The average commute time in New York is 28 minutes, longer than the 22 minutes in US.
Unemployment Rate Over Time
Since 2011, the unemployment rate in New York has fallen from 8.1% to 6.2% in 2023.
Conclusion
Considering all these factors, New York has an overall wealth index grade of B, making it somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in New York.
How Rich Is New York?
New York 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 $85,191, about 9% higher than the US average of $78,145.
What is the current median household income in New York?
As of 2023, the median household income in New York is $85,191.
What was the median household income in New York in 2023?
In 2023, the median household income in New York was $85,191.
What was the median household income in New York in 2020?
In 2020, the median household income in New York was $71,361.
What is the Gini coefficient in New York?
The Gini coefficient in New York is 0.576. 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?
Since 2009, the income gap between men and women in New York has narrowed from about 18% to 13% in 2023. In dollar terms, the gap has widened by $207 since 2009.