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 | Westchester County | New York Avg | US Average |
|---|---|---|---|
| Median Household Income | $118,661 | $85,191 | $78,145 |
| Median Personal Income | $92,774 | $70,822 | $61,726 |
| Average income growth | 4.4% | 4.9% | 5.1% |
| Six-Figure Earners | 25.1% | 16.1% | 13.2% |
The median household income in Westchester County is about 39% higher than in New York. Income has been growing slower in Westchester County (4.4%/yr) than in New York (4.9%/yr).
About 25% of adults in Westchester 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 Westchester County, New York grew by 47.9% from 2009 to 2023, reaching $118,661 in 2023. That's an average of about 4.4% per year.
Economic Inequality in Westchester County | Gender Pay Gap | Gini Coefficient
| Metric | Westchester County | New York Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.575 | 0.576 | 0.570 |
| Male Median Income | $99,199 | $75,380 | $67,746 |
| Female Median Income | $86,131 | $65,850 | $54,793 |
| Gender Pay Gap | 13.2% | 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 Westchester County, it is 0.575, about the same as New York's 0.576, so income here is about as evenly distributed as there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 15% more than women's income in Westchester County, New York. Over a 35-year career, a 15% wage gap accumulates to roughly $457,380 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Westchester County, New York has narrowed from about 22% to 13% in 2023. In dollar terms, the gap has narrowed by $1,790 since 2009.
Employment
| Metric | Westchester County | New York Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.0% | 6.2% | 5.2% |
| Working from Home | 17.3% | 13.4% | 13.4% |
| Commute time (minutes) | 30 | 28 | 22 |
Approximately 31,715 people are unemployed in Westchester County, New York.
The average commute time in Westchester County is 30 minutes, longer than the 28 minutes in New York.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Westchester County, New York has fallen from 7.2% to 6.0% in 2023.
Conclusion
Considering all these factors, Westchester 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 Westchester County, New York.
How Rich Is Westchester County, New York?
Westchester 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 $118,661, about 39% higher than the New York average of $85,191.
What is the current median household income in Westchester County, New York?
As of 2023, the median household income in Westchester County, New York is $118,661.
What was the median household income in Westchester County in 2023?
In 2023, the median household income in Westchester County, New York was $118,661.
What was the median household income in Westchester County in 2020?
In 2020, the median household income in Westchester County, New York was $99,560.
What is the Gini coefficient in Westchester County, New York?
The Gini coefficient in Westchester County is 0.575. 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 Westchester County, New York?
Since 2009, the income gap between men and women in Westchester County, New York has narrowed from about 22% to 13% in 2023. In dollar terms, the gap has narrowed by $1,790 since 2009.