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 | Philadelphia | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Household Income | $60,774 | $76,231 | $78,145 |
| Median Personal Income | $60,774 | $76,231 | $78,145 |
| Average income growth | 6.3% | 6.3% | 6.3% |
The median household income in Philadelphia is about 20% lower than in Pennsylvania. Income has been growing faster in Philadelphia (6.3%/yr) than in Pennsylvania (4.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Philadelphia, Pennsylvania grew by 65.9% from 2009 to 2023, reaching $60,774 in 2023. That's an average of about 4.7% per year.
Economic Inequality in Philadelphia | Gender Pay Gap | Gini Coefficient
| Metric | Philadelphia | Pennsylvania Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.584 | 0.550 | 0.570 |
| Male Median Income | $64,470 | $69,913 | $67,746 |
| Female Median Income | $56,724 | $55,807 | $54,793 |
| Gender Pay Gap | 12.0% | 20.2% | 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 Philadelphia, it is 0.584, higher than Pennsylvania's 0.550, 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 14% more than women's income in Philadelphia, Pennsylvania.
Income by Sex Over Time
Since 2009, the income gap between men and women in Philadelphia, Pennsylvania has widened from about 11% to 12% in 2023.
Employment
| Metric | Philadelphia | Pennsylvania Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.4% | 5.2% | 5.2% |
| Working from Home | 16.4% | 13.8% | 13.4% |
| Commute time (minutes) | 30 | 22 | 22 |
The average commute time in Philadelphia is 30 minutes, longer than the 22 minutes in Pennsylvania.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Philadelphia, Pennsylvania has fallen from 13.4% to 8.4% in 2023.
Conclusion
Considering all these factors, Philadelphia, Pennsylvania has an overall wealth index grade of D, making it somewhat worse than Pennsylvania, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Philadelphia, Pennsylvania.
How Rich Is Philadelphia, Pennsylvania?
Philadelphia has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $60,774, about 20% lower than the Pennsylvania average of $76,231.
What is the current median household income in Philadelphia, Pennsylvania?
As of 2023, the median household income in Philadelphia, Pennsylvania is $60,774.
What was the median household income in Philadelphia in 2023?
In 2023, the median household income in Philadelphia, Pennsylvania was $60,774.
What was the median household income in Philadelphia in 2020?
In 2020, the median household income in Philadelphia, Pennsylvania was $49,060.
What is the Gini coefficient in Philadelphia, Pennsylvania?
The Gini coefficient in Philadelphia is 0.584. 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 Philadelphia, Pennsylvania?
Since 2009, the income gap between men and women in Philadelphia, Pennsylvania has widened from about 11% to 12% in 2023.