Wealth Index
Wealthier than 81% of counties in Puerto Rico
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 | Canóvanas Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Median Household Income | $27,814 | $25,099 | $78,145 |
| Median Personal Income | $27,567 | $28,660 | $61,726 |
| Average income growth | 4.6% | 3.6% | 5.1% |
| Six-Figure Earners | 2.5% | 2.0% | 13.2% |
The median household income in Canóvanas Municipio is about 11% higher than in Puerto Rico. Income has been growing faster in Canóvanas Municipio (4.6%/yr) than in Puerto Rico (3.6%/yr).
About 2% of adults in Canóvanas Municipio earn six figures ($100,000 or more) a year, about the same as the Puerto Rico average of 2%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Canóvanas Municipio, Puerto Rico grew by 25.6% from 2009 to 2023, reaching $27,814 in 2023. That's an average of about 4.6% per year.
Economic Inequality in Canóvanas Municipio | Gender Pay Gap | Gini Coefficient
| Metric | Canóvanas Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.633 | 0.633 | 0.570 |
| Male Median Income | $27,319 | $28,516 | $67,746 |
| Female Median Income | $27,715 | $28,791 | $54,793 |
| Gender Pay Gap | -1.5% | -1.0% | 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 Canóvanas Municipio, it is 0.633, about the same as Puerto Rico's 0.633, 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.
Women's income is about 1% more than men's income in Canóvanas Municipio, Puerto Rico. Over a 35-year career, a 1% wage gap accumulates to roughly $13,860 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Canóvanas Municipio, Puerto Rico has narrowed from about -17% to -1% in 2023. In dollar terms, the gap has widened by $2,913 since 2009.
Employment
| Metric | Canóvanas Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 15.3% | 12.1% | 5.2% |
| Working from Home | 6.7% | 5.4% | 13.4% |
| Commute time (minutes) | 32 | 23 | 22 |
Approximately 2,947 people are unemployed in Canóvanas Municipio, Puerto Rico.
The average commute time in Canóvanas Municipio is 32 minutes, longer than the 23 minutes in Puerto Rico.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Canóvanas Municipio, Puerto Rico has fallen from 16.9% to 15.3% in 2023.
Conclusion
Considering all these factors, Canóvanas Municipio, Puerto Rico has an overall wealth index grade of F, making it somewhat better than Puerto Rico, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Canóvanas Municipio, Puerto Rico.
How Rich Is Canóvanas Municipio, Puerto Rico?
Canóvanas Municipio has a wealth index grade of F. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an F grade means residents are well below the U.S. average. The median household income is $27,814, about 11% higher than the Puerto Rico average of $25,099.
What is the current median household income in Canóvanas Municipio, Puerto Rico?
As of 2023, the median household income in Canóvanas Municipio, Puerto Rico is $27,814.
What was the median household income in Canóvanas Municipio in 2023?
In 2023, the median household income in Canóvanas Municipio, Puerto Rico was $27,814.
What was the median household income in Canóvanas Municipio in 2020?
In 2020, the median household income in Canóvanas Municipio, Puerto Rico was $21,829.
What is the Gini coefficient in Canóvanas Municipio, Puerto Rico?
The Gini coefficient in Canóvanas Municipio is 0.633. 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 Canóvanas Municipio, Puerto Rico?
Since 2009, the income gap between men and women in Canóvanas Municipio, Puerto Rico has narrowed from about -17% to -1% in 2023. In dollar terms, the gap has widened by $2,913 since 2009.