Wealth Index
Among the top 5 wealthiest counties in Utah
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 | Salt Lake County | Utah Avg | US Average |
|---|---|---|---|
| Median Household Income | $94,988 | $92,351 | $78,145 |
| Median Personal Income | $63,381 | $62,002 | $61,726 |
| Average income growth | 5.5% | 5.7% | 5.1% |
| Six-Figure Earners | 13.7% | 12.5% | 13.2% |
The median household income in Salt Lake County is about 3% higher than in Utah. Income has been growing slower in Salt Lake County (5.5%/yr) than in Utah (5.7%/yr).
About 14% of adults in Salt Lake County earn six figures ($100,000 or more) a year, higher than the Utah average of 13%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Salt Lake County, Utah grew by 66.3% from 2009 to 2023, reaching $94,988 in 2023. That's an average of about 5.5% per year.
Economic Inequality in Salt Lake County | Gender Pay Gap | Gini Coefficient
| Metric | Salt Lake County | Utah Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.552 | 0.571 | 0.570 |
| Male Median Income | $70,935 | $70,891 | $67,746 |
| Female Median Income | $54,653 | $50,597 | $54,793 |
| Gender Pay Gap | 23.0% | 28.6% | 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 Salt Lake County, it is 0.552, lower than Utah's 0.571, 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 30% more than women's income in Salt Lake County, Utah. Over a 35-year career, a 30% wage gap accumulates to roughly $569,870 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Salt Lake County, Utah has narrowed from about 24% to 23% in 2023. In dollar terms, the gap has widened by $5,443 since 2009.
Employment
| Metric | Salt Lake County | Utah Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.7% | 3.4% | 5.2% |
| Working from Home | 17.7% | 16.0% | 13.4% |
| Commute time (minutes) | 20 | 18 | 22 |
Approximately 24,186 people are unemployed in Salt Lake County, Utah.
The average commute time in Salt Lake County is 20 minutes, longer than the 18 minutes in Utah.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Salt Lake County, Utah has fallen from 6.7% to 3.7% in 2023.
Conclusion
Considering all these factors, Salt Lake County, Utah has an overall wealth index grade of B, making it somewhat better than Utah, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Salt Lake County, Utah.
How Rich Is Salt Lake County, Utah?
Salt Lake 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 $94,988, about 3% higher than the Utah average of $92,351.
What is the current median household income in Salt Lake County, Utah?
As of 2023, the median household income in Salt Lake County, Utah is $94,988.
What was the median household income in Salt Lake County in 2023?
In 2023, the median household income in Salt Lake County, Utah was $94,988.
What was the median household income in Salt Lake County in 2020?
In 2020, the median household income in Salt Lake County, Utah was $77,680.
What is the Gini coefficient in Salt Lake County, Utah?
The Gini coefficient in Salt Lake County is 0.552. 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 Salt Lake County, Utah?
Since 2009, the income gap between men and women in Salt Lake County, Utah has narrowed from about 24% to 23% in 2023. In dollar terms, the gap has widened by $5,443 since 2009.