by Kristen Carney
Updated: June 20, 2024
The richest county in Colorado is Pitkin County with an average household income of $180,169 as of 2022 and 16,640 people as of 2023 according to the most current Census data available (citation).
Rank | County | Population | Average Income | Median Income |
---|---|---|---|---|
1 | Pitkin County | 16,640 | $180,169 | $96,123 |
2 | Douglas County | 383,906 | $169,322 | $139,010 |
3 | Elbert County | 28,806 | $150,842 | $124,360 |
4 | Broomfield County | 76,860 | $148,374 | $117,541 |
5 | Eagle County | 54,381 | $140,636 | $98,887 |
6 | Boulder County | 326,831 | $139,221 | $99,770 |
7 | Routt County | 25,064 | $134,020 | $95,144 |
8 | Summit County | 30,465 | $133,518 | $100,611 |
9 | Jefferson County | 576,366 | $130,332 | $103,167 |
10 | Arapahoe County | 656,061 | $126,187 | $92,292 |
11 | Gilpin County | 5,926 | $125,373 | $95,902 |
12 | Denver County | 716,577 | $122,771 | $85,853 |
13 | Clear Creek County | 9,147 | $121,173 | $87,169 |
14 | San Miguel County | 7,868 | $113,806 | $72,829 |
15 | Larimer County | 370,771 | $113,592 | $87,199 |
16 | Weld County | 359,442 | $109,274 | $89,182 |
17 | El Paso County | 744,215 | $106,872 | $82,748 |
18 | Park County | 18,117 | $105,999 | $85,019 |
19 | Adams County | 533,365 | $105,685 | $86,297 |
20 | La Plata County | 56,407 | $104,900 | $81,936 |
We usually suggest using median income data – either instead of or in addition to – average income data as a true indicator of wealth. If you haven’t thought about median versus average since your last standardized test, you aren’t alone. Here’s what they are:
Now let’s say you had the following simplified set of income data.
Household 1: $30,000
Household 2: $50,000
Household 3: $1,000,000
The average income for this set is $360,000. The outlier data point ($1,000,000) skews the average WAY up. Conversely, the average income would be skewed WAY down if someone had an income of $500. The median income for the same data set is $50,000. Outlier data doesn’t skew the median.
So most business owners should use the median income as a true indicator of wealth, because it provides a more accurate representation of a typical income, especially in areas with significant income disparity.
If your target market is high-income households, the average income may be more relevant. This is because the average income can highlight the presence of a higher concentration of wealthy individuals, which is beneficial for luxury goods and services marketing. We’re using average income on this page because using the Census’s highest reported median value of $250,001 could result in multiple ties for the richest geography.
The Census' American Community Survey uses $250,000+ as a jam value for median income estimates to protect privacy, ensure data consistency, and simplify reporting. A "jam value" in survey data refers to a placeholder or default value used when actual data points are unavailable, incomplete, or exceed certain thresholds. We represent this jam value as $250,001 to make it easy for you to sort.
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United States Census Bureau. Annual Estimates of the Resident Population: April 1, 2020 to July 1, 2023. U.S. Census Bureau, Population Division. Web. May 2024. http://www.census.gov/.
United States Census Bureau. B01001 SEX BY AGE, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.
United States Census Bureau. B19013 Median Household Income, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.
United States Census Bureau. “DP03 SELECTED ECONOMIC CHARACTERISTICS.” 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 07 December 2023. http://www.census.gov/.
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