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 | Panola County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Household Income | $44,254 | $55,084 | $78,145 |
| Median Personal Income | $42,139 | $48,244 | $61,726 |
| Average income growth | 2.7% | 4.5% | 5.1% |
| Six-Figure Earners | 5.5% | 6.9% | 13.2% |
The median household income in Panola County is about 20% lower than in Mississippi. Income has been growing slower in Panola County (2.7%/yr) than in Mississippi (4.5%/yr).
About 5% of adults in Panola County earn six figures ($100,000 or more) a year, lower than the Mississippi average of 7%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Panola County, Mississippi grew by 24.8% from 2009 to 2023, reaching $44,254 in 2023. That's an average of about 2.7% per year.
Economic Inequality in Panola County | Gender Pay Gap | Gini Coefficient
| Metric | Panola County | Mississippi Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.549 | 0.574 | 0.570 |
| Male Median Income | $53,375 | $55,143 | $67,746 |
| Female Median Income | $35,744 | $42,143 | $54,793 |
| Gender Pay Gap | 33.0% | 23.6% | 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 Panola County, it is 0.549, lower than Mississippi's 0.574, 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 49% more than women's income in Panola County, Mississippi. Over a 35-year career, a 49% wage gap accumulates to roughly $617,085 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Panola County, Mississippi has widened from about 29% to 33% in 2023. In dollar terms, the gap has widened by $7,434 since 2009.
Employment
| Metric | Panola County | Mississippi Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.8% | 5.9% | 5.2% |
| Working from Home | 4.6% | 5.3% | 13.4% |
| Commute time (minutes) | 25 | 21 | 22 |
Approximately 1,161 people are unemployed in Panola County, Mississippi.
The average commute time in Panola County is 25 minutes, longer than the 21 minutes in Mississippi.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Panola County, Mississippi has fallen from 12.8% to 8.8% in 2023.
Conclusion
Considering all these factors, Panola County, Mississippi has an overall wealth index grade of D, making it about on par with Mississippi, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Panola County, Mississippi.
How Rich Is Panola County, Mississippi?
Panola County 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 $44,254, about 20% lower than the Mississippi average of $55,084.
What is the current median household income in Panola County, Mississippi?
As of 2023, the median household income in Panola County, Mississippi is $44,254.
What was the median household income in Panola County in 2023?
In 2023, the median household income in Panola County, Mississippi was $44,254.
What was the median household income in Panola County in 2020?
In 2020, the median household income in Panola County, Mississippi was $37,568.
What is the Gini coefficient in Panola County, Mississippi?
The Gini coefficient in Panola County is 0.549. 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 Panola County, Mississippi?
Since 2009, the income gap between men and women in Panola County, Mississippi has widened from about 29% to 33% in 2023. In dollar terms, the gap has widened by $7,434 since 2009.