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 | Garvin County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Household Income | $56,513 | $63,953 | $78,145 |
| Median Personal Income | $48,952 | $52,060 | $61,726 |
| Average income growth | 4.5% | 4.1% | 5.1% |
| Six-Figure Earners | 6.8% | 8.8% | 13.2% |
The median household income in Garvin County is about 12% lower than in Oklahoma. Income has been growing faster in Garvin County (4.5%/yr) than in Oklahoma (4.1%/yr).
About 7% of adults in Garvin County earn six figures ($100,000 or more) a year, lower than the Oklahoma average of 9%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Garvin County, Oklahoma grew by 56.2% from 2009 to 2023, reaching $56,513 in 2023. That's an average of about 4.5% per year.
Economic Inequality in Garvin County | Gender Pay Gap | Gini Coefficient
| Metric | Garvin County | Oklahoma Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.570 | 0.560 | 0.570 |
| Male Median Income | $57,222 | $59,197 | $67,746 |
| Female Median Income | $40,190 | $45,400 | $54,793 |
| Gender Pay Gap | 29.8% | 23.3% | 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 Garvin County, it is 0.570, higher than Oklahoma's 0.560, so income is less evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 42% more than women's income in Garvin County, Oklahoma. Over a 35-year career, a 42% wage gap accumulates to roughly $596,120 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Garvin County, Oklahoma has widened from about 24% to 30% in 2023. In dollar terms, the gap has widened by $8,506 since 2009.
Employment
| Metric | Garvin County | Oklahoma Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.8% | 4.8% | 5.2% |
| Working from Home | 7.2% | 8.5% | 13.4% |
| Commute time (minutes) | 18 | 18 | 22 |
Approximately 311 people are unemployed in Garvin County, Oklahoma.
The average commute time in Garvin County is 18 minutes, about the same as in Oklahoma.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Garvin County, Oklahoma has fallen from 4.9% to 2.8% in 2023.
Conclusion
Considering all these factors, Garvin County, Oklahoma has an overall wealth index grade of D, making it about on par with Oklahoma, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Garvin County, Oklahoma.
How Rich Is Garvin County, Oklahoma?
Garvin 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 $56,513, about 12% lower than the Oklahoma average of $63,953.
What is the current median household income in Garvin County, Oklahoma?
As of 2023, the median household income in Garvin County, Oklahoma is $56,513.
What was the median household income in Garvin County in 2023?
In 2023, the median household income in Garvin County, Oklahoma was $56,513.
What was the median household income in Garvin County in 2020?
In 2020, the median household income in Garvin County, Oklahoma was $47,020.
What is the Gini coefficient in Garvin County, Oklahoma?
The Gini coefficient in Garvin County is 0.570. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Garvin County, Oklahoma?
Since 2009, the income gap between men and women in Garvin County, Oklahoma has widened from about 24% to 30% in 2023. In dollar terms, the gap has widened by $8,506 since 2009.