Wealth Index
Wealthier than 74% of counties in Oklahoma
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 | Woods County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Household Income | $50,616 | $63,953 | $78,145 |
| Median Personal Income | $48,718 | $52,060 | $61,726 |
| Average income growth | -1.6% | 4.1% | 5.1% |
| Six-Figure Earners | 5.7% | 8.8% | 13.2% |
The median household income in Woods County is about 21% lower than in Oklahoma. Income has been growing slower in Woods County (-1.6%/yr) than in Oklahoma (4.1%/yr).
About 6% of adults in Woods 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 Woods County, Oklahoma grew by 9.3% from 2009 to 2023, reaching $50,616 in 2023. That's an average of about 1.6% per year.
Economic Inequality in Woods County | Gender Pay Gap | Gini Coefficient
| Metric | Woods County | Oklahoma Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.567 | 0.560 | 0.570 |
| Male Median Income | $54,496 | $59,197 | $67,746 |
| Female Median Income | $37,536 | $45,400 | $54,793 |
| Gender Pay Gap | 31.1% | 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 Woods County, it is 0.567, 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 45% more than women's income in Woods County, Oklahoma. Over a 35-year career, a 45% wage gap accumulates to roughly $593,600 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Woods County, Oklahoma has stayed about the same since 2009, at around 31%. In dollar terms, the gap has widened by $4,414 since 2009.
Employment
| Metric | Woods County | Oklahoma Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.8% | 4.8% | 5.2% |
| Working from Home | 2.0% | 8.5% | 13.4% |
| Commute time (minutes) | 8 | 18 | 22 |
Approximately 296 people are unemployed in Woods County, Oklahoma.
The average commute time in Woods County is 8 minutes, shorter than the 18 minutes in Oklahoma.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Woods County, Oklahoma has risen from 3.2% to 6.8% in 2023.
Conclusion
Considering all these factors, Woods County, Oklahoma has an overall wealth index grade of C, making it about on par with Oklahoma, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Woods County, Oklahoma.
How Rich Is Woods County, Oklahoma?
Woods County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $50,616, about 21% lower than the Oklahoma average of $63,953.
What is the current median household income in Woods County, Oklahoma?
As of 2023, the median household income in Woods County, Oklahoma is $50,616.
What was the median household income in Woods County in 2023?
In 2023, the median household income in Woods County, Oklahoma was $50,616.
What was the median household income in Woods County in 2020?
In 2020, the median household income in Woods County, Oklahoma was $51,552.
What is the Gini coefficient in Woods County, Oklahoma?
The Gini coefficient in Woods County is 0.567. 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 Woods County, Oklahoma?
The income gap between men and women in Woods County, Oklahoma has stayed about the same since 2009, at around 31%. In dollar terms, the gap has widened by $4,414 since 2009.