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 | Bailey County | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $66,673 | $76,510 | $78,145 |
| Median Personal Income | $63,547 | $58,415 | $61,726 |
| Average income growth | 7.6% | 4.8% | 5.1% |
| Six-Figure Earners | 11.0% | 12.4% | 13.2% |
The median household income in Bailey County is about 13% lower than in Texas. Income has been growing faster in Bailey County (7.6%/yr) than in Texas (4.8%/yr).
About 11% of adults in Bailey County earn six figures ($100,000 or more) a year, lower than the Texas average of 12%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Bailey County, Texas grew by 87.5% from 2009 to 2023, reaching $66,673 in 2023. That's an average of about 7.6% per year.
Economic Inequality in Bailey County | Gender Pay Gap | Gini Coefficient
| Metric | Bailey County | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.532 | 0.587 | 0.570 |
| Male Median Income | $76,162 | $64,517 | $67,746 |
| Female Median Income | $52,682 | $51,419 | $54,793 |
| Gender Pay Gap | 30.8% | 20.3% | 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 Bailey County, it is 0.532, lower than Texas's 0.587, 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 45% more than women's income in Bailey County, Texas. Over a 35-year career, a 45% wage gap accumulates to roughly $821,800 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Bailey County, Texas has narrowed from about 49% to 31% in 2023. In dollar terms, the gap has widened by $7,080 since 2009.
Employment
| Metric | Bailey County | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.0% | 5.1% | 5.2% |
| Working from Home | 5.3% | 12.8% | 13.4% |
| Commute time (minutes) | 8 | 22 | 22 |
Approximately 12 people are unemployed in Bailey County, Texas.
The average commute time in Bailey County is 8 minutes, shorter than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Bailey County, Texas has fallen from 6.2% to 1.0% in 2023.
Conclusion
Considering all these factors, Bailey County, Texas has an overall wealth index grade of D, making it about on par with Texas, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Bailey County, Texas.
How Rich Is Bailey County, Texas?
Bailey 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 $66,673, about 13% lower than the Texas average of $76,510.
What is the current median household income in Bailey County, Texas?
As of 2023, the median household income in Bailey County, Texas is $66,673.
What was the median household income in Bailey County in 2023?
In 2023, the median household income in Bailey County, Texas was $66,673.
What was the median household income in Bailey County in 2020?
In 2020, the median household income in Bailey County, Texas was $55,486.
What is the Gini coefficient in Bailey County, Texas?
The Gini coefficient in Bailey County is 0.532. 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 Bailey County, Texas?
Since 2009, the income gap between men and women in Bailey County, Texas has narrowed from about 49% to 31% in 2023. In dollar terms, the gap has widened by $7,080 since 2009.