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 | Bedford | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $82,279 | $76,510 | $78,145 |
| Median Personal Income | $82,279 | $76,510 | $78,145 |
| Average income growth | 3.9% | 3.9% | 3.9% |
The median household income in Bedford is about 8% higher than in Texas. Income has been growing slower in Bedford (3.9%/yr) than in Texas (4.8%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Bedford, Texas grew by 35.8% from 2009 to 2023, reaching $82,279 in 2023. That's an average of about 2.6% per year.
Economic Inequality in Bedford | Gender Pay Gap | Gini Coefficient
| Metric | Bedford | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.508 | 0.587 | 0.570 |
| Male Median Income | $63,275 | $64,517 | $67,746 |
| Female Median Income | $56,072 | $51,419 | $54,793 |
| Gender Pay Gap | 11.4% | 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 Bedford, it is 0.508, 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 13% more than women's income in Bedford, Texas.
Income by Sex Over Time
Since 2009, the income gap between men and women in Bedford, Texas has narrowed from about 17% to 11% in 2023.
Employment
| Metric | Bedford | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.7% | 5.1% | 5.2% |
| Working from Home | 16.0% | 12.8% | 13.4% |
| Commute time (minutes) | 22 | 22 | 22 |
The average commute time in Bedford is 22 minutes, about the same as in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Bedford, Texas has fallen from 5.3% to 4.7% in 2023.
Conclusion
Considering all these factors, Bedford, Texas has an overall wealth index grade of B, making it somewhat better than Texas, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Bedford, Texas.
How Rich Is Bedford, Texas?
Bedford has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $82,279, about 8% higher than the Texas average of $76,510.
What is the current median household income in Bedford, Texas?
As of 2023, the median household income in Bedford, Texas is $82,279.
What was the median household income in Bedford in 2023?
In 2023, the median household income in Bedford, Texas was $82,279.
What was the median household income in Bedford in 2020?
In 2020, the median household income in Bedford, Texas was $73,019.
What is the Gini coefficient in Bedford, Texas?
The Gini coefficient in Bedford is 0.508. 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 Bedford, Texas?
Since 2009, the income gap between men and women in Bedford, Texas has narrowed from about 17% to 11% in 2023.