Wealth Index
Among the top 3 wealthiest counties in Texas
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 | Collin County | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $117,425 | $76,510 | $78,145 |
| Median Personal Income | $82,707 | $58,415 | $61,726 |
| Average income growth | 4.4% | 4.8% | 5.1% |
| Six-Figure Earners | 23.4% | 12.4% | 13.2% |
The median household income in Collin County is about 53% higher than in Texas. Income has been growing slower in Collin County (4.4%/yr) than in Texas (4.8%/yr).
About 23% of adults in Collin County earn six figures ($100,000 or more) a year, higher than the Texas average of 12%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Collin County, Texas grew by 44.2% from 2009 to 2023, reaching $117,425 in 2023. That's an average of about 4.4% per year.
Economic Inequality in Collin County | Gender Pay Gap | Gini Coefficient
| Metric | Collin County | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.568 | 0.587 | 0.570 |
| Male Median Income | $99,414 | $64,517 | $67,746 |
| Female Median Income | $67,413 | $51,419 | $54,793 |
| Gender Pay Gap | 32.2% | 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 Collin County, it is 0.568, lower than Texas's 0.587, so income is more 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 47% more than women's income in Collin County, Texas. Over a 35-year career, a 47% wage gap accumulates to roughly $1,120,035 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Collin County, Texas has stayed about the same since 2009, at around 32%. In dollar terms, the gap has widened by $10,994 since 2009.
Employment
| Metric | Collin County | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.1% | 5.1% | 5.2% |
| Working from Home | 24.9% | 12.8% | 13.4% |
| Commute time (minutes) | 25 | 22 | 22 |
Approximately 25,245 people are unemployed in Collin County, Texas.
The average commute time in Collin County is 25 minutes, longer than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Collin County, Texas has fallen from 5.4% to 4.1% in 2023.
Conclusion
Considering all these factors, Collin County, Texas has an overall wealth index grade of A, making it notably better than Texas, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Collin County, Texas.
How Rich Is Collin County, Texas?
Collin County has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $117,425, about 53% higher than the Texas average of $76,510.
What is the current median household income in Collin County, Texas?
As of 2023, the median household income in Collin County, Texas is $117,425.
What was the median household income in Collin County in 2023?
In 2023, the median household income in Collin County, Texas was $117,425.
What was the median household income in Collin County in 2020?
In 2020, the median household income in Collin County, Texas was $100,659.
What is the Gini coefficient in Collin County, Texas?
The Gini coefficient in Collin County is 0.568. 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 Collin County, Texas?
The income gap between men and women in Collin County, Texas has stayed about the same since 2009, at around 32%. In dollar terms, the gap has widened by $10,994 since 2009.