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 | Fannin County | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $68,116 | $76,510 | $78,145 |
| Median Personal Income | $53,548 | $58,415 | $61,726 |
| Average income growth | 5.9% | 4.8% | 5.1% |
| Six-Figure Earners | 8.6% | 12.4% | 13.2% |
The median household income in Fannin County is about 11% lower than in Texas. Income has been growing faster in Fannin County (5.9%/yr) than in Texas (4.8%/yr).
About 9% of adults in Fannin 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 Fannin County, Texas grew by 61.1% from 2009 to 2023, reaching $68,116 in 2023. That's an average of about 5.9% per year.
Economic Inequality in Fannin County | Gender Pay Gap | Gini Coefficient
| Metric | Fannin County | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.574 | 0.587 | 0.570 |
| Male Median Income | $60,310 | $64,517 | $67,746 |
| Female Median Income | $46,690 | $51,419 | $54,793 |
| Gender Pay Gap | 22.6% | 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 Fannin County, it is 0.574, 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 29% more than women's income in Fannin County, Texas. Over a 35-year career, a 29% wage gap accumulates to roughly $476,700 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Fannin County, Texas has widened from about 20% to 23% in 2023. In dollar terms, the gap has widened by $6,231 since 2009.
Employment
| Metric | Fannin County | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.5% | 5.1% | 5.2% |
| Working from Home | 12.9% | 12.8% | 13.4% |
| Commute time (minutes) | 28 | 22 | 22 |
Approximately 740 people are unemployed in Fannin County, Texas.
The average commute time in Fannin County is 28 minutes, longer than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Fannin County, Texas has fallen from 7.5% to 4.5% in 2023.
Conclusion
Considering all these factors, Fannin 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 Fannin County, Texas.
How Rich Is Fannin County, Texas?
Fannin 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 $68,116, about 11% lower than the Texas average of $76,510.
What is the current median household income in Fannin County, Texas?
As of 2023, the median household income in Fannin County, Texas is $68,116.
What was the median household income in Fannin County in 2023?
In 2023, the median household income in Fannin County, Texas was $68,116.
What was the median household income in Fannin County in 2020?
In 2020, the median household income in Fannin County, Texas was $57,950.
What is the Gini coefficient in Fannin County, Texas?
The Gini coefficient in Fannin County is 0.574. 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 Fannin County, Texas?
Since 2009, the income gap between men and women in Fannin County, Texas has widened from about 20% to 23% in 2023. In dollar terms, the gap has widened by $6,231 since 2009.