Wealth Index
Wealthier than 81% of 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 | Lipscomb County | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $72,481 | $76,510 | $78,145 |
| Median Personal Income | $55,876 | $58,415 | $61,726 |
| Average income growth | 2.8% | 4.8% | 5.1% |
| Six-Figure Earners | 8.0% | 12.4% | 13.2% |
The median household income in Lipscomb County is about 5% lower than in Texas. Income has been growing slower in Lipscomb County (2.8%/yr) than in Texas (4.8%/yr).
About 8% of adults in Lipscomb 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 Lipscomb County, Texas grew by 48.0% from 2009 to 2023, reaching $72,481 in 2023. That's an average of about 2.8% per year.
Economic Inequality in Lipscomb County | Gender Pay Gap | Gini Coefficient
| Metric | Lipscomb County | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.546 | 0.587 | 0.570 |
| Male Median Income | $59,347 | $64,517 | $67,746 |
| Female Median Income | $46,249 | $51,419 | $54,793 |
| Gender Pay Gap | 22.1% | 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 Lipscomb County, it is 0.546, 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 28% more than women's income in Lipscomb County, Texas. Over a 35-year career, a 28% wage gap accumulates to roughly $458,430 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lipscomb County, Texas has narrowed from about 27% to 22% in 2023. In dollar terms, the gap has widened by $750 since 2009.
Employment
| Metric | Lipscomb County | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.4% | 5.1% | 5.2% |
| Working from Home | 1.9% | 12.8% | 13.4% |
| Commute time (minutes) | 13 | 22 | 22 |
Approximately 101 people are unemployed in Lipscomb County, Texas.
The average commute time in Lipscomb County is 13 minutes, shorter than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lipscomb County, Texas has risen from 1.8% to 7.4% in 2023.
Conclusion
Considering all these factors, Lipscomb County, Texas has an overall wealth index grade of C, making it somewhat better than Texas, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lipscomb County, Texas.
How Rich Is Lipscomb County, Texas?
Lipscomb 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 $72,481, about 5% lower than the Texas average of $76,510.
What is the current median household income in Lipscomb County, Texas?
As of 2023, the median household income in Lipscomb County, Texas is $72,481.
What was the median household income in Lipscomb County in 2023?
In 2023, the median household income in Lipscomb County, Texas was $72,481.
What was the median household income in Lipscomb County in 2020?
In 2020, the median household income in Lipscomb County, Texas was $63,120.
What is the Gini coefficient in Lipscomb County, Texas?
The Gini coefficient in Lipscomb County is 0.546. 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 Lipscomb County, Texas?
Since 2009, the income gap between men and women in Lipscomb County, Texas has narrowed from about 27% to 22% in 2023. In dollar terms, the gap has widened by $750 since 2009.