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 | Loving County | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $54,347 | $76,510 | $78,145 |
| Median Personal Income | $29,687 | $58,415 | $61,726 |
| Average income growth | 3.2% | 4.8% | 5.1% |
| Six-Figure Earners | 7.4% | 12.4% | 13.2% |
The median household income in Loving County is about 29% lower than in Texas. Income has been growing slower in Loving County (3.2%/yr) than in Texas (4.8%/yr).
About 7% of adults in Loving 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 Loving County, Texas fell by 36.5% from 2009 to 2023, reaching $54,347 in 2023. That's an average of about 3.2% per year.
Economic Inequality in Loving County | Gender Pay Gap | Gini Coefficient
| Metric | Loving County | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.604 | 0.587 | 0.570 |
| Male Median Income | $28,436 | $64,517 | $67,746 |
| Female Median Income | $100,000 | $51,419 | $54,793 |
| Gender Pay Gap | -251.7% | 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 Loving County, it is 0.604, higher than Texas's 0.587, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Women's income is about 252% more than men's income in Loving County, Texas. Over a 35-year career, a 252% wage gap accumulates to roughly $2,504,740 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Loving County, Texas has widened from about -57% to -252% in 2023. In dollar terms, the gap has narrowed by $52,757 since 2009.
Employment
| Metric | Loving County | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.0% | 5.1% | 5.2% |
| Working from Home | 26.7% | 12.8% | 13.4% |
| Commute time (minutes) | 3 | 22 | 22 |
The average commute time in Loving County is 3 minutes, shorter than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Loving County, Texas has fallen from 6.7% to 1.0% in 2023.
Conclusion
Considering all these factors, Loving County, Texas has an overall wealth index grade of C, making it about on par with Texas, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Loving County, Texas.
How Rich Is Loving County, Texas?
Loving 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 $54,347, about 29% lower than the Texas average of $76,510.
What is the current median household income in Loving County, Texas?
As of 2023, the median household income in Loving County, Texas is $54,347.
What was the median household income in Loving County in 2023?
In 2023, the median household income in Loving County, Texas was $54,347.
What was the median household income in Loving County in 2020?
In 2020, the median household income in Loving County, Texas was $43,229.
What is the Gini coefficient in Loving County, Texas?
The Gini coefficient in Loving County is 0.604. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Loving County, Texas?
Since 2009, the income gap between men and women in Loving County, Texas has widened from about -57% to -252% in 2023. In dollar terms, the gap has narrowed by $52,757 since 2009.