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 | McKinney | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $118,781 | $76,510 | $78,145 |
| Median Personal Income | $118,781 | $76,510 | $78,145 |
| Average income growth | 4.9% | 4.9% | 4.9% |
The median household income in McKinney is about 55% higher than in Texas. Income has been growing faster in McKinney (4.9%/yr) than in Texas (4.8%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in McKinney, Texas grew by 53.2% from 2009 to 2023, reaching $118,781 in 2023. That's an average of about 3.8% per year.
Economic Inequality in McKinney | Gender Pay Gap | Gini Coefficient
| Metric | McKinney | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.571 | 0.587 | 0.570 |
| Male Median Income | $101,647 | $64,517 | $67,746 |
| Female Median Income | $66,776 | $51,419 | $54,793 |
| Gender Pay Gap | 34.3% | 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 McKinney, it is 0.571, 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 52% more than women's income in McKinney, Texas.
Income by Sex Over Time
Since 2009, the income gap between men and women in McKinney, Texas has widened from about 31% to 34% in 2023.
Employment
| Metric | McKinney | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.3% | 5.1% | 5.2% |
| Working from Home | 21.7% | 12.8% | 13.4% |
| Commute time (minutes) | 23 | 22 | 22 |
The average commute time in McKinney is 23 minutes, longer than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in McKinney, Texas has fallen from 4.2% to 3.3% in 2023.
Conclusion
Considering all these factors, McKinney, Texas has an overall wealth index grade of B, making it notably better than Texas, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in McKinney, Texas.
How Rich Is McKinney, Texas?
McKinney 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 $118,781, about 55% higher than the Texas average of $76,510.
What is the current median household income in McKinney, Texas?
As of 2023, the median household income in McKinney, Texas is $118,781.
What was the median household income in McKinney in 2023?
In 2023, the median household income in McKinney, Texas was $118,781.
What was the median household income in McKinney in 2020?
In 2020, the median household income in McKinney, Texas was $101,436.
What is the Gini coefficient in McKinney, Texas?
The Gini coefficient in McKinney is 0.571. 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 McKinney, Texas?
Since 2009, the income gap between men and women in McKinney, Texas has widened from about 31% to 34% in 2023.