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 | McLennan County | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $64,326 | $76,510 | $78,145 |
| Median Personal Income | $51,414 | $58,415 | $61,726 |
| Average income growth | 5.5% | 4.8% | 5.1% |
| Six-Figure Earners | 8.4% | 12.4% | 13.2% |
The median household income in McLennan County is about 16% lower than in Texas. Income has been growing faster in McLennan County (5.5%/yr) than in Texas (4.8%/yr).
About 8% of adults in McLennan 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 McLennan County, Texas grew by 60.6% from 2009 to 2023, reaching $64,326 in 2023. That's an average of about 5.5% per year.
Economic Inequality in McLennan County | Gender Pay Gap | Gini Coefficient
| Metric | McLennan County | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.574 | 0.587 | 0.570 |
| Male Median Income | $58,161 | $64,517 | $67,746 |
| Female Median Income | $45,799 | $51,419 | $54,793 |
| Gender Pay Gap | 21.3% | 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 McLennan 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 27% more than women's income in McLennan County, Texas. Over a 35-year career, a 27% wage gap accumulates to roughly $432,670 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in McLennan County, Texas has narrowed from about 22% to 21% in 2023. In dollar terms, the gap has widened by $3,978 since 2009.
Employment
| Metric | McLennan County | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.5% | 5.1% | 5.2% |
| Working from Home | 8.6% | 12.8% | 13.4% |
| Commute time (minutes) | 17 | 22 | 22 |
Approximately 5,752 people are unemployed in McLennan County, Texas.
The average commute time in McLennan County is 17 minutes, shorter than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in McLennan County, Texas has fallen from 7.2% to 4.5% in 2023.
Conclusion
Considering all these factors, McLennan 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 McLennan County, Texas.
How Rich Is McLennan County, Texas?
McLennan 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 $64,326, about 16% lower than the Texas average of $76,510.
What is the current median household income in McLennan County, Texas?
As of 2023, the median household income in McLennan County, Texas is $64,326.
What was the median household income in McLennan County in 2023?
In 2023, the median household income in McLennan County, Texas was $64,326.
What was the median household income in McLennan County in 2020?
In 2020, the median household income in McLennan County, Texas was $50,242.
What is the Gini coefficient in McLennan County, Texas?
The Gini coefficient in McLennan 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 McLennan County, Texas?
Since 2009, the income gap between men and women in McLennan County, Texas has narrowed from about 22% to 21% in 2023. In dollar terms, the gap has widened by $3,978 since 2009.