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 | Nolan County | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $50,197 | $76,510 | $78,145 |
| Median Personal Income | $47,226 | $58,415 | $61,726 |
| Average income growth | 4.0% | 4.8% | 5.1% |
| Six-Figure Earners | 8.0% | 12.4% | 13.2% |
The median household income in Nolan County is about 34% lower than in Texas. Income has been growing slower in Nolan County (4.0%/yr) than in Texas (4.8%/yr).
About 8% of adults in Nolan 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 Nolan County, Texas grew by 34.0% from 2009 to 2023, reaching $50,197 in 2023. That's an average of about 4.0% per year.
Economic Inequality in Nolan County | Gender Pay Gap | Gini Coefficient
| Metric | Nolan County | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.551 | 0.587 | 0.570 |
| Male Median Income | $51,831 | $64,517 | $67,746 |
| Female Median Income | $41,745 | $51,419 | $54,793 |
| Gender Pay Gap | 19.5% | 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 Nolan County, it is 0.551, 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 24% more than women's income in Nolan County, Texas. Over a 35-year career, a 24% wage gap accumulates to roughly $353,010 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Nolan County, Texas has narrowed from about 38% to 19% in 2023. In dollar terms, the gap has narrowed by $4,124 since 2009.
Employment
| Metric | Nolan County | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.7% | 5.1% | 5.2% |
| Working from Home | 3.6% | 12.8% | 13.4% |
| Commute time (minutes) | 11 | 22 | 22 |
Approximately 388 people are unemployed in Nolan County, Texas.
The average commute time in Nolan County is 11 minutes, shorter than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Nolan County, Texas has fallen from 8.4% to 5.7% in 2023.
Conclusion
Considering all these factors, Nolan County, Texas has an overall wealth index grade of D, making it somewhat worse than Texas, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Nolan County, Texas.
How Rich Is Nolan County, Texas?
Nolan 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 $50,197, about 34% lower than the Texas average of $76,510.
What is the current median household income in Nolan County, Texas?
As of 2023, the median household income in Nolan County, Texas is $50,197.
What was the median household income in Nolan County in 2023?
In 2023, the median household income in Nolan County, Texas was $50,197.
What was the median household income in Nolan County in 2020?
In 2020, the median household income in Nolan County, Texas was $43,866.
What is the Gini coefficient in Nolan County, Texas?
The Gini coefficient in Nolan County is 0.551. 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 Nolan County, Texas?
Since 2009, the income gap between men and women in Nolan County, Texas has narrowed from about 38% to 19% in 2023. In dollar terms, the gap has narrowed by $4,124 since 2009.