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 | Oak Point | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $113,244 | $76,510 | $78,145 |
| Median Personal Income | $113,244 | $76,510 | $78,145 |
| Average income growth | 5.0% | 5.0% | 5.0% |
The median household income in Oak Point is about 48% higher than in Texas. Income has been growing faster in Oak Point (5.0%/yr) than in Texas (4.8%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Oak Point, Texas grew by 45.0% from 2009 to 2023, reaching $113,244 in 2023. That's an average of about 3.2% per year.
Economic Inequality in Oak Point | Gender Pay Gap | Gini Coefficient
| Metric | Oak Point | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.507 | 0.587 | 0.570 |
| Male Median Income | $72,763 | $64,517 | $67,746 |
| Female Median Income | $63,952 | $51,419 | $54,793 |
| Gender Pay Gap | 12.1% | 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 Oak Point, it is 0.507, 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 14% more than women's income in Oak Point, Texas.
Income by Sex Over Time
Since 2009, the income gap between men and women in Oak Point, Texas has narrowed from about 16% to 12% in 2023.
Employment
| Metric | Oak Point | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.8% | 5.1% | 5.2% |
| Working from Home | 26.9% | 12.8% | 13.4% |
| Commute time (minutes) | 32 | 22 | 22 |
The average commute time in Oak Point is 32 minutes, longer than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Oak Point, Texas has fallen from 5.6% to 2.8% in 2023.
Conclusion
Considering all these factors, Oak Point, Texas has an overall wealth index grade of A, making it far better than Texas, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Oak Point, Texas.
How Wealthy Is Oak Point, Texas?
Oak Point has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $113,244, about 48% higher than the Texas average of $76,510.
What is the current median household income in Oak Point, Texas?
As of 2023, the median household income in Oak Point, Texas is $113,244.
What was the median household income in Oak Point in 2023?
In 2023, the median household income in Oak Point, Texas was $113,244.
What was the median household income in Oak Point in 2020?
In 2020, the median household income in Oak Point, Texas was $104,268.
What is the Gini coefficient in Oak Point, Texas?
The Gini coefficient in Oak Point is 0.507. 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 Oak Point, Texas?
Since 2009, the income gap between men and women in Oak Point, Texas has narrowed from about 16% to 12% in 2023.