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 | Palo Pinto County | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $64,503 | $76,510 | $78,145 |
| Median Personal Income | $48,943 | $58,415 | $61,726 |
| Average income growth | 6.2% | 4.8% | 5.1% |
| Six-Figure Earners | 6.9% | 12.4% | 13.2% |
The median household income in Palo Pinto County is about 16% lower than in Texas. Income has been growing faster in Palo Pinto County (6.2%/yr) than in Texas (4.8%/yr).
About 7% of adults in Palo Pinto 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 Palo Pinto County, Texas grew by 64.2% from 2009 to 2023, reaching $64,503 in 2023. That's an average of about 6.2% per year.
Economic Inequality in Palo Pinto County | Gender Pay Gap | Gini Coefficient
| Metric | Palo Pinto County | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.566 | 0.587 | 0.570 |
| Male Median Income | $52,967 | $64,517 | $67,746 |
| Female Median Income | $45,945 | $51,419 | $54,793 |
| Gender Pay Gap | 13.3% | 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 Palo Pinto County, it is 0.566, 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 15% more than women's income in Palo Pinto County, Texas. Over a 35-year career, a 15% wage gap accumulates to roughly $245,770 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Palo Pinto County, Texas has narrowed from about 30% to 13% in 2023. In dollar terms, the gap has narrowed by $4,551 since 2009.
Employment
| Metric | Palo Pinto County | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.6% | 5.1% | 5.2% |
| Working from Home | 6.8% | 12.8% | 13.4% |
| Commute time (minutes) | 20 | 22 | 22 |
Approximately 1,001 people are unemployed in Palo Pinto County, Texas.
The average commute time in Palo Pinto County is 20 minutes, shorter than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Palo Pinto County, Texas has fallen from 8.3% to 7.6% in 2023.
Conclusion
Considering all these factors, Palo Pinto 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 Palo Pinto County, Texas.
How Rich Is Palo Pinto County, Texas?
Palo Pinto 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 $64,503, about 16% lower than the Texas average of $76,510.
What is the current median household income in Palo Pinto County, Texas?
As of 2023, the median household income in Palo Pinto County, Texas is $64,503.
What was the median household income in Palo Pinto County in 2023?
In 2023, the median household income in Palo Pinto County, Texas was $64,503.
What was the median household income in Palo Pinto County in 2020?
In 2020, the median household income in Palo Pinto County, Texas was $56,190.
What is the Gini coefficient in Palo Pinto County, Texas?
The Gini coefficient in Palo Pinto County is 0.566. 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 Palo Pinto County, Texas?
Since 2009, the income gap between men and women in Palo Pinto County, Texas has narrowed from about 30% to 13% in 2023. In dollar terms, the gap has narrowed by $4,551 since 2009.