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 | Paloma Creek | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $107,323 | $76,510 | $78,145 |
| Median Personal Income | $107,323 | $76,510 | $78,145 |
| Average income growth | 2.1% | 2.1% | 2.1% |
The median household income in Paloma Creek is about 40% higher than in Texas. Income has been growing slower in Paloma Creek (2.1%/yr) than in Texas (4.8%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Paloma Creek, Texas grew by 60.5% from 2009 to 2023, reaching $107,323 in 2023. That's an average of about 4.3% per year.
Economic Inequality in Paloma Creek | Gender Pay Gap | Gini Coefficient
| Metric | Paloma Creek | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.501 | 0.587 | 0.570 |
| Male Median Income | $76,299 | $64,517 | $67,746 |
| Female Median Income | $56,720 | $51,419 | $54,793 |
| Gender Pay Gap | 25.7% | 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 Paloma Creek, it is 0.501, 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 35% more than women's income in Paloma Creek, Texas.
Income by Sex Over Time
Since 2009, the income gap between men and women in Paloma Creek, Texas has widened from about 18% to 26% in 2023.
Employment
| Metric | Paloma Creek | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.3% | 5.1% | 5.2% |
| Working from Home | 25.0% | 12.8% | 13.4% |
| Commute time (minutes) | 41 | 22 | 22 |
The average commute time in Paloma Creek is 41 minutes, longer than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Paloma Creek, Texas has fallen from 5.3% to 1.3% in 2023.
Conclusion
Considering all these factors, Paloma Creek, Texas has an overall wealth index grade of A, making it notably better than Texas, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Paloma Creek, Texas.
How Rich Is Paloma Creek, Texas?
Paloma Creek 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 $107,323, about 40% higher than the Texas average of $76,510.
What is the current median household income in Paloma Creek, Texas?
As of 2023, the median household income in Paloma Creek, Texas is $107,323.
What was the median household income in Paloma Creek in 2023?
In 2023, the median household income in Paloma Creek, Texas was $107,323.
What was the median household income in Paloma Creek in 2020?
In 2020, the median household income in Paloma Creek, Texas was $75,667.
What is the Gini coefficient in Paloma Creek, Texas?
The Gini coefficient in Paloma Creek is 0.501. 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 Paloma Creek, Texas?
Since 2009, the income gap between men and women in Paloma Creek, Texas has widened from about 18% to 26% in 2023.