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 South | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $129,882 | $76,510 | $78,145 |
| Median Personal Income | $129,882 | $76,510 | $78,145 |
| Average income growth | 4.0% | 4.0% | 4.0% |
The median household income in Paloma Creek South is about 70% higher than in Texas. Income has been growing slower in Paloma Creek South (4.0%/yr) than in Texas (4.8%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Paloma Creek South, Texas grew by 66.3% from 2009 to 2023, reaching $129,882 in 2023. That's an average of about 4.7% per year.
Economic Inequality in Paloma Creek South | Gender Pay Gap | Gini Coefficient
| Metric | Paloma Creek South | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.509 | 0.587 | 0.570 |
| Male Median Income | $76,016 | $64,517 | $67,746 |
| Female Median Income | $70,455 | $51,419 | $54,793 |
| Gender Pay Gap | 7.3% | 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 Paloma Creek South, it is 0.509, 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 8% more than women's income in Paloma Creek South, Texas.
Income by Sex Over Time
Since 2009, the income gap between men and women in Paloma Creek South, Texas has narrowed from about 16% to 7% in 2023.
Employment
| Metric | Paloma Creek South | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.4% | 5.1% | 5.2% |
| Working from Home | 26.9% | 12.8% | 13.4% |
| Commute time (minutes) | 36 | 22 | 22 |
The average commute time in Paloma Creek South is 36 minutes, longer than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Paloma Creek South, Texas has fallen from 6.8% to 2.4% in 2023.
Conclusion
Considering all these factors, Paloma Creek South, Texas has an overall wealth index grade of A+, making it far better than Texas, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Paloma Creek South, Texas.
How Rich Is Paloma Creek South, Texas?
Paloma Creek South 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 it is one of the most prosperous areas in the country. The median household income is $129,882, about 70% higher than the Texas average of $76,510.
What is the current median household income in Paloma Creek South, Texas?
As of 2023, the median household income in Paloma Creek South, Texas is $129,882.
What was the median household income in Paloma Creek South in 2023?
In 2023, the median household income in Paloma Creek South, Texas was $129,882.
What was the median household income in Paloma Creek South in 2020?
In 2020, the median household income in Paloma Creek South, Texas was $101,273.
What is the Gini coefficient in Paloma Creek South, Texas?
The Gini coefficient in Paloma Creek South is 0.509. 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 South, Texas?
Since 2009, the income gap between men and women in Paloma Creek South, Texas has narrowed from about 16% to 7% in 2023.