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 | Sherman County | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $74,768 | $76,510 | $78,145 |
| Median Personal Income | $46,884 | $58,415 | $61,726 |
| Average income growth | 4.8% | 4.8% | 5.1% |
| Six-Figure Earners | 11.7% | 12.4% | 13.2% |
The median household income in Sherman County is about 2% lower than in Texas. Income has been growing faster in Sherman County (4.8%/yr) than in Texas (4.8%/yr).
About 12% of adults in Sherman 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 Sherman County, Texas grew by 85.4% from 2009 to 2023, reaching $74,768 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Sherman County | Gender Pay Gap | Gini Coefficient
| Metric | Sherman County | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.569 | 0.587 | 0.570 |
| Male Median Income | $47,317 | $64,517 | $67,746 |
| Female Median Income | $44,704 | $51,419 | $54,793 |
| Gender Pay Gap | 5.5% | 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 Sherman County, it is 0.569, 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 6% more than women's income in Sherman County, Texas. Over a 35-year career, a 6% wage gap accumulates to roughly $91,455 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Sherman County, Texas has narrowed from about 30% to 6% in 2023. In dollar terms, the gap has narrowed by $7,269 since 2009.
Employment
| Metric | Sherman County | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.2% | 5.1% | 5.2% |
| Working from Home | 3.3% | 12.8% | 13.4% |
| Commute time (minutes) | 8 | 22 | 22 |
Approximately 38 people are unemployed in Sherman County, Texas.
The average commute time in Sherman County is 8 minutes, shorter than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Sherman County, Texas has fallen from 7.0% to 3.2% in 2023.
Conclusion
Considering all these factors, Sherman County, Texas has an overall wealth index grade of C, making it about on par with Texas, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Sherman County, Texas.
How Rich Is Sherman County, Texas?
Sherman County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $74,768, about 2% lower than the Texas average of $76,510.
What is the current median household income in Sherman County, Texas?
As of 2023, the median household income in Sherman County, Texas is $74,768.
What was the median household income in Sherman County in 2023?
In 2023, the median household income in Sherman County, Texas was $74,768.
What was the median household income in Sherman County in 2020?
In 2020, the median household income in Sherman County, Texas was $56,412.
What is the Gini coefficient in Sherman County, Texas?
The Gini coefficient in Sherman County is 0.569. 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 Sherman County, Texas?
Since 2009, the income gap between men and women in Sherman County, Texas has narrowed from about 30% to 6% in 2023. In dollar terms, the gap has narrowed by $7,269 since 2009.