Wealth Index
Wealthier than 82% of counties in Texas
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 | Somervell County | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $87,205 | $76,510 | $78,145 |
| Median Personal Income | $55,969 | $58,415 | $61,726 |
| Average income growth | 8.6% | 4.8% | 5.1% |
| Six-Figure Earners | 10.7% | 12.4% | 13.2% |
The median household income in Somervell County is about 14% higher than in Texas. Income has been growing faster in Somervell County (8.6%/yr) than in Texas (4.8%/yr).
About 11% of adults in Somervell 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 Somervell County, Texas grew by 79.2% from 2009 to 2023, reaching $87,205 in 2023. That's an average of about 8.6% per year.
Economic Inequality in Somervell County | Gender Pay Gap | Gini Coefficient
| Metric | Somervell County | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.628 | 0.587 | 0.570 |
| Male Median Income | $67,261 | $64,517 | $67,746 |
| Female Median Income | $42,590 | $51,419 | $54,793 |
| Gender Pay Gap | 36.7% | 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 Somervell County, it is 0.628, higher than Texas's 0.587, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 58% more than women's income in Somervell County, Texas. Over a 35-year career, a 58% wage gap accumulates to roughly $863,485 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Somervell County, Texas has widened from about 13% to 37% in 2023. In dollar terms, the gap has widened by $19,165 since 2009.
Employment
| Metric | Somervell County | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.0% | 5.1% | 5.2% |
| Working from Home | 11.6% | 12.8% | 13.4% |
| Commute time (minutes) | 17 | 22 | 22 |
Approximately 193 people are unemployed in Somervell County, Texas.
The average commute time in Somervell County is 17 minutes, shorter than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Somervell County, Texas has risen from 2.9% to 4.0% in 2023.
Conclusion
Considering all these factors, Somervell County, Texas has an overall wealth index grade of C, making it somewhat better than Texas, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Somervell County, Texas.
How Rich Is Somervell County, Texas?
Somervell 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 $87,205, about 14% higher than the Texas average of $76,510.
What is the current median household income in Somervell County, Texas?
As of 2023, the median household income in Somervell County, Texas is $87,205.
What was the median household income in Somervell County in 2023?
In 2023, the median household income in Somervell County, Texas was $87,205.
What was the median household income in Somervell County in 2020?
In 2020, the median household income in Somervell County, Texas was $68,526.
What is the Gini coefficient in Somervell County, Texas?
The Gini coefficient in Somervell County is 0.628. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Somervell County, Texas?
Since 2009, the income gap between men and women in Somervell County, Texas has widened from about 13% to 37% in 2023. In dollar terms, the gap has widened by $19,165 since 2009.