Waco, Texas Income Statistics
Waco Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
D
Waco Well below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Waco | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $51,707 | $78,939 | $80,455 |
| Median Personal Income | $43,014 | $56,913 | $60,758 |
| Average Yearly Income Growth | 5.3% | 4.6% | 4.8% |
| Six-Figure Earners | 5.9% | 13.0% | 13.9% |
| $200k+ Households | 5.2% | 12.5% | 13.2% |
The median household income in Waco is about 34% lower than in Texas. Income has been growing faster in Waco (5.3%/yr) than in Texas (4.6%/yr).
About 6% of adults in Waco earn six figures ($100,000 or more) a year, lower than the Texas average of 13%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Waco, Texas grew by 66.3% from 2009 to 2024, reaching $51,707 in 2024. That's an average of about 5.3% per year.
Income Inequality and the Gender Pay Gap in Waco
| Metric | Waco | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.575 | 0.570 | 0.552 |
| Male Median Income | $49,177 | $66,147 | $69,667 |
| Female Median Income | $40,559 | $53,058 | $56,850 |
| Gender Pay Gap | 17.5% | 19.8% | 18.4% |
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 Waco, it is 0.575, higher than Texas's 0.570, so income is less evenly distributed here than there, and higher than the US's 0.552, so income is less evenly distributed here than there.
Men's income is about 21% more than women's income in Waco, Texas. Over a 35-year career, a 21% wage gap accumulates to roughly $301,630 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Waco, Texas has narrowed from about 19% to 18% in 2024. Over that period the gap was widest at 23% in 2011, and was narrowest at 13% in 2017. In dollar terms, the gap has widened by $2,430 since 2009.
Employment
| Metric | Waco | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.5% | 5.2% | 5.2% |
| Working from Home | 8.9% | 14.4% | 15.0% |
| Commute time (minutes) | 16 | 22 | 22 |
Approximately 2,942 people are unemployed in Waco, Texas.
The average commute time in Waco is 16 minutes, shorter than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Waco, Texas has fallen from 9.0% to 4.5% in 2024. Over that period the rate peaked at 9.3% in 2013 and fell as low as 4.4% in 2023.
Conclusion
Considering all these factors, Waco, 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 Waco, Texas.
How Rich Is Waco, Texas?
Waco 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 $51,707, about 34% lower than the Texas average of $78,939.
How fast is household income rising in Waco, Texas?
Between 2009 and 2024, the median household income in Waco, Texas rose 66%, from $31,095 to $51,707. Over the same years, income here outpaced Texas as a whole: +66% against +64%.
What was the median household income in Waco in 2023?
In 2023, the median household income in Waco, Texas was $49,404, up 8% from $45,884 in 2022. The Texas median that year was $76,528.
What was the median household income in Waco in 2020?
In 2020, the median household income in Waco, Texas was $39,294. By 2024 it had risen 32% to $51,707.
What is the Gini coefficient in Waco, Texas?
The Gini coefficient in Waco is 0.575. 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 0.552, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Waco, Texas?
Since 2009, the income gap between men and women in Waco, Texas has narrowed from about 19% to 18% in 2024. Over that period the gap was widest at 23% in 2011, and was narrowest at 13% in 2017. In dollar terms, the gap has widened by $2,430 since 2009.
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