Wealth Index
Wealthier than 85% 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 | Wise County | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $89,751 | $76,510 | $78,145 |
| Median Personal Income | $58,374 | $58,415 | $61,726 |
| Average income growth | 6.7% | 4.8% | 5.1% |
| Six-Figure Earners | 12.9% | 12.4% | 13.2% |
The median household income in Wise County is about 17% higher than in Texas. Income has been growing faster in Wise County (6.7%/yr) than in Texas (4.8%/yr).
About 13% of adults in Wise County earn six figures ($100,000 or more) a year, about the same as the Texas average of 12%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Wise County, Texas grew by 58.9% from 2009 to 2023, reaching $89,751 in 2023. That's an average of about 6.7% per year.
Economic Inequality in Wise County | Gender Pay Gap | Gini Coefficient
| Metric | Wise County | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.571 | 0.587 | 0.570 |
| Male Median Income | $66,828 | $64,517 | $67,746 |
| Female Median Income | $51,124 | $51,419 | $54,793 |
| Gender Pay Gap | 23.5% | 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 Wise County, it is 0.571, 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 31% more than women's income in Wise County, Texas. Over a 35-year career, a 31% wage gap accumulates to roughly $549,640 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Wise County, Texas has narrowed from about 30% to 23% in 2023. In dollar terms, the gap has widened by $2,188 since 2009.
Employment
| Metric | Wise County | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.0% | 5.1% | 5.2% |
| Working from Home | 10.0% | 12.8% | 13.4% |
| Commute time (minutes) | 30 | 22 | 22 |
Approximately 1,832 people are unemployed in Wise County, Texas.
The average commute time in Wise County is 30 minutes, longer than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Wise County, Texas has fallen from 8.9% to 5.0% in 2023.
Conclusion
Considering all these factors, Wise County, Texas has an overall wealth index grade of B, making it somewhat better than Texas, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Wise County, Texas.
How Rich Is Wise County, Texas?
Wise County has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $89,751, about 17% higher than the Texas average of $76,510.
What is the current median household income in Wise County, Texas?
As of 2023, the median household income in Wise County, Texas is $89,751.
What was the median household income in Wise County in 2023?
In 2023, the median household income in Wise County, Texas was $89,751.
What was the median household income in Wise County in 2020?
In 2020, the median household income in Wise County, Texas was $70,048.
What is the Gini coefficient in Wise County, Texas?
The Gini coefficient in Wise County is 0.571. 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 Wise County, Texas?
Since 2009, the income gap between men and women in Wise County, Texas has narrowed from about 30% to 23% in 2023. In dollar terms, the gap has widened by $2,188 since 2009.