Apr 12, 2022 - News
Texas sees swelling household incomes
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Texans grew marginally wealthier in the second half of the last decade, according to data from the U.S. Census Bureau.
By the numbers: The state's median household income rose 5% — from $60,771 between 2011-2015 to $63,826 between 2016-2020.
The big picture: That was the final stretch of the longest expansion in the history of U.S. business cycles and followed the Great Recession.
- The boom ended in spring 2020 as COVID spread, Axios' Mike Allen writes.
Zoom in: Central Texas experienced significantly faster growth than the rest of the state.
- Travis County saw the biggest gains in median household income at a 31.3% increase, growing from $61,000 to $81,000.
- Williamson County saw a 23.2% change, increasing from $74,000 to $91,000.
- Fast-growing Hays County saw a 17.3% increase, jumping from $59,000 to $69,000.
Yes, but: Inflation.
Zoom out: The nation's median household income, which had been $59,000 from 2011-2015, rose to $65,000 from 2016-2020.
- The growth coincides with a rise in educational attainment levels, as well as a significant drop in poverty levels nationwide — 15.5% to 12.8%.