Texas median household income is almost $64k
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Median household income in Texas has increased by 5% since 2015.
Why it matters: Skyrocketing housing costs and inflation are putting pressure on people’s salaries and, despite this uptick, income increases haven’t kept pace.
The big picture: The second half of the last decade was the final stretch of the longest expansion in the history of U.S. economic cycles.
- The boom ended in spring 2020 as COVID-19 spread, writes Axios' Mike Allen.
Details: In 2015, the median income was $60,771 in 2020 dollars. Five years later, that income rose to just $63,826.
Yes, but: Half the population is living off paychecks well below that yearly total.
By the numbers: The average household income increased the most in Dallas County but is still well below the other three major counties in North Texas.
- Collin County increased 18.7% from $85,000 in 2015 to $101,000 in 2020.
- Dallas County increased 23.1% from $50,000 to $62,000.
- Denton County increased 20.4% from $75,000 to $90,000.
- Tarrant County increased 19.7% from $59,000 to $70,000.