Wealth Index
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 | Prattville | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $75,269 | $62,318 | $78,145 |
| Median Personal Income | $54,746 | $53,379 | $61,726 |
| Average income growth | 5.2% | 4.8% | 5.1% |
| Six-Figure Earners | 10.1% | 9.0% | 13.2% |
The median household income in Prattville is about 21% higher than in Alabama. Income has been growing faster in Prattville (5.2%/yr) than in Alabama (4.8%/yr).
About 10% of adults in Prattville earn six figures ($100,000 or more) a year, higher than the Alabama average of 9%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Prattville, Alabama grew by 45.1% from 2009 to 2023, reaching $75,269 in 2023. That's an average of about 5.2% per year.
Economic Inequality in Prattville | Gender Pay Gap | Gini Coefficient
| Metric | Prattville | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.553 | 0.572 | 0.570 |
| Male Median Income | $64,004 | $61,248 | $67,746 |
| Female Median Income | $44,260 | $45,616 | $54,793 |
| Gender Pay Gap | 30.8% | 25.5% | 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 Prattville, it is 0.553, lower than Alabama's 0.572, so income is more evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 45% more than women's income in Prattville, Alabama. Over a 35-year career, a 45% wage gap accumulates to roughly $691,040 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Prattville, Alabama has narrowed from about 37% to 31% in 2023. In dollar terms, the gap has widened by $791 since 2009.
Employment
| Metric | Prattville | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.0% | 4.8% | 5.2% |
| Working from Home | 6.6% | 7.8% | 13.4% |
| Commute time (minutes) | 21 | 22 | 22 |
Approximately 296 people are unemployed in Prattville, Alabama.
The average commute time in Prattville is 21 minutes, shorter than the 22 minutes in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Prattville, Alabama has fallen from 6.6% to 2.0% in 2023.
Conclusion
Considering all these factors, Prattville, Alabama has an overall wealth index grade of C, making it somewhat better than Alabama, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Prattville, Alabama.
How Rich Is Prattville, Alabama?
Prattville 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 $75,269, about 21% higher than the Alabama average of $62,318.
What is the current median household income in Prattville, Alabama?
As of 2023, the median household income in Prattville, Alabama is $75,269.
What was the median household income in Prattville in 2023?
In 2023, the median household income in Prattville, Alabama was $75,269.
What was the median household income in Prattville in 2020?
In 2020, the median household income in Prattville, Alabama was $63,698.
What is the Gini coefficient in Prattville, Alabama?
The Gini coefficient in Prattville is 0.553. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Prattville, Alabama?
Since 2009, the income gap between men and women in Prattville, Alabama has narrowed from about 37% to 31% in 2023. In dollar terms, the gap has widened by $791 since 2009.