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 | Prichard | Alabama Avg | US Average |
|---|---|---|---|
| Median Household Income | $39,562 | $62,318 | $78,145 |
| Median Personal Income | $37,614 | $53,379 | $61,726 |
| Average income growth | 5.7% | 4.8% | 5.1% |
| Six-Figure Earners | 2.0% | 9.0% | 13.2% |
The median household income in Prichard is about 37% lower than in Alabama. Income has been growing faster in Prichard (5.7%/yr) than in Alabama (4.8%/yr).
About 2% of adults in Prichard earn six figures ($100,000 or more) a year, lower than the Alabama average of 9%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Prichard, Alabama grew by 59.7% from 2009 to 2023, reaching $39,562 in 2023. That's an average of about 5.7% per year.
Economic Inequality in Prichard | Gender Pay Gap | Gini Coefficient
| Metric | Prichard | Alabama Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.560 | 0.572 | 0.570 |
| Male Median Income | $38,012 | $61,248 | $67,746 |
| Female Median Income | $37,490 | $45,616 | $54,793 |
| Gender Pay Gap | 1.4% | 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 Prichard, it is 0.560, 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 1% more than women's income in Prichard, Alabama. Over a 35-year career, a 1% wage gap accumulates to roughly $18,270 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Prichard, Alabama has narrowed from about 30% to 1% in 2023. In dollar terms, the gap has narrowed by $8,771 since 2009.
Employment
| Metric | Prichard | Alabama Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 9.8% | 4.8% | 5.2% |
| Working from Home | 5.0% | 7.8% | 13.4% |
| Commute time (minutes) | 21 | 22 | 22 |
Approximately 703 people are unemployed in Prichard, Alabama.
The average commute time in Prichard is 21 minutes, shorter than the 22 minutes in Alabama.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Prichard, Alabama has fallen from 18.4% to 9.8% in 2023.
Conclusion
Considering all these factors, Prichard, Alabama has an overall wealth index grade of F, making it somewhat worse than Alabama, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Prichard, Alabama.
How Rich Is Prichard, Alabama?
Prichard has a wealth index grade of F. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an F grade means residents are well below the U.S. average. The median household income is $39,562, about 37% lower than the Alabama average of $62,318.
What is the current median household income in Prichard, Alabama?
As of 2023, the median household income in Prichard, Alabama is $39,562.
What was the median household income in Prichard in 2023?
In 2023, the median household income in Prichard, Alabama was $39,562.
What was the median household income in Prichard in 2020?
In 2020, the median household income in Prichard, Alabama was $32,423.
What is the Gini coefficient in Prichard, Alabama?
The Gini coefficient in Prichard is 0.560. 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 Prichard, Alabama?
Since 2009, the income gap between men and women in Prichard, Alabama has narrowed from about 30% to 1% in 2023. In dollar terms, the gap has narrowed by $8,771 since 2009.