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 | Benton | Arkansas Avg | US Average |
|---|---|---|---|
| Median Household Income | $70,358 | $58,772 | $78,145 |
| Median Personal Income | $56,330 | $49,808 | $61,726 |
| Average income growth | 3.5% | 4.7% | 5.1% |
| Six-Figure Earners | 9.2% | 7.6% | 13.2% |
The median household income in Benton is about 20% higher than in Arkansas. Income has been growing slower in Benton (3.5%/yr) than in Arkansas (4.7%/yr).
About 9% of adults in Benton earn six figures ($100,000 or more) a year, higher than the Arkansas average of 8%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Benton, Arkansas grew by 44.9% from 2009 to 2023, reaching $70,358 in 2023. That's an average of about 3.5% per year.
Economic Inequality in Benton | Gender Pay Gap | Gini Coefficient
| Metric | Benton | Arkansas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.515 | 0.556 | 0.570 |
| Male Median Income | $67,348 | $55,368 | $67,746 |
| Female Median Income | $47,185 | $44,548 | $54,793 |
| Gender Pay Gap | 29.9% | 19.5% | 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 Benton, it is 0.515, lower than Arkansas's 0.556, 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 43% more than women's income in Benton, Arkansas. Over a 35-year career, a 43% wage gap accumulates to roughly $705,705 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Benton, Arkansas has widened from about 26% to 30% in 2023. In dollar terms, the gap has widened by $8,415 since 2009.
Employment
| Metric | Benton | Arkansas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.4% | 5.1% | 5.2% |
| Working from Home | 7.5% | 7.8% | 13.4% |
| Commute time (minutes) | 23 | 18 | 22 |
Approximately 639 people are unemployed in Benton, Arkansas.
The average commute time in Benton is 23 minutes, longer than the 18 minutes in Arkansas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Benton, Arkansas has fallen from 6.9% to 4.4% in 2023.
Conclusion
Considering all these factors, Benton, Arkansas has an overall wealth index grade of B, making it somewhat better than Arkansas, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Benton, Arkansas.
How Rich Is Benton, Arkansas?
Benton 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 $70,358, about 20% higher than the Arkansas average of $58,772.
What is the current median household income in Benton, Arkansas?
As of 2023, the median household income in Benton, Arkansas is $70,358.
What was the median household income in Benton in 2023?
In 2023, the median household income in Benton, Arkansas was $70,358.
What was the median household income in Benton in 2020?
In 2020, the median household income in Benton, Arkansas was $61,367.
What is the Gini coefficient in Benton, Arkansas?
The Gini coefficient in Benton is 0.515. 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 Benton, Arkansas?
Since 2009, the income gap between men and women in Benton, Arkansas has widened from about 26% to 30% in 2023. In dollar terms, the gap has widened by $8,415 since 2009.