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 | Conway | Arkansas Avg | US Average |
|---|---|---|---|
| Median Household Income | $57,649 | $58,772 | $78,145 |
| Median Personal Income | $47,879 | $49,808 | $61,726 |
| Average income growth | 3.8% | 4.7% | 5.1% |
| Six-Figure Earners | 7.1% | 7.6% | 13.2% |
The median household income in Conway is about 2% lower than in Arkansas. Income has been growing slower in Conway (3.8%/yr) than in Arkansas (4.7%/yr).
About 7% of adults in Conway earn six figures ($100,000 or more) a year, about the same as the Arkansas average of 8%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Conway, Arkansas grew by 44.7% from 2009 to 2023, reaching $57,649 in 2023. That's an average of about 3.8% per year.
Economic Inequality in Conway | Gender Pay Gap | Gini Coefficient
| Metric | Conway | Arkansas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.590 | 0.556 | 0.570 |
| Male Median Income | $51,695 | $55,368 | $67,746 |
| Female Median Income | $44,706 | $44,548 | $54,793 |
| Gender Pay Gap | 13.5% | 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 Conway, it is 0.590, higher than Arkansas's 0.556, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 16% more than women's income in Conway, Arkansas. Over a 35-year career, a 16% wage gap accumulates to roughly $244,615 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Conway, Arkansas has narrowed from about 31% to 14% in 2023. In dollar terms, the gap has narrowed by $6,716 since 2009.
Employment
| Metric | Conway | Arkansas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.5% | 5.1% | 5.2% |
| Working from Home | 7.9% | 7.8% | 13.4% |
| Commute time (minutes) | 16 | 18 | 22 |
Approximately 993 people are unemployed in Conway, Arkansas.
The average commute time in Conway is 16 minutes, shorter than the 18 minutes in Arkansas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Conway, Arkansas has fallen from 8.5% to 3.5% in 2023.
Conclusion
Considering all these factors, Conway, Arkansas has an overall wealth index grade of D, making it about on par with Arkansas, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Conway, Arkansas.
How Rich Is Conway, Arkansas?
Conway has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $57,649, about 2% lower than the Arkansas average of $58,772.
What is the current median household income in Conway, Arkansas?
As of 2023, the median household income in Conway, Arkansas is $57,649.
What was the median household income in Conway in 2023?
In 2023, the median household income in Conway, Arkansas was $57,649.
What was the median household income in Conway in 2020?
In 2020, the median household income in Conway, Arkansas was $44,980.
What is the Gini coefficient in Conway, Arkansas?
The Gini coefficient in Conway is 0.590. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Conway, Arkansas?
Since 2009, the income gap between men and women in Conway, Arkansas has narrowed from about 31% to 14% in 2023. In dollar terms, the gap has narrowed by $6,716 since 2009.