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 | Fort Smith | Arkansas Avg | US Average |
|---|---|---|---|
| Median Household Income | $50,707 | $58,772 | $78,145 |
| Median Personal Income | $43,829 | $49,808 | $61,726 |
| Average income growth | 5.5% | 4.7% | 5.1% |
| Six-Figure Earners | 6.8% | 7.6% | 13.2% |
The median household income in Fort Smith is about 14% lower than in Arkansas. Income has been growing faster in Fort Smith (5.5%/yr) than in Arkansas (4.7%/yr).
About 7% of adults in Fort Smith earn six figures ($100,000 or more) a year, lower than the Arkansas average of 8%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Fort Smith, Arkansas grew by 46.2% from 2009 to 2023, reaching $50,707 in 2023. That's an average of about 5.5% per year.
Economic Inequality in Fort Smith | Gender Pay Gap | Gini Coefficient
| Metric | Fort Smith | Arkansas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.551 | 0.556 | 0.570 |
| Male Median Income | $48,178 | $55,368 | $67,746 |
| Female Median Income | $40,061 | $44,548 | $54,793 |
| Gender Pay Gap | 16.8% | 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 Fort Smith, it is 0.551, 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 20% more than women's income in Fort Smith, Arkansas. Over a 35-year career, a 20% wage gap accumulates to roughly $284,095 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Fort Smith, Arkansas has widened from about 16% to 17% in 2023. In dollar terms, the gap has widened by $2,608 since 2009.
Employment
| Metric | Fort Smith | Arkansas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.0% | 5.1% | 5.2% |
| Working from Home | 7.1% | 7.8% | 13.4% |
| Commute time (minutes) | 15 | 18 | 22 |
Approximately 2,875 people are unemployed in Fort Smith, Arkansas.
The average commute time in Fort Smith is 15 minutes, shorter than the 18 minutes in Arkansas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Fort Smith, Arkansas has risen from 6.5% to 7.0% in 2023.
Conclusion
Considering all these factors, Fort Smith, 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 Fort Smith, Arkansas.
How Rich Is Fort Smith, Arkansas?
Fort Smith 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 $50,707, about 14% lower than the Arkansas average of $58,772.
What is the current median household income in Fort Smith, Arkansas?
As of 2023, the median household income in Fort Smith, Arkansas is $50,707.
What was the median household income in Fort Smith in 2023?
In 2023, the median household income in Fort Smith, Arkansas was $50,707.
What was the median household income in Fort Smith in 2020?
In 2020, the median household income in Fort Smith, Arkansas was $43,908.
What is the Gini coefficient in Fort Smith, Arkansas?
The Gini coefficient in Fort Smith is 0.551. 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 Fort Smith, Arkansas?
Since 2009, the income gap between men and women in Fort Smith, Arkansas has widened from about 16% to 17% in 2023. In dollar terms, the gap has widened by $2,608 since 2009.