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 | Hempstead County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Household Income | $47,713 | $58,772 | $78,145 |
| Median Personal Income | $45,841 | $49,808 | $61,726 |
| Average income growth | 5.1% | 4.7% | 5.1% |
| Six-Figure Earners | 4.5% | 7.6% | 13.2% |
The median household income in Hempstead County is about 19% lower than in Arkansas. Income has been growing faster in Hempstead County (5.1%/yr) than in Arkansas (4.7%/yr).
About 5% of adults in Hempstead County 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 Hempstead County, Arkansas grew by 34.1% from 2009 to 2023, reaching $47,713 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Hempstead County | Gender Pay Gap | Gini Coefficient
| Metric | Hempstead County | Arkansas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.519 | 0.556 | 0.570 |
| Male Median Income | $49,111 | $55,368 | $67,746 |
| Female Median Income | $40,393 | $44,548 | $54,793 |
| Gender Pay Gap | 17.8% | 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 Hempstead County, it is 0.519, 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 22% more than women's income in Hempstead County, Arkansas. Over a 35-year career, a 22% wage gap accumulates to roughly $305,130 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Hempstead County, Arkansas has narrowed from about 36% to 18% in 2023. In dollar terms, the gap has narrowed by $4,333 since 2009.
Employment
| Metric | Hempstead County | Arkansas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.9% | 5.1% | 5.2% |
| Working from Home | 2.6% | 7.8% | 13.4% |
| Commute time (minutes) | 18 | 18 | 22 |
Approximately 305 people are unemployed in Hempstead County, Arkansas.
The average commute time in Hempstead County is 18 minutes, about the same as in Arkansas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hempstead County, Arkansas has fallen from 8.5% to 3.9% in 2023.
Conclusion
Considering all these factors, Hempstead County, 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 Hempstead County, Arkansas.
How Rich Is Hempstead County, Arkansas?
Hempstead County 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 $47,713, about 19% lower than the Arkansas average of $58,772.
What is the current median household income in Hempstead County, Arkansas?
As of 2023, the median household income in Hempstead County, Arkansas is $47,713.
What was the median household income in Hempstead County in 2023?
In 2023, the median household income in Hempstead County, Arkansas was $47,713.
What was the median household income in Hempstead County in 2020?
In 2020, the median household income in Hempstead County, Arkansas was $45,427.
What is the Gini coefficient in Hempstead County, Arkansas?
The Gini coefficient in Hempstead County is 0.519. 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 Hempstead County, Arkansas?
Since 2009, the income gap between men and women in Hempstead County, Arkansas has narrowed from about 36% to 18% in 2023. In dollar terms, the gap has narrowed by $4,333 since 2009.