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 | Hot Springs | Arkansas Avg | US Average |
|---|---|---|---|
| Median Household Income | $46,267 | $58,772 | $78,145 |
| Median Personal Income | $43,525 | $49,808 | $61,726 |
| Average income growth | 5.2% | 4.7% | 5.1% |
| Six-Figure Earners | 5.5% | 7.6% | 13.2% |
The median household income in Hot Springs is about 21% lower than in Arkansas. Income has been growing faster in Hot Springs (5.2%/yr) than in Arkansas (4.7%/yr).
About 5% of adults in Hot Springs 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 Hot Springs, Arkansas grew by 48.6% from 2009 to 2023, reaching $46,267 in 2023. That's an average of about 5.2% per year.
Economic Inequality in Hot Springs | Gender Pay Gap | Gini Coefficient
| Metric | Hot Springs | Arkansas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.543 | 0.556 | 0.570 |
| Male Median Income | $44,520 | $55,368 | $67,746 |
| Female Median Income | $42,939 | $44,548 | $54,793 |
| Gender Pay Gap | 3.6% | 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 Hot Springs, it is 0.543, 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 4% more than women's income in Hot Springs, Arkansas. Over a 35-year career, a 4% wage gap accumulates to roughly $55,335 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Hot Springs, Arkansas has narrowed from about 8% to 4% in 2023. In dollar terms, the gap has narrowed by $909 since 2009.
Employment
| Metric | Hot Springs | Arkansas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.9% | 5.1% | 5.2% |
| Working from Home | 5.8% | 7.8% | 13.4% |
| Commute time (minutes) | 13 | 18 | 22 |
Approximately 824 people are unemployed in Hot Springs, Arkansas.
The average commute time in Hot Springs is 13 minutes, shorter than the 18 minutes in Arkansas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hot Springs, Arkansas has fallen from 11.0% to 5.9% in 2023.
Conclusion
Considering all these factors, Hot Springs, 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 Hot Springs, Arkansas.
How Rich Is Hot Springs, Arkansas?
Hot Springs 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 $46,267, about 21% lower than the Arkansas average of $58,772.
What is the current median household income in Hot Springs, Arkansas?
As of 2023, the median household income in Hot Springs, Arkansas is $46,267.
What was the median household income in Hot Springs in 2023?
In 2023, the median household income in Hot Springs, Arkansas was $46,267.
What was the median household income in Hot Springs in 2020?
In 2020, the median household income in Hot Springs, Arkansas was $39,602.
What is the Gini coefficient in Hot Springs, Arkansas?
The Gini coefficient in Hot Springs is 0.543. 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 Hot Springs, Arkansas?
Since 2009, the income gap between men and women in Hot Springs, Arkansas has narrowed from about 8% to 4% in 2023. In dollar terms, the gap has narrowed by $909 since 2009.