Wealth Index
Less wealthy than 81% of counties in Arkansas
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 | Nevada County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Household Income | $42,533 | $58,772 | $78,145 |
| Median Personal Income | $43,519 | $49,808 | $61,726 |
| Average income growth | 4.9% | 4.7% | 5.1% |
| Six-Figure Earners | 2.4% | 7.6% | 13.2% |
The median household income in Nevada County is about 28% lower than in Arkansas. Income has been growing faster in Nevada County (4.9%/yr) than in Arkansas (4.7%/yr).
About 2% of adults in Nevada 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 Nevada County, Arkansas grew by 29.8% from 2009 to 2023, reaching $42,533 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Nevada County | Gender Pay Gap | Gini Coefficient
| Metric | Nevada County | Arkansas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.502 | 0.556 | 0.570 |
| Male Median Income | $46,055 | $55,368 | $67,746 |
| Female Median Income | $41,304 | $44,548 | $54,793 |
| Gender Pay Gap | 10.3% | 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 Nevada County, it is 0.502, 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 12% more than women's income in Nevada County, Arkansas. Over a 35-year career, a 12% wage gap accumulates to roughly $166,285 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Nevada County, Arkansas has narrowed from about 19% to 10% in 2023. In dollar terms, the gap has narrowed by $1,645 since 2009.
Employment
| Metric | Nevada County | Arkansas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.3% | 5.1% | 5.2% |
| Working from Home | 0.7% | 7.8% | 13.4% |
| Commute time (minutes) | 23 | 18 | 22 |
Approximately 278 people are unemployed in Nevada County, Arkansas.
The average commute time in Nevada County is 23 minutes, longer than the 18 minutes in Arkansas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Nevada County, Arkansas has fallen from 14.2% to 8.3% in 2023.
Conclusion
Considering all these factors, Nevada County, Arkansas has an overall wealth index grade of D, making it somewhat worse than Arkansas, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Nevada County, Arkansas.
How Rich Is Nevada County, Arkansas?
Nevada 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 $42,533, about 28% lower than the Arkansas average of $58,772.
What is the current median household income in Nevada County, Arkansas?
As of 2023, the median household income in Nevada County, Arkansas is $42,533.
What was the median household income in Nevada County in 2023?
In 2023, the median household income in Nevada County, Arkansas was $42,533.
What was the median household income in Nevada County in 2020?
In 2020, the median household income in Nevada County, Arkansas was $39,942.
What is the Gini coefficient in Nevada County, Arkansas?
The Gini coefficient in Nevada County is 0.502. 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 Nevada County, Arkansas?
Since 2009, the income gap between men and women in Nevada County, Arkansas has narrowed from about 19% to 10% in 2023. In dollar terms, the gap has narrowed by $1,645 since 2009.