Wealth Index
Among the 5 least wealthy 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 | Phillips County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Household Income | $38,611 | $58,772 | $78,145 |
| Median Personal Income | $47,522 | $49,808 | $61,726 |
| Average income growth | 5.3% | 4.7% | 5.1% |
| Six-Figure Earners | 2.4% | 7.6% | 13.2% |
The median household income in Phillips County is about 34% lower than in Arkansas. Income has been growing faster in Phillips County (5.3%/yr) than in Arkansas (4.7%/yr).
About 2% of adults in Phillips 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 Phillips County, Arkansas grew by 44.8% from 2009 to 2023, reaching $38,611 in 2023. That's an average of about 5.3% per year.
Economic Inequality in Phillips County | Gender Pay Gap | Gini Coefficient
| Metric | Phillips County | Arkansas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.568 | 0.556 | 0.570 |
| Male Median Income | $49,526 | $55,368 | $67,746 |
| Female Median Income | $46,661 | $44,548 | $54,793 |
| Gender Pay Gap | 5.8% | 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 Phillips County, it is 0.568, higher than Arkansas's 0.556, so income is less evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 6% more than women's income in Phillips County, Arkansas. Over a 35-year career, a 6% wage gap accumulates to roughly $100,275 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Phillips County, Arkansas has narrowed from about 15% to 6% in 2023. In dollar terms, the gap has narrowed by $1,478 since 2009.
Employment
| Metric | Phillips County | Arkansas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 15.7% | 5.1% | 5.2% |
| Working from Home | 4.0% | 7.8% | 13.4% |
| Commute time (minutes) | 13 | 18 | 22 |
Approximately 961 people are unemployed in Phillips County, Arkansas.
The average commute time in Phillips County is 13 minutes, shorter than the 18 minutes in Arkansas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Phillips County, Arkansas has fallen from 17.7% to 15.7% in 2023.
Conclusion
Considering all these factors, Phillips County, Arkansas has an overall wealth index grade of F, making it somewhat worse than Arkansas, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Phillips County, Arkansas.
How Rich Is Phillips County, Arkansas?
Phillips County has a wealth index grade of F. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an F grade means residents are well below the U.S. average. The median household income is $38,611, about 34% lower than the Arkansas average of $58,772.
What is the current median household income in Phillips County, Arkansas?
As of 2023, the median household income in Phillips County, Arkansas is $38,611.
What was the median household income in Phillips County in 2023?
In 2023, the median household income in Phillips County, Arkansas was $38,611.
What was the median household income in Phillips County in 2020?
In 2020, the median household income in Phillips County, Arkansas was $33,432.
What is the Gini coefficient in Phillips County, Arkansas?
The Gini coefficient in Phillips County is 0.568. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Phillips County, Arkansas?
Since 2009, the income gap between men and women in Phillips County, Arkansas has narrowed from about 15% to 6% in 2023. In dollar terms, the gap has narrowed by $1,478 since 2009.