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 | West Memphis | Arkansas Avg | US Average |
|---|---|---|---|
| Median Household Income | $46,975 | $58,772 | $78,145 |
| Median Personal Income | $44,448 | $49,808 | $61,726 |
| Average income growth | 5.4% | 4.7% | 5.1% |
| Six-Figure Earners | 2.4% | 7.6% | 13.2% |
The median household income in West Memphis is about 20% lower than in Arkansas. Income has been growing faster in West Memphis (5.4%/yr) than in Arkansas (4.7%/yr).
About 2% of adults in West Memphis 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 West Memphis, Arkansas grew by 65.4% from 2009 to 2023, reaching $46,975 in 2023. That's an average of about 5.4% per year.
Economic Inequality in West Memphis | Gender Pay Gap | Gini Coefficient
| Metric | West Memphis | Arkansas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.529 | 0.556 | 0.570 |
| Male Median Income | $48,445 | $55,368 | $67,746 |
| Female Median Income | $38,920 | $44,548 | $54,793 |
| Gender Pay Gap | 19.7% | 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 West Memphis, it is 0.529, 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 24% more than women's income in West Memphis, Arkansas. Over a 35-year career, a 24% wage gap accumulates to roughly $333,375 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in West Memphis, Arkansas has narrowed from about 21% to 20% in 2023. In dollar terms, the gap has widened by $1,661 since 2009.
Employment
| Metric | West Memphis | Arkansas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 11.0% | 5.1% | 5.2% |
| Working from Home | 5.8% | 7.8% | 13.4% |
| Commute time (minutes) | 15 | 18 | 22 |
Approximately 1,100 people are unemployed in West Memphis, Arkansas.
The average commute time in West Memphis is 15 minutes, shorter than the 18 minutes in Arkansas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in West Memphis, Arkansas has fallen from 13.8% to 11.0% in 2023.
Conclusion
Considering all these factors, West Memphis, 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 West Memphis, Arkansas.
How Rich Is West Memphis, Arkansas?
West Memphis 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 $46,975, about 20% lower than the Arkansas average of $58,772.
What is the current median household income in West Memphis, Arkansas?
As of 2023, the median household income in West Memphis, Arkansas is $46,975.
What was the median household income in West Memphis in 2023?
In 2023, the median household income in West Memphis, Arkansas was $46,975.
What was the median household income in West Memphis in 2020?
In 2020, the median household income in West Memphis, Arkansas was $34,631.
What is the Gini coefficient in West Memphis, Arkansas?
The Gini coefficient in West Memphis is 0.529. 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 West Memphis, Arkansas?
Since 2009, the income gap between men and women in West Memphis, Arkansas has narrowed from about 21% to 20% in 2023. In dollar terms, the gap has widened by $1,661 since 2009.