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 | Prescott | Arizona Avg | US Average |
|---|---|---|---|
| Median Household Income | $70,348 | $77,100 | $78,145 |
| Median Personal Income | $61,703 | $58,256 | $61,726 |
| Average income growth | 5.6% | 5.9% | 5.1% |
| Six-Figure Earners | 14.0% | 11.7% | 13.2% |
The median household income in Prescott is about 9% lower than in Arizona. Income has been growing slower in Prescott (5.6%/yr) than in Arizona (5.9%/yr).
About 14% of adults in Prescott earn six figures ($100,000 or more) a year, higher than the Arizona average of 12%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Prescott, Arizona grew by 60.1% from 2009 to 2023, reaching $70,348 in 2023. That's an average of about 5.6% per year.
Economic Inequality in Prescott | Gender Pay Gap | Gini Coefficient
| Metric | Prescott | Arizona Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.551 | 0.571 | 0.570 |
| Male Median Income | $68,165 | $63,179 | $67,746 |
| Female Median Income | $56,151 | $52,803 | $54,793 |
| Gender Pay Gap | 17.6% | 16.4% | 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 Prescott, it is 0.551, lower than Arizona's 0.571, 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 21% more than women's income in Prescott, Arizona. Over a 35-year career, a 21% wage gap accumulates to roughly $420,490 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Prescott, Arizona has stayed about the same since 2009, at around 18%. In dollar terms, the gap has widened by $4,444 since 2009.
Employment
| Metric | Prescott | Arizona Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.5% | 5.1% | 5.2% |
| Working from Home | 11.6% | 16.5% | 13.4% |
| Commute time (minutes) | 13 | 22 | 22 |
Approximately 711 people are unemployed in Prescott, Arizona.
The average commute time in Prescott is 13 minutes, shorter than the 22 minutes in Arizona.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Prescott, Arizona has fallen from 7.8% to 4.5% in 2023.
Conclusion
Considering all these factors, Prescott, Arizona has an overall wealth index grade of C, making it about on par with Arizona, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Prescott, Arizona.
How Rich Is Prescott, Arizona?
Prescott has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $70,348, about 9% lower than the Arizona average of $77,100.
What is the current median household income in Prescott, Arizona?
As of 2023, the median household income in Prescott, Arizona is $70,348.
What was the median household income in Prescott in 2023?
In 2023, the median household income in Prescott, Arizona was $70,348.
What was the median household income in Prescott in 2020?
In 2020, the median household income in Prescott, Arizona was $57,013.
What is the Gini coefficient in Prescott, Arizona?
The Gini coefficient in Prescott is 0.551. 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 Prescott, Arizona?
The income gap between men and women in Prescott, Arizona has stayed about the same since 2009, at around 18%. In dollar terms, the gap has widened by $4,444 since 2009.