Age of householder
Per the latest American Community Survey by the Census Bureau, Prescott sees its highest median household income among householders in the age group of 65 years and over old, at $44,588. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Prescott, the median household income stands at $44,588 for householders within the 65 years and over age group, followed by $44,511 for the 45 to 64 years age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $26,972.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $25,537(134.05%), escalating from a median of $19,051 in 2011 to $44,588 in 2021.
- 40(3.44%) households where the householder is under 25 years old.
- 310(26.63%) households with a householder aged between 25 and 44 years.
- 455(39.09%) households with a householder aged between 45 and 64 years.
- 359(30.84%) households where the householder is over 65 years old.
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Gender
In Prescott, the population consists of 1,538 males (50.00%) and 1,538 females (50.00%). Here are the primary highlights from the gender-based income distribution analysis:
- In Prescott, the median income for all workers aged 15 years and older, regardless of work hours, was $18,782 for males and $18,849 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $46,544 for males and $35,818 for females.
- In Prescott, for all workers aged 15 years and older, irrespective of full-time or part-time work, the median income was $18,849 for both males and females.
- In Prescott, among full-time, year-round workers aged 15 years and older, males earned a median income of $46,544, while females earned $35,818, leading to a 23% gender pay gap among full-time workers. This illustrates that women earn 77 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
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Race
In Prescott, the population is predominantly Black or African American, constituting 56.40% of the total residents. Here are the key highlights from the analysis of income distribution by race:
- The median household income for Black or African American households is $25,276.
- In Prescott, despite the Black or African American population being the most populous, it is worth noting that White households actually reports the highest median household income, with a median income of $54,449. This reveals that, while Black or African Americans may be the most numerous in Prescott, White households experience greater economic prosperity in terms of median household income.
- In Prescott, the median household income for the households where the householder is White increased by $1,942(3.70%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $52,507 in 2011 and $54,449 in 2021.
- In Prescott, the median household income for the households where the householder is Black or African American increased by $8,461(50.32%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $16,815 in 2011 and $25,276 in 2021.
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Year by year
Prescott, AR median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Prescott decreased by $18 (0.05%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 6 years and declined for 5 years.
- The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 4,702 (from $38,402 to $43,104). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 5,242 (from $39,389 to $34,147).
- It then further increased to $46,305 for 3-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3903, it is evident that income distribution in Prescott, AR exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $46,910. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $25,433.
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