Wealth Index
Less wealthy than 87% of counties in Kentucky
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 | Knott County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $38,851 | $62,784 | $78,145 |
| Median Personal Income | $40,965 | $53,643 | $61,726 |
| Average income growth | 4.5% | 4.9% | 5.1% |
| Six-Figure Earners | 3.0% | 8.4% | 13.2% |
The median household income in Knott County is about 38% lower than in Kentucky. Income has been growing slower in Knott County (4.5%/yr) than in Kentucky (4.9%/yr).
About 3% of adults in Knott County earn six figures ($100,000 or more) a year, lower than the Kentucky average of 8%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Knott County, Kentucky grew by 38.5% from 2009 to 2023, reaching $38,851 in 2023. That's an average of about 4.5% per year.
Economic Inequality in Knott County | Gender Pay Gap | Gini Coefficient
| Metric | Knott County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.584 | 0.554 | 0.570 |
| Male Median Income | $42,929 | $59,736 | $67,746 |
| Female Median Income | $39,045 | $47,402 | $54,793 |
| Gender Pay Gap | 9.0% | 20.6% | 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 Knott County, it is 0.584, higher than Kentucky's 0.554, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 10% more than women's income in Knott County, Kentucky. Over a 35-year career, a 10% wage gap accumulates to roughly $135,940 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Knott County, Kentucky has narrowed from about 29% to 9% in 2023. In dollar terms, the gap has narrowed by $7,324 since 2009.
Employment
| Metric | Knott County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 11.6% | 4.8% | 5.2% |
| Working from Home | 8.9% | 9.1% | 13.4% |
| Commute time (minutes) | 21 | 20 | 22 |
Approximately 567 people are unemployed in Knott County, Kentucky.
The average commute time in Knott County is 21 minutes, longer than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Knott County, Kentucky has risen from 9.0% to 11.6% in 2023.
Conclusion
Considering all these factors, Knott County, Kentucky has an overall wealth index grade of D, making it somewhat worse than Kentucky, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Knott County, Kentucky.
How Rich Is Knott County, Kentucky?
Knott 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 $38,851, about 38% lower than the Kentucky average of $62,784.
What is the current median household income in Knott County, Kentucky?
As of 2023, the median household income in Knott County, Kentucky is $38,851.
What was the median household income in Knott County in 2023?
In 2023, the median household income in Knott County, Kentucky was $38,851.
What was the median household income in Knott County in 2020?
In 2020, the median household income in Knott County, Kentucky was $32,714.
What is the Gini coefficient in Knott County, Kentucky?
The Gini coefficient in Knott County is 0.584. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Knott County, Kentucky?
Since 2009, the income gap between men and women in Knott County, Kentucky has narrowed from about 29% to 9% in 2023. In dollar terms, the gap has narrowed by $7,324 since 2009.