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 | Bedford County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Household Income | $62,773 | $67,486 | $78,145 |
| Median Personal Income | $47,132 | $54,029 | $61,726 |
| Average income growth | 5.3% | 5.4% | 5.1% |
| Six-Figure Earners | 4.9% | 9.7% | 13.2% |
The median household income in Bedford County is about 7% lower than in Tennessee. Income has been growing slower in Bedford County (5.3%/yr) than in Tennessee (5.4%/yr).
About 5% of adults in Bedford County earn six figures ($100,000 or more) a year, lower than the Tennessee average of 10%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Bedford County, Tennessee grew by 65.3% from 2009 to 2023, reaching $62,773 in 2023. That's an average of about 5.3% per year.
Economic Inequality in Bedford County | Gender Pay Gap | Gini Coefficient
| Metric | Bedford County | Tennessee Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.530 | 0.558 | 0.570 |
| Male Median Income | $54,264 | $60,097 | $67,746 |
| Female Median Income | $41,778 | $48,310 | $54,793 |
| Gender Pay Gap | 23.0% | 19.6% | 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 Bedford County, it is 0.530, lower than Tennessee's 0.558, 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 30% more than women's income in Bedford County, Tennessee. Over a 35-year career, a 30% wage gap accumulates to roughly $437,010 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Bedford County, Tennessee has widened from about 11% to 23% in 2023. In dollar terms, the gap has widened by $8,773 since 2009.
Employment
| Metric | Bedford County | Tennessee Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.0% | 4.7% | 5.2% |
| Working from Home | 8.3% | 11.4% | 13.4% |
| Commute time (minutes) | 21 | 22 | 22 |
Approximately 1,008 people are unemployed in Bedford County, Tennessee.
The average commute time in Bedford County is 21 minutes, shorter than the 22 minutes in Tennessee.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Bedford County, Tennessee has fallen from 11.3% to 4.0% in 2023.
Conclusion
Considering all these factors, Bedford County, Tennessee has an overall wealth index grade of C, making it about on par with Tennessee, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Bedford County, Tennessee.
How Rich Is Bedford County, Tennessee?
Bedford County 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 $62,773, about 7% lower than the Tennessee average of $67,486.
What is the current median household income in Bedford County, Tennessee?
As of 2023, the median household income in Bedford County, Tennessee is $62,773.
What was the median household income in Bedford County in 2023?
In 2023, the median household income in Bedford County, Tennessee was $62,773.
What was the median household income in Bedford County in 2020?
In 2020, the median household income in Bedford County, Tennessee was $54,384.
What is the Gini coefficient in Bedford County, Tennessee?
The Gini coefficient in Bedford County is 0.530. 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 Bedford County, Tennessee?
Since 2009, the income gap between men and women in Bedford County, Tennessee has widened from about 11% to 23% in 2023. In dollar terms, the gap has widened by $8,773 since 2009.