Wealth Index
Wealthier than 94% of counties in Tennessee
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 | Cheatham County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Household Income | $82,821 | $67,486 | $78,145 |
| Median Personal Income | $58,489 | $54,029 | $61,726 |
| Average income growth | 6.4% | 5.4% | 5.1% |
| Six-Figure Earners | 8.2% | 9.7% | 13.2% |
The median household income in Cheatham County is about 23% higher than in Tennessee. Income has been growing faster in Cheatham County (6.4%/yr) than in Tennessee (5.4%/yr).
About 8% of adults in Cheatham 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 Cheatham County, Tennessee grew by 62.0% from 2009 to 2023, reaching $82,821 in 2023. That's an average of about 6.4% per year.
Economic Inequality in Cheatham County | Gender Pay Gap | Gini Coefficient
| Metric | Cheatham County | Tennessee Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.521 | 0.558 | 0.570 |
| Male Median Income | $62,590 | $60,097 | $67,746 |
| Female Median Income | $52,338 | $48,310 | $54,793 |
| Gender Pay Gap | 16.4% | 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 Cheatham County, it is 0.521, 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 20% more than women's income in Cheatham County, Tennessee. Over a 35-year career, a 20% wage gap accumulates to roughly $358,820 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Cheatham County, Tennessee has narrowed from about 26% to 16% in 2023. In dollar terms, the gap has narrowed by $1,676 since 2009.
Employment
| Metric | Cheatham County | Tennessee Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.8% | 4.7% | 5.2% |
| Working from Home | 11.6% | 11.4% | 13.4% |
| Commute time (minutes) | 32 | 22 | 22 |
Approximately 842 people are unemployed in Cheatham County, Tennessee.
The average commute time in Cheatham County is 32 minutes, longer than the 22 minutes in Tennessee.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Cheatham County, Tennessee has fallen from 7.6% to 3.8% in 2023.
Conclusion
Considering all these factors, Cheatham County, Tennessee has an overall wealth index grade of B, making it somewhat better than Tennessee, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Cheatham County, Tennessee.
How Rich Is Cheatham County, Tennessee?
Cheatham County has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $82,821, about 23% higher than the Tennessee average of $67,486.
What is the current median household income in Cheatham County, Tennessee?
As of 2023, the median household income in Cheatham County, Tennessee is $82,821.
What was the median household income in Cheatham County in 2023?
In 2023, the median household income in Cheatham County, Tennessee was $82,821.
What was the median household income in Cheatham County in 2020?
In 2020, the median household income in Cheatham County, Tennessee was $65,494.
What is the Gini coefficient in Cheatham County, Tennessee?
The Gini coefficient in Cheatham County is 0.521. 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 Cheatham County, Tennessee?
Since 2009, the income gap between men and women in Cheatham County, Tennessee has narrowed from about 26% to 16% in 2023. In dollar terms, the gap has narrowed by $1,676 since 2009.