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 | Chester County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Household Income | $60,348 | $67,486 | $78,145 |
| Median Personal Income | $51,088 | $54,029 | $61,726 |
| Average income growth | 4.8% | 5.4% | 5.1% |
| Six-Figure Earners | 4.0% | 9.7% | 13.2% |
The median household income in Chester County is about 11% lower than in Tennessee. Income has been growing slower in Chester County (4.8%/yr) than in Tennessee (5.4%/yr).
About 4% of adults in Chester 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 Chester County, Tennessee grew by 56.0% from 2009 to 2023, reaching $60,348 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Chester County | Gender Pay Gap | Gini Coefficient
| Metric | Chester County | Tennessee Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.560 | 0.558 | 0.570 |
| Male Median Income | $55,787 | $60,097 | $67,746 |
| Female Median Income | $44,278 | $48,310 | $54,793 |
| Gender Pay Gap | 20.6% | 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 Chester County, it is 0.560, about the same as Tennessee's 0.558, so income here is about as evenly distributed as there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 26% more than women's income in Chester County, Tennessee. Over a 35-year career, a 26% wage gap accumulates to roughly $402,815 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Chester County, Tennessee has narrowed from about 32% to 21% in 2023. In dollar terms, the gap has narrowed by $569 since 2009.
Employment
| Metric | Chester County | Tennessee Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.4% | 4.7% | 5.2% |
| Working from Home | 8.4% | 11.4% | 13.4% |
| Commute time (minutes) | 28 | 22 | 22 |
Approximately 401 people are unemployed in Chester County, Tennessee.
The average commute time in Chester County is 28 minutes, longer than the 22 minutes in Tennessee.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Chester County, Tennessee has fallen from 12.6% to 5.4% in 2023.
Conclusion
Considering all these factors, Chester County, Tennessee has an overall wealth index grade of D, making it about on par with Tennessee, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Chester County, Tennessee.
How Rich Is Chester County, Tennessee?
Chester 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 $60,348, about 11% lower than the Tennessee average of $67,486.
What is the current median household income in Chester County, Tennessee?
As of 2023, the median household income in Chester County, Tennessee is $60,348.
What was the median household income in Chester County in 2023?
In 2023, the median household income in Chester County, Tennessee was $60,348.
What was the median household income in Chester County in 2020?
In 2020, the median household income in Chester County, Tennessee was $52,206.
What is the Gini coefficient in Chester County, Tennessee?
The Gini coefficient in Chester County is 0.560. 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 Chester County, Tennessee?
Since 2009, the income gap between men and women in Chester County, Tennessee has narrowed from about 32% to 21% in 2023. In dollar terms, the gap has narrowed by $569 since 2009.