Wealth Index
Among the 5 least wealthy 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 | Clay County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Household Income | $44,695 | $67,486 | $78,145 |
| Median Personal Income | $42,391 | $54,029 | $61,726 |
| Average income growth | 6.7% | 5.4% | 5.1% |
| Six-Figure Earners | 2.4% | 9.7% | 13.2% |
The median household income in Clay County is about 34% lower than in Tennessee. Income has been growing faster in Clay County (6.7%/yr) than in Tennessee (5.4%/yr).
About 2% of adults in Clay 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 Clay County, Tennessee grew by 38.5% from 2009 to 2023, reaching $44,695 in 2023. That's an average of about 6.7% per year.
Economic Inequality in Clay County | Gender Pay Gap | Gini Coefficient
| Metric | Clay County | Tennessee Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.561 | 0.558 | 0.570 |
| Male Median Income | $44,126 | $60,097 | $67,746 |
| Female Median Income | $40,933 | $48,310 | $54,793 |
| Gender Pay Gap | 7.2% | 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 Clay County, it is 0.561, 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 8% more than women's income in Clay County, Tennessee. Over a 35-year career, a 8% wage gap accumulates to roughly $111,755 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Clay County, Tennessee has narrowed from about 15% to 7% in 2023. In dollar terms, the gap has narrowed by $1,352 since 2009.
Employment
| Metric | Clay County | Tennessee Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.2% | 4.7% | 5.2% |
| Working from Home | 4.2% | 11.4% | 13.4% |
| Commute time (minutes) | 22 | 22 | 22 |
Approximately 152 people are unemployed in Clay County, Tennessee.
The average commute time in Clay County is 22 minutes, about the same as in Tennessee.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Clay County, Tennessee has fallen from 8.1% to 5.2% in 2023.
Conclusion
Considering all these factors, Clay County, Tennessee has an overall wealth index grade of D, making it somewhat worse than Tennessee, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Clay County, Tennessee.
How Rich Is Clay County, Tennessee?
Clay 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 $44,695, about 34% lower than the Tennessee average of $67,486.
What is the current median household income in Clay County, Tennessee?
As of 2023, the median household income in Clay County, Tennessee is $44,695.
What was the median household income in Clay County in 2023?
In 2023, the median household income in Clay County, Tennessee was $44,695.
What was the median household income in Clay County in 2020?
In 2020, the median household income in Clay County, Tennessee was $33,137.
What is the Gini coefficient in Clay County, Tennessee?
The Gini coefficient in Clay County is 0.561. 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 Clay County, Tennessee?
Since 2009, the income gap between men and women in Clay County, Tennessee has narrowed from about 15% to 7% in 2023. In dollar terms, the gap has narrowed by $1,352 since 2009.