Wealth Index
Among the top 5 wealthiest 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 | Davidson County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Household Income | $75,813 | $67,486 | $78,145 |
| Median Personal Income | $60,786 | $54,029 | $61,726 |
| Average income growth | 6.0% | 5.4% | 5.1% |
| Six-Figure Earners | 13.8% | 9.7% | 13.2% |
The median household income in Davidson County is about 12% higher than in Tennessee. Income has been growing faster in Davidson County (6.0%/yr) than in Tennessee (5.4%/yr).
About 14% of adults in Davidson County earn six figures ($100,000 or more) a year, higher than the Tennessee average of 10%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Davidson County, Tennessee grew by 65.7% from 2009 to 2023, reaching $75,813 in 2023. That's an average of about 6.0% per year.
Economic Inequality in Davidson County | Gender Pay Gap | Gini Coefficient
| Metric | Davidson County | Tennessee Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.532 | 0.558 | 0.570 |
| Male Median Income | $64,155 | $60,097 | $67,746 |
| Female Median Income | $57,329 | $48,310 | $54,793 |
| Gender Pay Gap | 10.6% | 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 Davidson County, it is 0.532, 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 12% more than women's income in Davidson County, Tennessee. Over a 35-year career, a 12% wage gap accumulates to roughly $238,910 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Davidson County, Tennessee has narrowed from about 14% to 11% in 2023. In dollar terms, the gap has widened by $914 since 2009.
Employment
| Metric | Davidson County | Tennessee Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.6% | 4.7% | 5.2% |
| Working from Home | 18.3% | 11.4% | 13.4% |
| Commute time (minutes) | 22 | 22 | 22 |
Approximately 18,959 people are unemployed in Davidson County, Tennessee.
The average commute time in Davidson County is 22 minutes, about the same as in Tennessee.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Davidson County, Tennessee has fallen from 8.2% to 4.6% in 2023.
Conclusion
Considering all these factors, Davidson 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 Davidson County, Tennessee.
How Rich Is Davidson County, Tennessee?
Davidson 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 $75,813, about 12% higher than the Tennessee average of $67,486.
What is the current median household income in Davidson County, Tennessee?
As of 2023, the median household income in Davidson County, Tennessee is $75,813.
What was the median household income in Davidson County in 2023?
In 2023, the median household income in Davidson County, Tennessee was $75,813.
What was the median household income in Davidson County in 2020?
In 2020, the median household income in Davidson County, Tennessee was $62,651.
What is the Gini coefficient in Davidson County, Tennessee?
The Gini coefficient in Davidson County is 0.532. 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 Davidson County, Tennessee?
Since 2009, the income gap between men and women in Davidson County, Tennessee has narrowed from about 14% to 11% in 2023. In dollar terms, the gap has widened by $914 since 2009.