Wealth Index
Wealthier than 90% 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 | Fayette County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Household Income | $83,654 | $67,486 | $78,145 |
| Median Personal Income | $60,469 | $54,029 | $61,726 |
| Average income growth | 6.0% | 5.4% | 5.1% |
| Six-Figure Earners | 11.1% | 9.7% | 13.2% |
The median household income in Fayette County is about 24% higher than in Tennessee. Income has been growing faster in Fayette County (6.0%/yr) than in Tennessee (5.4%/yr).
About 11% of adults in Fayette 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 Fayette County, Tennessee grew by 53.1% from 2009 to 2023, reaching $83,654 in 2023. That's an average of about 6.0% per year.
Economic Inequality in Fayette County | Gender Pay Gap | Gini Coefficient
| Metric | Fayette County | Tennessee Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.571 | 0.558 | 0.570 |
| Male Median Income | $68,351 | $60,097 | $67,746 |
| Female Median Income | $49,534 | $48,310 | $54,793 |
| Gender Pay Gap | 27.5% | 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 Fayette County, it is 0.571, higher than Tennessee's 0.558, so income is less evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 38% more than women's income in Fayette County, Tennessee. Over a 35-year career, a 38% wage gap accumulates to roughly $658,595 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Fayette County, Tennessee has stayed about the same since 2009, at around 28%. In dollar terms, the gap has widened by $5,716 since 2009.
Employment
| Metric | Fayette County | Tennessee Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.8% | 4.7% | 5.2% |
| Working from Home | 9.8% | 11.4% | 13.4% |
| Commute time (minutes) | 32 | 22 | 22 |
Approximately 1,010 people are unemployed in Fayette County, Tennessee.
The average commute time in Fayette County is 32 minutes, longer than the 22 minutes in Tennessee.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Fayette County, Tennessee has fallen from 11.0% to 4.8% in 2023.
Conclusion
Considering all these factors, Fayette County, Tennessee has an overall wealth index grade of C, making it somewhat better than Tennessee, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Fayette County, Tennessee.
How Rich Is Fayette County, Tennessee?
Fayette 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 $83,654, about 24% higher than the Tennessee average of $67,486.
What is the current median household income in Fayette County, Tennessee?
As of 2023, the median household income in Fayette County, Tennessee is $83,654.
What was the median household income in Fayette County in 2023?
In 2023, the median household income in Fayette County, Tennessee was $83,654.
What was the median household income in Fayette County in 2020?
In 2020, the median household income in Fayette County, Tennessee was $62,876.
What is the Gini coefficient in Fayette County, Tennessee?
The Gini coefficient in Fayette County is 0.571. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Fayette County, Tennessee?
The income gap between men and women in Fayette County, Tennessee has stayed about the same since 2009, at around 28%. In dollar terms, the gap has widened by $5,716 since 2009.