Wealth Index
Wealthier than 93% 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 | Knox County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Household Income | $71,964 | $67,486 | $78,145 |
| Median Personal Income | $57,311 | $54,029 | $61,726 |
| Average income growth | 5.2% | 5.4% | 5.1% |
| Six-Figure Earners | 12.0% | 9.7% | 13.2% |
The median household income in Knox County is about 7% higher than in Tennessee. Income has been growing slower in Knox County (5.2%/yr) than in Tennessee (5.4%/yr).
About 12% of adults in Knox 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 Knox County, Tennessee grew by 55.6% from 2009 to 2023, reaching $71,964 in 2023. That's an average of about 5.2% per year.
Economic Inequality in Knox County | Gender Pay Gap | Gini Coefficient
| Metric | Knox County | Tennessee Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.562 | 0.558 | 0.570 |
| Male Median Income | $63,958 | $60,097 | $67,746 |
| Female Median Income | $49,896 | $48,310 | $54,793 |
| Gender Pay Gap | 22.0% | 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 Knox County, it is 0.562, 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 28% more than women's income in Knox County, Tennessee. Over a 35-year career, a 28% wage gap accumulates to roughly $492,170 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Knox County, Tennessee has narrowed from about 27% to 22% in 2023. In dollar terms, the gap has widened by $1,828 since 2009.
Employment
| Metric | Knox County | Tennessee Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.6% | 4.7% | 5.2% |
| Working from Home | 12.7% | 11.4% | 13.4% |
| Commute time (minutes) | 21 | 22 | 22 |
Approximately 9,180 people are unemployed in Knox County, Tennessee.
The average commute time in Knox County is 21 minutes, shorter than the 22 minutes in Tennessee.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Knox County, Tennessee has fallen from 6.0% to 3.6% in 2023.
Conclusion
Considering all these factors, Knox 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 Knox County, Tennessee.
How Rich Is Knox County, Tennessee?
Knox 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 $71,964, about 7% higher than the Tennessee average of $67,486.
What is the current median household income in Knox County, Tennessee?
As of 2023, the median household income in Knox County, Tennessee is $71,964.
What was the median household income in Knox County in 2023?
In 2023, the median household income in Knox County, Tennessee was $71,964.
What was the median household income in Knox County in 2020?
In 2020, the median household income in Knox County, Tennessee was $59,379.
What is the Gini coefficient in Knox County, Tennessee?
The Gini coefficient in Knox County is 0.562. 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 Knox County, Tennessee?
Since 2009, the income gap between men and women in Knox County, Tennessee has narrowed from about 27% to 22% in 2023. In dollar terms, the gap has widened by $1,828 since 2009.