Wealth Index
Least wealthy county 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 | Lake County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Household Income | $30,192 | $67,486 | $78,145 |
| Median Personal Income | $40,522 | $54,029 | $61,726 |
| Average income growth | 0.4% | 5.4% | 5.1% |
| Six-Figure Earners | 3.2% | 9.7% | 13.2% |
The median household income in Lake County is about 55% lower than in Tennessee. Income has been growing slower in Lake County (0.4%/yr) than in Tennessee (5.4%/yr).
About 3% of adults in Lake 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 Lake County, Tennessee grew by 28.5% from 2009 to 2023, reaching $30,192 in 2023. That's an average of about 0.4% per year.
Economic Inequality in Lake County | Gender Pay Gap | Gini Coefficient
| Metric | Lake County | Tennessee Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.713 | 0.558 | 0.570 |
| Male Median Income | $44,101 | $60,097 | $67,746 |
| Female Median Income | $38,713 | $48,310 | $54,793 |
| Gender Pay Gap | 12.2% | 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 Lake County, it is 0.713, higher than Tennessee's 0.558, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 14% more than women's income in Lake County, Tennessee. Over a 35-year career, a 14% wage gap accumulates to roughly $188,580 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lake County, Tennessee has narrowed from about 19% to 12% in 2023. In dollar terms, the gap has narrowed by $724 since 2009.
Employment
| Metric | Lake County | Tennessee Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.3% | 4.7% | 5.2% |
| Working from Home | 1.6% | 11.4% | 13.4% |
| Commute time (minutes) | 17 | 22 | 22 |
Approximately 69 people are unemployed in Lake County, Tennessee.
The average commute time in Lake County is 17 minutes, shorter than the 22 minutes in Tennessee.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lake County, Tennessee has fallen from 13.7% to 4.3% in 2023.
Conclusion
Considering all these factors, Lake County, Tennessee has an overall wealth index grade of F, making it worse than Tennessee, and worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lake County, Tennessee.
How Rich Is Lake County, Tennessee?
Lake County has a wealth index grade of F. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an F grade means residents are well below the U.S. average. The median household income is $30,192, about 55% lower than the Tennessee average of $67,486.
What is the current median household income in Lake County, Tennessee?
As of 2023, the median household income in Lake County, Tennessee is $30,192.
What was the median household income in Lake County in 2023?
In 2023, the median household income in Lake County, Tennessee was $30,192.
What was the median household income in Lake County in 2020?
In 2020, the median household income in Lake County, Tennessee was $33,587.
What is the Gini coefficient in Lake County, Tennessee?
The Gini coefficient in Lake County is 0.713. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Lake County, Tennessee?
Since 2009, the income gap between men and women in Lake County, Tennessee has narrowed from about 19% to 12% in 2023. In dollar terms, the gap has narrowed by $724 since 2009.