Wealth Index
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 | McMinn County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Household Income | $59,789 | $67,486 | $78,145 |
| Median Personal Income | $49,649 | $54,029 | $61,726 |
| Average income growth | 6.5% | 5.4% | 5.1% |
| Six-Figure Earners | 6.0% | 9.7% | 13.2% |
The median household income in McMinn County is about 11% lower than in Tennessee. Income has been growing faster in McMinn County (6.5%/yr) than in Tennessee (5.4%/yr).
About 6% of adults in McMinn 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 McMinn County, Tennessee grew by 66.8% from 2009 to 2023, reaching $59,789 in 2023. That's an average of about 6.5% per year.
Economic Inequality in McMinn County | Gender Pay Gap | Gini Coefficient
| Metric | McMinn County | Tennessee Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.556 | 0.558 | 0.570 |
| Male Median Income | $55,707 | $60,097 | $67,746 |
| Female Median Income | $42,319 | $48,310 | $54,793 |
| Gender Pay Gap | 24.0% | 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 McMinn County, it is 0.556, 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 32% more than women's income in McMinn County, Tennessee. Over a 35-year career, a 32% wage gap accumulates to roughly $468,580 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in McMinn County, Tennessee has widened from about 22% to 24% in 2023. In dollar terms, the gap has widened by $4,737 since 2009.
Employment
| Metric | McMinn County | Tennessee Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.3% | 4.7% | 5.2% |
| Working from Home | 5.2% | 11.4% | 13.4% |
| Commute time (minutes) | 20 | 22 | 22 |
Approximately 1,291 people are unemployed in McMinn County, Tennessee.
The average commute time in McMinn County is 20 minutes, shorter than the 22 minutes in Tennessee.
Unemployment Rate Over Time
Since 2011, the unemployment rate in McMinn County, Tennessee has fallen from 9.5% to 5.3% in 2023.
Conclusion
Considering all these factors, McMinn County, Tennessee has an overall wealth index grade of D, making it about on par with Tennessee, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in McMinn County, Tennessee.
How Rich Is McMinn County, Tennessee?
McMinn 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 $59,789, about 11% lower than the Tennessee average of $67,486.
What is the current median household income in McMinn County, Tennessee?
As of 2023, the median household income in McMinn County, Tennessee is $59,789.
What was the median household income in McMinn County in 2023?
In 2023, the median household income in McMinn County, Tennessee was $59,789.
What was the median household income in McMinn County in 2020?
In 2020, the median household income in McMinn County, Tennessee was $46,827.
What is the Gini coefficient in McMinn County, Tennessee?
The Gini coefficient in McMinn County is 0.556. 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 McMinn County, Tennessee?
Since 2009, the income gap between men and women in McMinn County, Tennessee has widened from about 22% to 24% in 2023. In dollar terms, the gap has widened by $4,737 since 2009.