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 | Monroe County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Household Income | $56,216 | $67,486 | $78,145 |
| Median Personal Income | $47,199 | $54,029 | $61,726 |
| Average income growth | 6.2% | 5.4% | 5.1% |
| Six-Figure Earners | 5.0% | 9.7% | 13.2% |
The median household income in Monroe County is about 17% lower than in Tennessee. Income has been growing faster in Monroe County (6.2%/yr) than in Tennessee (5.4%/yr).
About 5% of adults in Monroe 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 Monroe County, Tennessee grew by 55.4% from 2009 to 2023, reaching $56,216 in 2023. That's an average of about 6.2% per year.
Economic Inequality in Monroe County | Gender Pay Gap | Gini Coefficient
| Metric | Monroe County | Tennessee Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.530 | 0.558 | 0.570 |
| Male Median Income | $51,746 | $60,097 | $67,746 |
| Female Median Income | $43,722 | $48,310 | $54,793 |
| Gender Pay Gap | 15.5% | 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 Monroe County, it is 0.530, 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 18% more than women's income in Monroe County, Tennessee. Over a 35-year career, a 18% wage gap accumulates to roughly $280,840 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Monroe County, Tennessee has narrowed from about 22% to 16% in 2023. In dollar terms, the gap has widened by $54 since 2009.
Employment
| Metric | Monroe County | Tennessee Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.2% | 4.7% | 5.2% |
| Working from Home | 6.8% | 11.4% | 13.4% |
| Commute time (minutes) | 23 | 22 | 22 |
Approximately 1,040 people are unemployed in Monroe County, Tennessee.
The average commute time in Monroe County is 23 minutes, longer than the 22 minutes in Tennessee.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Monroe County, Tennessee has fallen from 12.1% to 5.2% in 2023.
Conclusion
Considering all these factors, Monroe County, Tennessee has an overall wealth index grade of D, making it somewhat worse than Tennessee, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Monroe County, Tennessee.
How Rich Is Monroe County, Tennessee?
Monroe 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 $56,216, about 17% lower than the Tennessee average of $67,486.
What is the current median household income in Monroe County, Tennessee?
As of 2023, the median household income in Monroe County, Tennessee is $56,216.
What was the median household income in Monroe County in 2023?
In 2023, the median household income in Monroe County, Tennessee was $56,216.
What was the median household income in Monroe County in 2020?
In 2020, the median household income in Monroe County, Tennessee was $45,613.
What is the Gini coefficient in Monroe County, Tennessee?
The Gini coefficient in Monroe County is 0.530. 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 Monroe County, Tennessee?
Since 2009, the income gap between men and women in Monroe County, Tennessee has narrowed from about 22% to 16% in 2023. In dollar terms, the gap has widened by $54 since 2009.