Wealth Index
Wealthier than 79% 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 | Shelby County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Household Income | $62,646 | $67,486 | $78,145 |
| Median Personal Income | $53,247 | $54,029 | $61,726 |
| Average income growth | 4.2% | 5.4% | 5.1% |
| Six-Figure Earners | 10.6% | 9.7% | 13.2% |
The median household income in Shelby County is about 7% lower than in Tennessee. Income has been growing slower in Shelby County (4.2%/yr) than in Tennessee (5.4%/yr).
About 11% of adults in Shelby 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 Shelby County, Tennessee grew by 42.1% from 2009 to 2023, reaching $62,646 in 2023. That's an average of about 4.2% per year.
Economic Inequality in Shelby County | Gender Pay Gap | Gini Coefficient
| Metric | Shelby County | Tennessee Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.573 | 0.558 | 0.570 |
| Male Median Income | $58,359 | $60,097 | $67,746 |
| Female Median Income | $49,319 | $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 Shelby County, it is 0.573, 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 18% more than women's income in Shelby County, Tennessee. Over a 35-year career, a 18% wage gap accumulates to roughly $316,400 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Shelby County, Tennessee has narrowed from about 22% to 15% in 2023. In dollar terms, the gap has narrowed by $576 since 2009.
Employment
| Metric | Shelby County | Tennessee Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.1% | 4.7% | 5.2% |
| Working from Home | 9.4% | 11.4% | 13.4% |
| Commute time (minutes) | 21 | 22 | 22 |
Approximately 33,041 people are unemployed in Shelby County, Tennessee.
The average commute time in Shelby County is 21 minutes, shorter than the 22 minutes in Tennessee.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Shelby County, Tennessee has fallen from 10.9% to 7.1% in 2023.
Conclusion
Considering all these factors, Shelby County, Tennessee has an overall wealth index grade of C, making it about on par with Tennessee, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Shelby County, Tennessee.
How Rich Is Shelby County, Tennessee?
Shelby 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 $62,646, about 7% lower than the Tennessee average of $67,486.
What is the current median household income in Shelby County, Tennessee?
As of 2023, the median household income in Shelby County, Tennessee is $62,646.
What was the median household income in Shelby County in 2023?
In 2023, the median household income in Shelby County, Tennessee was $62,646.
What was the median household income in Shelby County in 2020?
In 2020, the median household income in Shelby County, Tennessee was $52,377.
What is the Gini coefficient in Shelby County, Tennessee?
The Gini coefficient in Shelby County is 0.573. 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 Shelby County, Tennessee?
Since 2009, the income gap between men and women in Shelby County, Tennessee has narrowed from about 22% to 15% in 2023. In dollar terms, the gap has narrowed by $576 since 2009.