Gender
In Franklin, the population consists of 38,614 males (47.36%) and 42,917 females (52.64%). Here are the primary highlights from the gender-based income distribution analysis:
- In Franklin, the median income for all workers aged 15 years and older, regardless of work hours, was $74,528 for males and $45,363 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $85,383 for males and $68,076 for females.
- In Franklin, the median income for all workers aged 15 years and older, regardless of work hours, was $74,528 for males and $45,363 for females.
- In Franklin, among full-time, year-round workers aged 15 years and older, males earned a median income of $85,383, while females earned $68,076, leading to a 20% gender pay gap among full-time workers. This illustrates that women earn 80 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
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Race
In Franklin, the population is predominantly White, constituting 79.33% of the total residents. Here are the key highlights from the analysis of income distribution by race:
- The median household income for White households is $105,267.
- In Franklin, despite the White population being the most populous, it is worth noting that Asian households actually reports the highest median household income, with a median income of $156,250. This reveals that, while Whites may be the most numerous in Franklin, Asian households experience greater economic prosperity in terms of median household income.
- In Franklin, the median household income for the households where the householder is White decreased by $3,931(3.60%), between 2012 and 2022. The median household income, in 2022 inflation-adjusted dollars, was $109,198 in 2012 and $105,267 in 2022.
- In Franklin, the median household income for the households where the householder is Black or African American increased by $49,945(119.94%), between 2012 and 2022. The median household income, in 2022 inflation-adjusted dollars, was $41,641 in 2012 and $91,586 in 2022.
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Year by year
Franklin, TN median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Franklin increased by $8,661 (8.46%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 7 years and declined for 4 years.
- The most significant year-by-year growth occured from 2014 to 2015, when the median household income increased by 5,078 (from $101,058 to $106,136). Similarly the most substantial year-by-year decline occured from 2012 to 2013, when the median household income decreased by 2,498 (from $102,328 to $99,830).
- It then further decreased to -666,666,666 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.422, it is evident that income distribution in Franklin, TN exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $135,075. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $61,723.
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