Three Way, TN Profile: Facts & Data

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Three Way, Tennessee - Basic Facts

The City of Three Way had a population of 1,880 as of July 1, 2023. Three Way ranks in the upper quartile for Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in Tennessee. See peer rankings below.

The primary coordinate point for Three Way is located at latitude 35.7759 and longitude -88.8595 in Madison County. The formal boundaries for the City of Three Way encompass a land area of 4.54 sq. miles and a water area of 0 sq. miles. Madison County is in the Central time zone (GMT -6).

The City of Three Way has a C1 Census Class Code which indicates an active incorporated place that does not serve as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

The City of Three Way is located within Commissioner District 9, a minor civil division (MCD) of Madison County.


Jump to... (On This Page!)
  1. Three Way 2023 Demographic Data
  2. Growth Rates for Three Way (Historical & 5-Year Forecast)
  3. Peer Comparisons (Rank and Percentile)
  1. Neighborhoods Demographics (Home Values, Household Income, etc.)
  2. Tennessee Research Tools (Easy Tools & Current Data)
  3. Tennessee Data Comparison Tool - 2023 Demographics
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Three Way, TN Data & Demographics (As of July 1, 2023)

POPULATION

Total Population 1,880 (100%)
Population in Households 1,880 (100.0%)
Population in Families 1,668 (88.7%)
Population in Group Quarters1 0
Population Density 419
Diversity Index2 43
 
 

INCOME

Median Household Income $82,743
Average Household Income $106,260
% of Income for Mortgage4 19%
Per Capita Income $44,765
Wealth Index5 108
Socioeconomic Status Index6 Moderate (60.8)
 

HOUSING

Total HU (Housing Units) 830 (100%)
Owner Occupied HU 702 (84.6%)
Renter Occupied HU 90 (10.8%)
Vacant Housing Units 38 ( 4.6%)
Median Home Value $261,538
Average Home Value $293,768
Housing Affordability Index3 134
 

HOUSEHOLDS

Total Households 792
Average Household Size 2.37
Family Households 602
Average Family Size 3.00
NOTES
  1. Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
  2. The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
  3. The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
  4. The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
  5. The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
  6. The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

GROWTH RATE / YEAR

2020-2023 2023-2028
Population 0.05% -0.41%
Households -0.04% -0.10%
Families   -0.30%
Median Household Income   3.26%
Per Capita Income   3.44%
Owner Occupied HU   0.06%

Three Way, TN - Peer Comparisons by Rank and Percentile

The table below compares Three Way to the other 504 incorporated cities, towns and CDPs in Tennessee by rank and percentile using July 1, 2023 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

Variable Description Rank Percentile
Total Population # 213 58th
Population Density # 266 47th
Median Household Income # 47 91st
Housing Affordability Index # 348 69th
Per Capita Income # 37 93rd
Diversity Index # 101 80th

Additional comparisons and rankings can be made with a VERY EASY TO USE Tennessee Census Data Comparison Tool.

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