The economic landscape of Wheeler Avenue has shown volatility. The neighborhood experienced its lowest median income of $11,451 in 2016, coinciding with the peak of the Black population percentage. From 2019 to 2022, there was a significant increase in median income, rising from $12,576 in 2017 to $23,038 in 2022. This economic improvement correlates with the gradual increase in racial diversity.

The population of Wheeler Avenue peaked at 461 in 2015 but declined to 327 in 2022. This population decrease occurred alongside the increase in median income, suggesting possible gentrification or changing neighborhood dynamics.

Despite recent improvements, Wheeler Avenue's median income remains below the national median household income. The neighborhood's racial composition differs significantly from national averages, with Wheeler Avenue's 80% Black population in 2022 indicating it remains a predominantly Black enclave within Chattanooga.

The recent increase in income and subtle diversification in Wheeler Avenue may reflect broader urban renewal trends seen in many American cities, where historically underserved neighborhoods experience economic growth and demographic shifts.

Wheeler Avenue presents a case study of a historically Black neighborhood experiencing the early stages of economic revitalization and demographic transition. While it remains a majority Black community, the emerging trends of increased diversity and rising incomes suggest a neighborhood in flux, potentially facing both opportunities for growth and challenges related to maintaining its historical character and community cohesion.