Algonquin, Illinois Income Statistics
Algonquin Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
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A
Algonquin Above average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Algonquin | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $127,830 | $84,042 | $80,455 |
| Median Personal Income | $76,531 | $64,565 | $60,758 |
| Average Yearly Income Growth | 3.6% | 4.5% | 4.8% |
| Six-Figure Earners | 20.2% | 15.0% | 13.9% |
| $200k+ Households | 20.3% | 13.8% | 13.2% |
The median household income in Algonquin is about 52% higher than in Illinois. Income has been growing slower in Algonquin (3.6%/yr) than in Illinois (4.5%/yr).
About 20% of adults in Algonquin earn six figures ($100,000 or more) a year, higher than the Illinois average of 15%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Algonquin, Illinois grew by 42.7% from 2009 to 2024, reaching $127,830 in 2024. That's an average of about 3.6% per year.
Income Inequality and the Gender Pay Gap in Algonquin
| Metric | Algonquin | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.506 | 0.547 | 0.552 |
| Male Median Income | $88,433 | $73,933 | $69,667 |
| Female Median Income | $65,177 | $60,067 | $56,850 |
| Gender Pay Gap | 26.3% | 18.8% | 18.4% |
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 Algonquin, it is 0.506, lower than Illinois's 0.547, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 36% more than women's income in Algonquin, Illinois. Over a 35-year career, a 36% wage gap accumulates to roughly $813,960 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Algonquin, Illinois has widened from about 25% to 26% in 2024. Over that period the gap was widest at 31% in 2021, and was narrowest at 24% in 2018. In dollar terms, the gap has widened by $6,281 since 2009.
Sharply against the trend: the pay gap in Algonquin widened by 1.0 points while Illinois's narrowed by 6.5 points.
Employment
| Metric | Algonquin | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.3% | 5.8% | 5.2% |
| Working from Home | 21.9% | 15.9% | 15.0% |
| Commute time (minutes) | 30 | 23 | 22 |
Approximately 903 people are unemployed in Algonquin, Illinois.
The average commute time in Algonquin is 30 minutes, longer than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Algonquin, Illinois has fallen from 7.7% to 5.3% in 2024. Over that period the rate peaked at 9.3% in 2012 and fell as low as 4.8% in 2019.
Algonquin, IL Wealth Compared With Nearby Cities
How Algonquin, IL compares with the 2 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Algonquin, IL | 28,443 | $127,830 #1/3 | 3.6%/yr #2/3 | 5.3% #1/3 | 0.506 #1/3 |
| Lake in the Hills, IL | 25,084 | $111,348 | 3.2%/yr | 5.9% | 0.535 |
| Carpentersville, IL | 23,807 | $87,936 | 5.2%/yr | 5.6% | 0.535 |
Conclusion
Considering all these factors, Algonquin, Illinois has an overall wealth index grade of A, making it notably better than Illinois, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Algonquin, Illinois.
How Wealthy Is Algonquin, Illinois?
Algonquin has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $127,830, about 52% higher than the Illinois average of $84,042.
How has median household income changed in Algonquin, Illinois?
Between 2009 and 2024, the median household income in Algonquin, Illinois rose 43%, from $89,575 to $127,830. Over the same years, income here lagged behind Illinois as a whole: +43% against +52%.
What was the median household income in Algonquin in 2023?
In 2023, the median household income in Algonquin, Illinois was $123,675, up 1% from $122,208 in 2022. The Illinois median that year was $82,182.
What was the median household income in Algonquin in 2020?
In 2020, the median household income in Algonquin, Illinois was $106,233. By 2024 it had risen 20% to $127,830.
How many people earn six figures in Algonquin, Illinois?
Yes. 20% of adults in Algonquin, Illinois earn $100,000 or more a year (about 1 in 5), against 15% (about 1 in 7) in Illinois. 20% of households have a combined income of $200,000 or more, compared with 14% in Illinois.
What is the Gini coefficient in Algonquin, Illinois?
The Gini coefficient in Algonquin is 0.506. 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 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Algonquin, Illinois?
Since 2009, the income gap between men and women in Algonquin, Illinois has widened from about 25% to 26% in 2024. Over that period the gap was widest at 31% in 2021, and was narrowest at 24% in 2018. In dollar terms, the gap has widened by $6,281 since 2009.
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