Wealth Index
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 | Buffalo Grove | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $132,072 | $82,179 | $78,145 |
| Median Personal Income | $96,470 | $65,365 | $61,726 |
| Average income growth | 3.9% | 4.8% | 5.1% |
| Six-Figure Earners | 27.7% | 14.4% | 13.2% |
The median household income in Buffalo Grove is about 61% higher than in Illinois. Income has been growing slower in Buffalo Grove (3.9%/yr) than in Illinois (4.8%/yr).
About 28% of adults in Buffalo Grove earn six figures ($100,000 or more) a year, higher than the Illinois average of 14%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Buffalo Grove, Illinois grew by 50.1% from 2009 to 2023, reaching $132,072 in 2023. That's an average of about 3.9% per year.
Economic Inequality in Buffalo Grove | Gender Pay Gap | Gini Coefficient
| Metric | Buffalo Grove | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.532 | 0.567 | 0.570 |
| Male Median Income | $107,669 | $72,139 | $67,746 |
| Female Median Income | $84,670 | $58,023 | $54,793 |
| Gender Pay Gap | 21.4% | 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 Buffalo Grove, it is 0.532, lower than Illinois's 0.567, so income is more evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 27% more than women's income in Buffalo Grove, Illinois. Over a 35-year career, a 27% wage gap accumulates to roughly $804,965 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Buffalo Grove, Illinois has narrowed from about 30% to 21% in 2023. In dollar terms, the gap has widened by $261 since 2009.
Employment
| Metric | Buffalo Grove | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.1% | 5.8% | 5.2% |
| Working from Home | 27.1% | 14.0% | 13.4% |
| Commute time (minutes) | 25 | 23 | 22 |
Approximately 431 people are unemployed in Buffalo Grove, Illinois.
The average commute time in Buffalo Grove is 25 minutes, longer than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Buffalo Grove, Illinois has fallen from 6.0% to 2.1% in 2023.
Conclusion
Considering all these factors, Buffalo Grove, Illinois has an overall wealth index grade of A+, making it far better than Illinois, and far better than the country as a whole.
Buffalo Grove, IL Wealth Compared With Nearby Cities
How Buffalo Grove, IL compares with the 2 cities closest to it.
| Area | Population | Median household income | Unemployment | Income inequality |
|---|---|---|---|---|
| Buffalo Grove, IL | 33,761 | $132,072 #1/3 | 2.1% #1/3 | 0.5 #2/3 |
| Wheeling, IL | 35,611 | $85,181 | 4.3% | 0.5 |
| Vernon Hills, IL | 21,718 | $130,888 | 4.0% | 0.6 |
Frequently Asked Questions
Common questions about income and wealth in Buffalo Grove, Illinois.
How Rich Is Buffalo Grove, Illinois?
Buffalo Grove 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 it is one of the most prosperous areas in the country. The median household income is $132,072, about 61% higher than the Illinois average of $82,179.
What is the current median household income in Buffalo Grove, Illinois?
As of 2023, the median household income in Buffalo Grove, Illinois is $132,072.
What was the median household income in Buffalo Grove in 2023?
In 2023, the median household income in Buffalo Grove, Illinois was $132,072.
What was the median household income in Buffalo Grove in 2020?
In 2020, the median household income in Buffalo Grove, Illinois was $116,979.
What is the Gini coefficient in Buffalo Grove, Illinois?
The Gini coefficient in Buffalo Grove is 0.532. 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 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Buffalo Grove, Illinois?
Since 2009, the income gap between men and women in Buffalo Grove, Illinois has narrowed from about 30% to 21% in 2023. In dollar terms, the gap has widened by $261 since 2009.