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 | Carroll County | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $61,119 | $82,179 | $78,145 |
| Median Personal Income | $50,092 | $65,365 | $61,726 |
| Average income growth | 3.0% | 4.8% | 5.1% |
| Six-Figure Earners | 6.7% | 14.4% | 13.2% |
The median household income in Carroll County is about 26% lower than in Illinois. Income has been growing slower in Carroll County (3.0%/yr) than in Illinois (4.8%/yr).
About 7% of adults in Carroll County earn six figures ($100,000 or more) a year, lower than the Illinois average of 14%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Carroll County, Illinois grew by 41.2% from 2009 to 2023, reaching $61,119 in 2023. That's an average of about 3.0% per year.
Economic Inequality in Carroll County | Gender Pay Gap | Gini Coefficient
| Metric | Carroll County | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.512 | 0.567 | 0.570 |
| Male Median Income | $56,411 | $72,139 | $67,746 |
| Female Median Income | $41,905 | $58,023 | $54,793 |
| Gender Pay Gap | 25.7% | 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 Carroll County, it is 0.512, 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 35% more than women's income in Carroll County, Illinois. Over a 35-year career, a 35% wage gap accumulates to roughly $507,710 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Carroll County, Illinois has narrowed from about 36% to 26% in 2023. In dollar terms, the gap has narrowed by $1,624 since 2009.
Employment
| Metric | Carroll County | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.3% | 5.8% | 5.2% |
| Working from Home | 6.3% | 14.0% | 13.4% |
| Commute time (minutes) | 18 | 23 | 22 |
Approximately 300 people are unemployed in Carroll County, Illinois.
The average commute time in Carroll County is 18 minutes, shorter than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Carroll County, Illinois has fallen from 8.5% to 4.3% in 2023.
Conclusion
Considering all these factors, Carroll County, Illinois has an overall wealth index grade of C, making it about on par with Illinois, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Carroll County, Illinois.
How Rich Is Carroll County, Illinois?
Carroll County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $61,119, about 26% lower than the Illinois average of $82,179.
What is the current median household income in Carroll County, Illinois?
As of 2023, the median household income in Carroll County, Illinois is $61,119.
What was the median household income in Carroll County in 2023?
In 2023, the median household income in Carroll County, Illinois was $61,119.
What was the median household income in Carroll County in 2020?
In 2020, the median household income in Carroll County, Illinois was $52,917.
What is the Gini coefficient in Carroll County, Illinois?
The Gini coefficient in Carroll County is 0.512. 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 Carroll County, Illinois?
Since 2009, the income gap between men and women in Carroll County, Illinois has narrowed from about 36% to 26% in 2023. In dollar terms, the gap has narrowed by $1,624 since 2009.