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 | Chicago | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $75,107 | $82,179 | $78,145 |
| Median Personal Income | $75,107 | $82,179 | $78,145 |
| Average income growth | 5.9% | 5.9% | 5.9% |
The median household income in Chicago is about 9% lower than in Illinois. Income has been growing faster in Chicago (5.9%/yr) than in Illinois (4.8%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Chicago, Illinois grew by 61.0% from 2009 to 2023, reaching $75,107 in 2023. That's an average of about 4.4% per year.
Economic Inequality in Chicago | Gender Pay Gap | Gini Coefficient
| Metric | Chicago | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.586 | 0.567 | 0.570 |
| Male Median Income | $71,963 | $72,139 | $67,746 |
| Female Median Income | $64,143 | $58,023 | $54,793 |
| Gender Pay Gap | 10.9% | 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 Chicago, it is 0.586, higher than Illinois's 0.567, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 12% more than women's income in Chicago, Illinois.
Income by Sex Over Time
Since 2009, the income gap between men and women in Chicago, Illinois has narrowed from about 12% to 11% in 2023.
Employment
| Metric | Chicago | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.0% | 5.8% | 5.2% |
| Working from Home | 18.1% | 14.0% | 13.4% |
| Commute time (minutes) | 31 | 23 | 22 |
The average commute time in Chicago is 31 minutes, longer than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Chicago, Illinois has fallen from 12.1% to 8.0% in 2023.
Conclusion
Considering all these factors, Chicago, 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 Chicago, Illinois.
How Rich Is Chicago, Illinois?
Chicago 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 $75,107, about 9% lower than the Illinois average of $82,179.
What is the current median household income in Chicago, Illinois?
As of 2023, the median household income in Chicago, Illinois is $75,107.
What was the median household income in Chicago in 2023?
In 2023, the median household income in Chicago, Illinois was $75,107.
What was the median household income in Chicago in 2020?
In 2020, the median household income in Chicago, Illinois was $62,095.
What is the Gini coefficient in Chicago, Illinois?
The Gini coefficient in Chicago is 0.586. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Chicago, Illinois?
Since 2009, the income gap between men and women in Chicago, Illinois has narrowed from about 12% to 11% in 2023.