Elgin, Illinois Income Statistics
Elgin 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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B
Elgin Around average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Elgin | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $91,871 | $84,042 | $80,455 |
| Median Personal Income | $53,956 | $64,565 | $60,758 |
| Average Yearly Income Growth | 4.8% | 4.5% | 4.8% |
| Six-Figure Earners | 12.1% | 15.0% | 13.9% |
| $200k+ Households | 11.0% | 13.8% | 13.2% |
The median household income in Elgin is about 9% higher than in Illinois. Income has been growing faster in Elgin (4.8%/yr) than in Illinois (4.5%/yr).
About 12% of adults in Elgin earn six figures ($100,000 or more) a year, lower than the Illinois average of 15%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Elgin, Illinois grew by 53.7% from 2009 to 2024, reaching $91,871 in 2024. That's an average of about 4.8% per year.
Income Inequality and the Gender Pay Gap in Elgin
| Metric | Elgin | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.536 | 0.547 | 0.552 |
| Male Median Income | $62,817 | $73,933 | $69,667 |
| Female Median Income | $52,186 | $60,067 | $56,850 |
| Gender Pay Gap | 16.9% | 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 Elgin, it is 0.536, 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 20% more than women's income in Elgin, Illinois. Over a 35-year career, a 20% wage gap accumulates to roughly $372,085 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Elgin, Illinois has narrowed from about 23% to 17% in 2024. Over that period the gap was widest at 25% in 2011, and was narrowest at 13% in 2018. In dollar terms, the gap has widened by $492 since 2009.
Employment
| Metric | Elgin | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.9% | 5.8% | 5.2% |
| Working from Home | 13.2% | 15.9% | 15.0% |
| Commute time (minutes) | 25 | 23 | 22 |
Approximately 3,357 people are unemployed in Elgin, Illinois.
The average commute time in Elgin is 25 minutes, longer than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Elgin, Illinois has fallen from 8.4% to 5.9% in 2024. Over that period the rate peaked at 10.0% in 2013 and fell as low as 5.5% in 2022.
Elgin, IL Wealth Compared With Nearby Cities
How Elgin, IL compares with the 1 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. |
|---|---|---|---|---|---|
| Elgin, IL | 103,624 | $91,871 #1/2 | 4.8%/yr #2/2 | 5.9% #2/2 | 0.536 #2/2 |
| Carpentersville, IL | 23,807 | $87,936 | 5.2%/yr | 5.6% | 0.535 |
Conclusion
Considering all these factors, Elgin, Illinois has an overall wealth index grade of B, making it about on par with Illinois, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Elgin, Illinois.
How Wealthy Is Elgin, Illinois?
Elgin has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $91,871, about 9% higher than the Illinois average of $84,042.
Are incomes growing in Elgin, Illinois?
Between 2009 and 2024, the median household income in Elgin, Illinois rose 54%, from $59,772 to $91,871. Over the same years, income here outpaced Illinois as a whole: +54% against +52%.
What was the median household income in Elgin in 2023?
In 2023, the median household income in Elgin, Illinois was $89,565, up 2% from $87,950 in 2022. The Illinois median that year was $82,182.
What was the median household income in Elgin in 2020?
In 2020, the median household income in Elgin, Illinois was $74,723. By 2024 it had risen 23% to $91,871.
What is the Gini coefficient in Elgin, Illinois?
The Gini coefficient in Elgin is 0.536. 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 Elgin, Illinois?
Since 2009, the income gap between men and women in Elgin, Illinois has narrowed from about 23% to 17% in 2024. Over that period the gap was widest at 25% in 2011, and was narrowest at 13% in 2018. In dollar terms, the gap has widened by $492 since 2009.
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