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 | Elk Grove Village | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $94,095 | $82,179 | $78,145 |
| Median Personal Income | $66,367 | $65,365 | $61,726 |
| Average income growth | 4.5% | 4.8% | 5.1% |
| Six-Figure Earners | 16.9% | 14.4% | 13.2% |
The median household income in Elk Grove Village is about 15% higher than in Illinois. Income has been growing slower in Elk Grove Village (4.5%/yr) than in Illinois (4.8%/yr).
About 17% of adults in Elk Grove Village 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 Elk Grove Village, Illinois grew by 36.8% from 2009 to 2023, reaching $94,095 in 2023. That's an average of about 4.5% per year.
Economic Inequality in Elk Grove Village | Gender Pay Gap | Gini Coefficient
| Metric | Elk Grove Village | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.519 | 0.567 | 0.570 |
| Male Median Income | $76,013 | $72,139 | $67,746 |
| Female Median Income | $57,305 | $58,023 | $54,793 |
| Gender Pay Gap | 24.6% | 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 Elk Grove Village, it is 0.519, 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 33% more than women's income in Elk Grove Village, Illinois. Over a 35-year career, a 33% wage gap accumulates to roughly $654,780 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Elk Grove Village, Illinois has widened from about 18% to 25% in 2023. In dollar terms, the gap has widened by $9,452 since 2009.
Employment
| Metric | Elk Grove Village | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.2% | 5.8% | 5.2% |
| Working from Home | 11.7% | 14.0% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 629 people are unemployed in Elk Grove Village, Illinois.
The average commute time in Elk Grove Village is 23 minutes, about the same as in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Elk Grove Village, Illinois has fallen from 5.9% to 4.2% in 2023.
Conclusion
Considering all these factors, Elk Grove Village, Illinois has an overall wealth index grade of B, making it somewhat better than Illinois, and somewhat better than the country as a whole.
Elk Grove Village, IL Wealth Compared With Nearby Cities
How Elk Grove Village, IL compares with the 2 cities closest to it.
| Area | Population | Median household income | Unemployment | Income inequality |
|---|---|---|---|---|
| Elk Grove Village, IL | 27,085 | $94,095 #2/3 | 4.2% #1/3 | 0.5 #1/3 |
| Rolling Meadows, IL | 23,336 | $96,654 | 5.7% | 0.5 |
| Addison, IL | 33,382 | $84,791 | 5.9% | 0.5 |
Frequently Asked Questions
Common questions about income and wealth in Elk Grove Village, Illinois.
How Wealthy Is Elk Grove Village, Illinois?
Elk Grove Village 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 $94,095, about 15% higher than the Illinois average of $82,179.
What is the current median household income in Elk Grove Village, Illinois?
As of 2023, the median household income in Elk Grove Village, Illinois is $94,095.
What was the median household income in Elk Grove Village in 2023?
In 2023, the median household income in Elk Grove Village, Illinois was $94,095.
What was the median household income in Elk Grove Village in 2020?
In 2020, the median household income in Elk Grove Village, Illinois was $82,329.
What is the Gini coefficient in Elk Grove Village, Illinois?
The Gini coefficient in Elk Grove Village is 0.519. 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 Elk Grove Village, Illinois?
Since 2009, the income gap between men and women in Elk Grove Village, Illinois has widened from about 18% to 25% in 2023. In dollar terms, the gap has widened by $9,452 since 2009.