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 | Hanover Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $93,347 | $82,179 | $78,145 |
| Median Personal Income | $56,774 | $65,365 | $61,726 |
| Average income growth | 4.0% | 4.8% | 5.1% |
| Six-Figure Earners | 10.5% | 14.4% | 13.2% |
The median household income in Hanover Park is about 14% higher than in Illinois. Income has been growing slower in Hanover Park (4.0%/yr) than in Illinois (4.8%/yr).
About 10% of adults in Hanover Park 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 Hanover Park, Illinois grew by 39.0% from 2009 to 2023, reaching $93,347 in 2023. That's an average of about 4.0% per year.
Economic Inequality in Hanover Park | Gender Pay Gap | Gini Coefficient
| Metric | Hanover Park | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.547 | 0.567 | 0.570 |
| Male Median Income | $62,363 | $72,139 | $67,746 |
| Female Median Income | $50,061 | $58,023 | $54,793 |
| Gender Pay Gap | 19.7% | 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 Hanover Park, it is 0.547, 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 25% more than women's income in Hanover Park, Illinois. Over a 35-year career, a 25% wage gap accumulates to roughly $430,570 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Hanover Park, Illinois has stayed about the same since 2009, at around 20%. In dollar terms, the gap has widened by $2,844 since 2009.
Employment
| Metric | Hanover Park | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.1% | 5.8% | 5.2% |
| Working from Home | 9.5% | 14.0% | 13.4% |
| Commute time (minutes) | 25 | 23 | 22 |
Approximately 675 people are unemployed in Hanover Park, Illinois.
The average commute time in Hanover Park is 25 minutes, longer than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hanover Park, Illinois has fallen from 10.1% to 4.1% in 2023.
Conclusion
Considering all these factors, Hanover Park, 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.
Hanover Park, IL Wealth Compared With Nearby Cities
Hanover Park, IL is the 4th largest of the 5 cities compared here, 29,338 residents against a local median of 35,030. There is no headline here. Every measure below sits within 15% of the median across the nearest cities, which makes Hanover Park, IL an unremarkable member of its own neighbourhood rather than an outlier in it.
The largest of those small differences is unemployment, 9% above the local median at 4.1% against 3.7%. Hanover Park, IL has the 3rd lowest unemployment of the 5 areas compared here.
| Area | Population | Median household income | Unemployment | Income inequality |
|---|---|---|---|---|
| Hanover Park, IL | 29,338 | $93,347 #5/5 | 4.1% #3/5 | 0.5 #5/5 |
| Streamwood, IL | 37,804 | $96,838 | 3.3% | 0.5 |
| Bartlett, IL | 33,195 | $126,756 | 2.8% | 0.5 |
| Bloomingdale, IL | 22,627 | $95,918 | 4.7% | 0.5 |
| Carol Stream, IL | 36,866 | $105,878 | 4.2% | 0.5 |
Frequently Asked Questions
Common questions about income and wealth in Hanover Park, Illinois.
How Rich Is Hanover Park, Illinois?
Hanover Park 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 $93,347, about 14% higher than the Illinois average of $82,179.
What is the current median household income in Hanover Park, Illinois?
As of 2023, the median household income in Hanover Park, Illinois is $93,347.
What was the median household income in Hanover Park in 2023?
In 2023, the median household income in Hanover Park, Illinois was $93,347.
What was the median household income in Hanover Park in 2020?
In 2020, the median household income in Hanover Park, Illinois was $80,290.
What is the Gini coefficient in Hanover Park, Illinois?
The Gini coefficient in Hanover Park is 0.547. 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 Hanover Park, Illinois?
The income gap between men and women in Hanover Park, Illinois has stayed about the same since 2009, at around 20%. In dollar terms, the gap has widened by $2,844 since 2009.