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 | Hoffman Estates | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $101,953 | $82,179 | $78,145 |
| Median Personal Income | $71,248 | $65,365 | $61,726 |
| Average income growth | 3.8% | 4.8% | 5.1% |
| Six-Figure Earners | 18.0% | 14.4% | 13.2% |
The median household income in Hoffman Estates is about 24% higher than in Illinois. Income has been growing slower in Hoffman Estates (3.8%/yr) than in Illinois (4.8%/yr).
About 18% of adults in Hoffman Estates 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 Hoffman Estates, Illinois grew by 41.9% from 2009 to 2023, reaching $101,953 in 2023. That's an average of about 3.8% per year.
Economic Inequality in Hoffman Estates | Gender Pay Gap | Gini Coefficient
| Metric | Hoffman Estates | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.554 | 0.567 | 0.570 |
| Male Median Income | $74,887 | $72,139 | $67,746 |
| Female Median Income | $65,017 | $58,023 | $54,793 |
| Gender Pay Gap | 13.2% | 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 Hoffman Estates, it is 0.554, 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 15% more than women's income in Hoffman Estates, Illinois. Over a 35-year career, a 15% wage gap accumulates to roughly $345,450 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Hoffman Estates, Illinois has narrowed from about 26% to 13% in 2023. In dollar terms, the gap has narrowed by $5,248 since 2009.
Employment
| Metric | Hoffman Estates | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.7% | 5.8% | 5.2% |
| Working from Home | 16.4% | 14.0% | 13.4% |
| Commute time (minutes) | 25 | 23 | 22 |
Approximately 979 people are unemployed in Hoffman Estates, Illinois.
The average commute time in Hoffman Estates is 25 minutes, longer than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hoffman Estates, Illinois has fallen from 7.2% to 3.7% in 2023.
Conclusion
Considering all these factors, Hoffman Estates, Illinois has an overall wealth index grade of B, making it somewhat better than Illinois, and somewhat better than the country as a whole.
Hoffman Estates, IL Wealth Compared With Nearby Cities
Hoffman Estates, IL is the 2nd largest of the 4 cities compared here, 46,407 residents against a local median of 37,804. Hoffman Estates, IL sits close to the middle of its own neighbourhood. No measure below is more than 15% off the local median, so the choice between these cities turns on things this data does not capture.
The largest of those small differences is unemployment, 7% below the local median at 3.7% against 4.0%. Hoffman Estates, IL has the 2nd lowest unemployment of the 4 areas compared here.
| Area | Population | Median household income | Unemployment | Income inequality |
|---|---|---|---|---|
| Hoffman Estates, IL | 46,407 | $101,953 #1/4 | 3.7% #2/4 | 0.6 #4/4 |
| Streamwood, IL | 37,804 | $96,838 | 3.3% | 0.5 |
| Schaumburg, IL | 75,461 | $97,260 | 4.0% | 0.5 |
| Hanover Park, IL | 29,338 | $93,347 | 4.1% | 0.5 |
Frequently Asked Questions
Common questions about income and wealth in Hoffman Estates, Illinois.
How Rich Is Hoffman Estates, Illinois?
Hoffman Estates 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 $101,953, about 24% higher than the Illinois average of $82,179.
What is the current median household income in Hoffman Estates, Illinois?
As of 2023, the median household income in Hoffman Estates, Illinois is $101,953.
What was the median household income in Hoffman Estates in 2023?
In 2023, the median household income in Hoffman Estates, Illinois was $101,953.
What was the median household income in Hoffman Estates in 2020?
In 2020, the median household income in Hoffman Estates, Illinois was $89,557.
What is the Gini coefficient in Hoffman Estates, Illinois?
The Gini coefficient in Hoffman Estates is 0.554. 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 Hoffman Estates, Illinois?
Since 2009, the income gap between men and women in Hoffman Estates, Illinois has narrowed from about 26% to 13% in 2023. In dollar terms, the gap has narrowed by $5,248 since 2009.