Wealth Index
Less wealthy than 90% of counties in Illinois
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 | Knox County | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $53,823 | $82,179 | $78,145 |
| Median Personal Income | $50,520 | $65,365 | $61,726 |
| Average income growth | 4.1% | 4.8% | 5.1% |
| Six-Figure Earners | 5.2% | 14.4% | 13.2% |
The median household income in Knox County is about 35% lower than in Illinois. Income has been growing slower in Knox County (4.1%/yr) than in Illinois (4.8%/yr).
About 5% of adults in Knox County 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 Knox County, Illinois grew by 38.9% from 2009 to 2023, reaching $53,823 in 2023. That's an average of about 4.1% per year.
Economic Inequality in Knox County | Gender Pay Gap | Gini Coefficient
| Metric | Knox County | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.552 | 0.567 | 0.570 |
| Male Median Income | $56,399 | $72,139 | $67,746 |
| Female Median Income | $45,435 | $58,023 | $54,793 |
| Gender Pay Gap | 19.4% | 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 Knox County, it is 0.552, 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 24% more than women's income in Knox County, Illinois. Over a 35-year career, a 24% wage gap accumulates to roughly $383,740 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Knox County, Illinois has narrowed from about 36% to 19% in 2023. In dollar terms, the gap has narrowed by $4,218 since 2009.
Employment
| Metric | Knox County | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.5% | 5.8% | 5.2% |
| Working from Home | 5.7% | 14.0% | 13.4% |
| Commute time (minutes) | 15 | 23 | 22 |
Approximately 983 people are unemployed in Knox County, Illinois.
The average commute time in Knox County is 15 minutes, shorter than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Knox County, Illinois has fallen from 8.9% to 4.5% in 2023.
Conclusion
Considering all these factors, Knox County, Illinois has an overall wealth index grade of D, making it somewhat worse than Illinois, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Knox County, Illinois.
How Rich Is Knox County, Illinois?
Knox County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $53,823, about 35% lower than the Illinois average of $82,179.
What is the current median household income in Knox County, Illinois?
As of 2023, the median household income in Knox County, Illinois is $53,823.
What was the median household income in Knox County in 2023?
In 2023, the median household income in Knox County, Illinois was $53,823.
What was the median household income in Knox County in 2020?
In 2020, the median household income in Knox County, Illinois was $44,509.
What is the Gini coefficient in Knox County, Illinois?
The Gini coefficient in Knox County is 0.552. 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 Knox County, Illinois?
Since 2009, the income gap between men and women in Knox County, Illinois has narrowed from about 36% to 19% in 2023. In dollar terms, the gap has narrowed by $4,218 since 2009.