Wealth Index
Among the top 5 wealthiest 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 | Lake County | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $109,400 | $82,179 | $78,145 |
| Median Personal Income | $74,852 | $65,365 | $61,726 |
| Average income growth | 4.5% | 4.8% | 5.1% |
| Six-Figure Earners | 20.6% | 14.4% | 13.2% |
The median household income in Lake County is about 33% higher than in Illinois. Income has been growing slower in Lake County (4.5%/yr) than in Illinois (4.8%/yr).
About 21% of adults in Lake County 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 Lake County, Illinois grew by 38.9% from 2009 to 2023, reaching $109,400 in 2023. That's an average of about 4.5% per year.
Economic Inequality in Lake County | Gender Pay Gap | Gini Coefficient
| Metric | Lake County | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.574 | 0.567 | 0.570 |
| Male Median Income | $84,663 | $72,139 | $67,746 |
| Female Median Income | $66,143 | $58,023 | $54,793 |
| Gender Pay Gap | 21.9% | 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 Lake County, it is 0.574, higher than Illinois's 0.567, so income is less evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 28% more than women's income in Lake County, Illinois. Over a 35-year career, a 28% wage gap accumulates to roughly $648,200 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lake County, Illinois has narrowed from about 30% to 22% in 2023. In dollar terms, the gap has narrowed by $256 since 2009.
Employment
| Metric | Lake County | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.9% | 5.8% | 5.2% |
| Working from Home | 17.3% | 14.0% | 13.4% |
| Commute time (minutes) | 25 | 23 | 22 |
Approximately 19,079 people are unemployed in Lake County, Illinois.
The average commute time in Lake County is 25 minutes, longer than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lake County, Illinois has fallen from 8.4% to 4.9% in 2023.
Conclusion
Considering all these factors, Lake County, Illinois has an overall wealth index grade of B, making it somewhat better than Illinois, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lake County, Illinois.
How Rich Is Lake County, Illinois?
Lake County 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 $109,400, about 33% higher than the Illinois average of $82,179.
What is the current median household income in Lake County, Illinois?
As of 2023, the median household income in Lake County, Illinois is $109,400.
What was the median household income in Lake County in 2023?
In 2023, the median household income in Lake County, Illinois was $109,400.
What was the median household income in Lake County in 2020?
In 2020, the median household income in Lake County, Illinois was $92,780.
What is the Gini coefficient in Lake County, Illinois?
The Gini coefficient in Lake County is 0.574. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Lake County, Illinois?
Since 2009, the income gap between men and women in Lake County, Illinois has narrowed from about 30% to 22% in 2023. In dollar terms, the gap has narrowed by $256 since 2009.