Loves Park, Illinois Income Statistics
Loves Park Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
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B
Loves Park Around average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Loves Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $60,940 | $84,042 | $80,455 |
| Median Personal Income | $53,043 | $64,565 | $60,758 |
| Average Yearly Income Growth | 2.9% | 4.5% | 4.8% |
| Six-Figure Earners | 7.3% | 15.0% | 13.9% |
| $200k+ Households | 5.4% | 13.8% | 13.2% |
The median household income in Loves Park is about 27% lower than in Illinois. Income has been growing slower in Loves Park (2.9%/yr) than in Illinois (4.5%/yr).
About 7% of adults in Loves Park earn six figures ($100,000 or more) a year, lower than the Illinois average of 15%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Loves Park, Illinois grew by 27.1% from 2009 to 2024, reaching $60,940 in 2024. That's an average of about 2.9% per year.
Income Inequality and the Gender Pay Gap in Loves Park
| Metric | Loves Park | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.501 | 0.547 | 0.552 |
| Male Median Income | $58,829 | $73,933 | $69,667 |
| Female Median Income | $48,623 | $60,067 | $56,850 |
| Gender Pay Gap | 17.3% | 18.8% | 18.4% |
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 Loves Park, it is 0.501, lower than Illinois's 0.547, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 21% more than women's income in Loves Park, Illinois. Over a 35-year career, a 21% wage gap accumulates to roughly $357,210 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Loves Park, Illinois has narrowed from about 25% to 17% in 2024. Over that period the gap was widest at 33% in 2014. In dollar terms, the gap has narrowed by $751 since 2009.
Employment
| Metric | Loves Park | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.5% | 5.8% | 5.2% |
| Working from Home | 8.2% | 15.9% | 15.0% |
| Commute time (minutes) | 17 | 23 | 22 |
Approximately 790 people are unemployed in Loves Park, Illinois.
The average commute time in Loves Park is 17 minutes, shorter than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Loves Park, Illinois has fallen from 9.7% to 6.5% in 2024. Over that period the rate peaked at 12.0% in 2013.
Loves Park, IL Wealth Compared With Nearby Cities
How Loves Park, IL compares with the 2 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Loves Park, IL | 23,190 | $60,940 #2/3 | 2.9%/yr #3/3 | 6.5% #1/3 | 0.501 #1/3 |
| Machesney Park, IL | 20,295 | $74,025 | 3.6%/yr | 6.9% | 0.512 |
| Rockford, IL | 139,970 | $54,584 | 3.9%/yr | 8.6% | 0.548 |
Conclusion
Considering all these factors, Loves 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.
Frequently Asked Questions
Common questions about income and wealth in Loves Park, Illinois.
How Rich Is Loves Park, Illinois?
Loves 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 $60,940, about 27% lower than the Illinois average of $84,042.
How fast is household income rising in Loves Park, Illinois?
Between 2009 and 2024, the median household income in Loves Park, Illinois rose 27%, from $47,933 to $60,940. Over the same years, income here lagged behind Illinois as a whole: +27% against +52%.
What was the median household income in Loves Park in 2023?
In 2023, the median household income in Loves Park, Illinois was $58,034, up 2% from $57,085 in 2022. The Illinois median that year was $82,182.
What was the median household income in Loves Park in 2020?
In 2020, the median household income in Loves Park, Illinois was $56,355. By 2024 it had risen 8% to $60,940.
What is the Gini coefficient in Loves Park, Illinois?
The Gini coefficient in Loves Park is 0.501. 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 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Loves Park, Illinois?
Since 2009, the income gap between men and women in Loves Park, Illinois has narrowed from about 25% to 17% in 2024. Over that period the gap was widest at 33% in 2014. In dollar terms, the gap has narrowed by $751 since 2009.
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