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 | Maywood | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $67,254 | $82,179 | $78,145 |
| Median Personal Income | $67,254 | $82,179 | $78,145 |
| Average income growth | 6.2% | 6.2% | 6.2% |
The median household income in Maywood is about 18% lower than in Illinois. Income has been growing faster in Maywood (6.2%/yr) than in Illinois (4.8%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Maywood, Illinois grew by 34.0% from 2009 to 2023, reaching $67,254 in 2023. That's an average of about 2.4% per year.
Economic Inequality in Maywood | Gender Pay Gap | Gini Coefficient
| Metric | Maywood | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.545 | 0.567 | 0.570 |
| Male Median Income | $52,222 | $72,139 | $67,746 |
| Female Median Income | $50,535 | $58,023 | $54,793 |
| Gender Pay Gap | 3.2% | 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 Maywood, it is 0.545, 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 3% more than women's income in Maywood, Illinois.
Income by Sex Over Time
Since 2009, the income gap between men and women in Maywood, Illinois has narrowed from about 6% to 3% in 2023.
Employment
| Metric | Maywood | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.9% | 5.8% | 5.2% |
| Working from Home | 11.7% | 14.0% | 13.4% |
| Commute time (minutes) | 30 | 23 | 22 |
The average commute time in Maywood is 30 minutes, longer than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Maywood, Illinois has fallen from 16.9% to 7.9% in 2023.
Conclusion
Considering all these factors, Maywood, 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 Maywood, Illinois.
How Rich Is Maywood, Illinois?
Maywood 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 $67,254, about 18% lower than the Illinois average of $82,179.
What is the current median household income in Maywood, Illinois?
As of 2023, the median household income in Maywood, Illinois is $67,254.
What was the median household income in Maywood in 2023?
In 2023, the median household income in Maywood, Illinois was $67,254.
What was the median household income in Maywood in 2020?
In 2020, the median household income in Maywood, Illinois was $56,101.
What is the Gini coefficient in Maywood, Illinois?
The Gini coefficient in Maywood is 0.545. 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 Maywood, Illinois?
Since 2009, the income gap between men and women in Maywood, Illinois has narrowed from about 6% to 3% in 2023.