Wealth Index
Less wealthy than 92% 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 | McDonough County | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $50,434 | $82,179 | $78,145 |
| Median Personal Income | $52,182 | $65,365 | $61,726 |
| Average income growth | 2.8% | 4.8% | 5.1% |
| Six-Figure Earners | 6.2% | 14.4% | 13.2% |
The median household income in McDonough County is about 39% lower than in Illinois. Income has been growing slower in McDonough County (2.8%/yr) than in Illinois (4.8%/yr).
About 6% of adults in McDonough 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 McDonough County, Illinois grew by 54.8% from 2009 to 2023, reaching $50,434 in 2023. That's an average of about 2.8% per year.
Economic Inequality in McDonough County | Gender Pay Gap | Gini Coefficient
| Metric | McDonough County | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.597 | 0.567 | 0.570 |
| Male Median Income | $56,462 | $72,139 | $67,746 |
| Female Median Income | $45,784 | $58,023 | $54,793 |
| Gender Pay Gap | 18.9% | 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 McDonough County, it is 0.597, higher than Illinois's 0.567, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 23% more than women's income in McDonough County, Illinois. Over a 35-year career, a 23% wage gap accumulates to roughly $373,730 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in McDonough County, Illinois has narrowed from about 30% to 19% in 2023. In dollar terms, the gap has narrowed by $2,038 since 2009.
Employment
| Metric | McDonough County | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.6% | 5.8% | 5.2% |
| Working from Home | 6.5% | 14.0% | 13.4% |
| Commute time (minutes) | 12 | 23 | 22 |
Approximately 1,222 people are unemployed in McDonough County, Illinois.
The average commute time in McDonough County is 12 minutes, shorter than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in McDonough County, Illinois has fallen from 9.1% to 8.6% in 2023.
Conclusion
Considering all these factors, McDonough 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 McDonough County, Illinois.
How Rich Is McDonough County, Illinois?
McDonough 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 $50,434, about 39% lower than the Illinois average of $82,179.
What is the current median household income in McDonough County, Illinois?
As of 2023, the median household income in McDonough County, Illinois is $50,434.
What was the median household income in McDonough County in 2023?
In 2023, the median household income in McDonough County, Illinois was $50,434.
What was the median household income in McDonough County in 2020?
In 2020, the median household income in McDonough County, Illinois was $43,783.
What is the Gini coefficient in McDonough County, Illinois?
The Gini coefficient in McDonough County is 0.597. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in McDonough County, Illinois?
Since 2009, the income gap between men and women in McDonough County, Illinois has narrowed from about 30% to 19% in 2023. In dollar terms, the gap has narrowed by $2,038 since 2009.