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 | Melrose Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $68,689 | $82,179 | $78,145 |
| Median Personal Income | $68,689 | $82,179 | $78,145 |
| Average income growth | 5.2% | 5.2% | 5.2% |
The median household income in Melrose Park is about 16% lower than in Illinois. Income has been growing faster in Melrose Park (5.2%/yr) than in Illinois (4.8%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Melrose Park, Illinois grew by 60.3% from 2009 to 2023, reaching $68,689 in 2023. That's an average of about 4.3% per year.
Economic Inequality in Melrose Park | Gender Pay Gap | Gini Coefficient
| Metric | Melrose Park | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.536 | 0.567 | 0.570 |
| Male Median Income | $48,565 | $72,139 | $67,746 |
| Female Median Income | $42,714 | $58,023 | $54,793 |
| Gender Pay Gap | 12.0% | 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 Melrose Park, it is 0.536, 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 14% more than women's income in Melrose Park, Illinois.
Income by Sex Over Time
Since 2009, the income gap between men and women in Melrose Park, Illinois has narrowed from about 17% to 12% in 2023.
Employment
| Metric | Melrose Park | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.8% | 5.8% | 5.2% |
| Working from Home | 5.4% | 14.0% | 13.4% |
| Commute time (minutes) | 27 | 23 | 22 |
The average commute time in Melrose Park is 27 minutes, longer than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Melrose Park, Illinois has fallen from 11.6% to 4.8% in 2023.
Conclusion
Considering all these factors, Melrose Park, 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 Melrose Park, Illinois.
How Rich Is Melrose Park, Illinois?
Melrose Park 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 $68,689, about 16% lower than the Illinois average of $82,179.
What is the current median household income in Melrose Park, Illinois?
As of 2023, the median household income in Melrose Park, Illinois is $68,689.
What was the median household income in Melrose Park in 2023?
In 2023, the median household income in Melrose Park, Illinois was $68,689.
What was the median household income in Melrose Park in 2020?
In 2020, the median household income in Melrose Park, Illinois was $55,660.
What is the Gini coefficient in Melrose Park, Illinois?
The Gini coefficient in Melrose Park is 0.536. 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 Melrose Park, Illinois?
Since 2009, the income gap between men and women in Melrose Park, Illinois has narrowed from about 17% to 12% in 2023.