Wealth Index
Wealthier than 94% 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 | Menard County | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $82,517 | $82,179 | $78,145 |
| Median Personal Income | $61,289 | $65,365 | $61,726 |
| Average income growth | 4.6% | 4.8% | 5.1% |
| Six-Figure Earners | 10.1% | 14.4% | 13.2% |
The median household income in Menard County is about the same as in Illinois. Income has been growing slower in Menard County (4.6%/yr) than in Illinois (4.8%/yr).
About 10% of adults in Menard 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 Menard County, Illinois grew by 42.9% from 2009 to 2023, reaching $82,517 in 2023. That's an average of about 4.6% per year.
Economic Inequality in Menard County | Gender Pay Gap | Gini Coefficient
| Metric | Menard County | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.474 | 0.567 | 0.570 |
| Male Median Income | $67,157 | $72,139 | $67,746 |
| Female Median Income | $55,234 | $58,023 | $54,793 |
| Gender Pay Gap | 17.8% | 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 Menard County, it is 0.474, 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 22% more than women's income in Menard County, Illinois. Over a 35-year career, a 22% wage gap accumulates to roughly $417,305 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Menard County, Illinois has widened from about 12% to 18% in 2023. In dollar terms, the gap has widened by $6,511 since 2009.
Employment
| Metric | Menard County | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.8% | 5.8% | 5.2% |
| Working from Home | 8.1% | 14.0% | 13.4% |
| Commute time (minutes) | 26 | 23 | 22 |
Approximately 229 people are unemployed in Menard County, Illinois.
The average commute time in Menard County is 26 minutes, longer than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Menard County, Illinois has fallen from 4.2% to 3.8% in 2023.
Conclusion
Considering all these factors, Menard 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 Menard County, Illinois.
How Rich Is Menard County, Illinois?
Menard 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 $82,517, close to the Illinois average of $82,179.
What is the current median household income in Menard County, Illinois?
As of 2023, the median household income in Menard County, Illinois is $82,517.
What was the median household income in Menard County in 2023?
In 2023, the median household income in Menard County, Illinois was $82,517.
What was the median household income in Menard County in 2020?
In 2020, the median household income in Menard County, Illinois was $76,339.
What is the Gini coefficient in Menard County, Illinois?
The Gini coefficient in Menard County is 0.474. 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 Menard County, Illinois?
Since 2009, the income gap between men and women in Menard County, Illinois has widened from about 12% to 18% in 2023. In dollar terms, the gap has widened by $6,511 since 2009.