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 | Montgomery | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $93,710 | $82,179 | $78,145 |
| Median Personal Income | $60,297 | $65,365 | $61,726 |
| Average income growth | 4.8% | 4.8% | 5.1% |
| Six-Figure Earners | 11.6% | 14.4% | 13.2% |
The median household income in Montgomery is about 14% higher than in Illinois. Income has been growing faster in Montgomery (4.8%/yr) than in Illinois (4.8%/yr).
About 12% of adults in Montgomery 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 Montgomery, Illinois grew by 43.9% from 2009 to 2023, reaching $93,710 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Montgomery | Gender Pay Gap | Gini Coefficient
| Metric | Montgomery | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.556 | 0.567 | 0.570 |
| Male Median Income | $64,687 | $72,139 | $67,746 |
| Female Median Income | $54,714 | $58,023 | $54,793 |
| Gender Pay Gap | 15.4% | 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 Montgomery, it is 0.556, 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 18% more than women's income in Montgomery, Illinois. Over a 35-year career, a 18% wage gap accumulates to roughly $349,055 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Montgomery, Illinois has narrowed from about 34% to 15% in 2023. In dollar terms, the gap has narrowed by $8,035 since 2009.
Employment
| Metric | Montgomery | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.6% | 5.8% | 5.2% |
| Working from Home | 11.8% | 14.0% | 13.4% |
| Commute time (minutes) | 28 | 23 | 22 |
Approximately 424 people are unemployed in Montgomery, Illinois.
The average commute time in Montgomery is 28 minutes, longer than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Montgomery, Illinois has fallen from 8.6% to 3.6% in 2023.
Conclusion
Considering all these factors, Montgomery, Illinois has an overall wealth index grade of B, making it somewhat better than Illinois, and somewhat better than the country as a whole.
Montgomery, IL Wealth Compared With Nearby Cities
How Montgomery, IL compares with the 2 cities closest to it.
| Area | Population | Median household income | Unemployment | Income inequality |
|---|---|---|---|---|
| Montgomery, IL | 20,144 | $93,710 #2/3 | 3.6% #2/3 | 0.6 #2/3 |
| Oswego, IL | 24,439 | $108,709 | 2.1% | 0.6 |
| Aurora, IL | 177,409 | $90,419 | 6.0% | 0.6 |
Frequently Asked Questions
Common questions about income and wealth in Montgomery, Illinois.
How Rich Is Montgomery, Illinois?
Montgomery 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 $93,710, about 14% higher than the Illinois average of $82,179.
What is the current median household income in Montgomery, Illinois?
As of 2023, the median household income in Montgomery, Illinois is $93,710.
What was the median household income in Montgomery in 2023?
In 2023, the median household income in Montgomery, Illinois was $93,710.
What was the median household income in Montgomery in 2020?
In 2020, the median household income in Montgomery, Illinois was $89,226.
What is the Gini coefficient in Montgomery, Illinois?
The Gini coefficient in Montgomery is 0.556. 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 Montgomery, Illinois?
Since 2009, the income gap between men and women in Montgomery, Illinois has narrowed from about 34% to 15% in 2023. In dollar terms, the gap has narrowed by $8,035 since 2009.