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 | Mount Prospect | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $100,936 | $82,179 | $78,145 |
| Median Personal Income | $75,375 | $65,365 | $61,726 |
| Average income growth | 5.5% | 4.8% | 5.1% |
| Six-Figure Earners | 17.7% | 14.4% | 13.2% |
The median household income in Mount Prospect is about 23% higher than in Illinois. Income has been growing faster in Mount Prospect (5.5%/yr) than in Illinois (4.8%/yr).
About 18% of adults in Mount Prospect earn six figures ($100,000 or more) a year, higher than the Illinois average of 14%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Mount Prospect, Illinois grew by 55.8% from 2009 to 2023, reaching $100,936 in 2023. That's an average of about 5.5% per year.
Economic Inequality in Mount Prospect | Gender Pay Gap | Gini Coefficient
| Metric | Mount Prospect | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.542 | 0.567 | 0.570 |
| Male Median Income | $80,124 | $72,139 | $67,746 |
| Female Median Income | $70,393 | $58,023 | $54,793 |
| Gender Pay Gap | 12.1% | 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 Mount Prospect, it is 0.542, 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 Mount Prospect, Illinois. Over a 35-year career, a 14% wage gap accumulates to roughly $340,585 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Mount Prospect, Illinois has widened from about 10% to 12% in 2023. In dollar terms, the gap has widened by $4,702 since 2009.
Employment
| Metric | Mount Prospect | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.2% | 5.8% | 5.2% |
| Working from Home | 15.6% | 14.0% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 1,238 people are unemployed in Mount Prospect, Illinois.
The average commute time in Mount Prospect is 23 minutes, about the same as in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Mount Prospect, Illinois has fallen from 7.1% to 4.2% in 2023.
Conclusion
Considering all these factors, Mount Prospect, Illinois has an overall wealth index grade of B, making it somewhat better than Illinois, and somewhat better than the country as a whole.
Mount Prospect, IL Wealth Compared With Nearby Cities
Mount Prospect, IL is typical in size for this group, 51,830 residents against a local median of 48,183, so the measures below are close to a like for like comparison. Nothing separates Mount Prospect, IL sharply from the cities around it. Each measure below lands within 15% of the local median, close enough that the differences are within what survey sampling alone would produce.
The largest of those small differences is median household income, 9% above the local median at $100,936 against $92,640. Mount Prospect, IL has the 2nd highest median household income of the 5 areas compared here.
| Area | Population | Median household income | Unemployment | Income inequality |
|---|---|---|---|---|
| Mount Prospect, IL | 51,830 | $100,936 #2/5 | 4.2% #2/5 | 0.5 #4/5 |
| Des Plaines, IL | 60,755 | $91,184 | 4.8% | 0.5 |
| Arlington Heights, IL | 74,627 | $113,604 | 3.6% | 0.5 |
| Wheeling, IL | 35,611 | $85,181 | 4.3% | 0.5 |
| Elk Grove Village, IL | 27,085 | $94,095 | 4.2% | 0.5 |
Frequently Asked Questions
Common questions about income and wealth in Mount Prospect, Illinois.
How Rich Is Mount Prospect, Illinois?
Mount Prospect 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 $100,936, about 23% higher than the Illinois average of $82,179.
What is the current median household income in Mount Prospect, Illinois?
As of 2023, the median household income in Mount Prospect, Illinois is $100,936.
What was the median household income in Mount Prospect in 2023?
In 2023, the median household income in Mount Prospect, Illinois was $100,936.
What was the median household income in Mount Prospect in 2020?
In 2020, the median household income in Mount Prospect, Illinois was $83,677.
What is the Gini coefficient in Mount Prospect, Illinois?
The Gini coefficient in Mount Prospect is 0.542. 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 Mount Prospect, Illinois?
Since 2009, the income gap between men and women in Mount Prospect, Illinois has widened from about 10% to 12% in 2023. In dollar terms, the gap has widened by $4,702 since 2009.