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 | Oak Park | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $109,439 | $82,179 | $78,145 |
| Median Personal Income | $109,439 | $82,179 | $78,145 |
| Average income growth | 3.9% | 3.9% | 3.9% |
The median household income in Oak Park is about 33% higher than in Illinois. Income has been growing slower in Oak Park (3.9%/yr) than in Illinois (4.8%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Oak Park, Illinois grew by 48.4% from 2009 to 2023, reaching $109,439 in 2023. That's an average of about 3.5% per year.
Economic Inequality in Oak Park | Gender Pay Gap | Gini Coefficient
| Metric | Oak Park | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.533 | 0.567 | 0.570 |
| Male Median Income | $115,468 | $72,139 | $67,746 |
| Female Median Income | $88,755 | $58,023 | $54,793 |
| Gender Pay Gap | 23.1% | 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 Oak Park, it is 0.533, 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 30% more than women's income in Oak Park, Illinois.
Income by Sex Over Time
Since 2009, the income gap between men and women in Oak Park, Illinois has narrowed from about 24% to 23% in 2023.
Employment
| Metric | Oak Park | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.5% | 5.8% | 5.2% |
| Working from Home | 27.7% | 14.0% | 13.4% |
| Commute time (minutes) | 32 | 23 | 22 |
The average commute time in Oak Park is 32 minutes, longer than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Oak Park, Illinois has fallen from 6.6% to 5.5% in 2023.
Conclusion
Considering all these factors, Oak Park, Illinois has an overall wealth index grade of A+, making it notably better than Illinois, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Oak Park, Illinois.
How Wealthy Is Oak Park, Illinois?
Oak Park has a wealth index grade of A+. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A+ grade means it is one of the most prosperous areas in the country. The median household income is $109,439, about 33% higher than the Illinois average of $82,179.
What is the current median household income in Oak Park, Illinois?
As of 2023, the median household income in Oak Park, Illinois is $109,439.
What was the median household income in Oak Park in 2023?
In 2023, the median household income in Oak Park, Illinois was $109,439.
What was the median household income in Oak Park in 2020?
In 2020, the median household income in Oak Park, Illinois was $98,135.
What is the Gini coefficient in Oak Park, Illinois?
The Gini coefficient in Oak Park is 0.533. 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 Oak Park, Illinois?
Since 2009, the income gap between men and women in Oak Park, Illinois has narrowed from about 24% to 23% in 2023.