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 | Park Ridge | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $140,407 | $82,179 | $78,145 |
| Median Personal Income | $105,579 | $65,365 | $61,726 |
| Average income growth | 6.0% | 4.8% | 5.1% |
| Six-Figure Earners | 30.9% | 14.4% | 13.2% |
The median household income in Park Ridge is about 71% higher than in Illinois. Income has been growing faster in Park Ridge (6.0%/yr) than in Illinois (4.8%/yr).
About 31% of adults in Park Ridge 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 Park Ridge, Illinois grew by 60.1% from 2009 to 2023, reaching $140,407 in 2023. That's an average of about 6.0% per year.
Economic Inequality in Park Ridge | Gender Pay Gap | Gini Coefficient
| Metric | Park Ridge | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.543 | 0.567 | 0.570 |
| Male Median Income | $116,080 | $72,139 | $67,746 |
| Female Median Income | $91,192 | $58,023 | $54,793 |
| Gender Pay Gap | 21.4% | 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 Park Ridge, it is 0.543, 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 27% more than women's income in Park Ridge, Illinois. Over a 35-year career, a 27% wage gap accumulates to roughly $871,080 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Park Ridge, Illinois has narrowed from about 26% to 21% in 2023. In dollar terms, the gap has widened by $5,681 since 2009.
Employment
| Metric | Park Ridge | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.4% | 5.8% | 5.2% |
| Working from Home | 21.6% | 14.0% | 13.4% |
| Commute time (minutes) | 26 | 23 | 22 |
Approximately 670 people are unemployed in Park Ridge, Illinois.
The average commute time in Park Ridge is 26 minutes, longer than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Park Ridge, Illinois has fallen from 5.6% to 3.4% in 2023.
Conclusion
Considering all these factors, Park Ridge, Illinois has an overall wealth index grade of A+, making it notably better than Illinois, and far better than the country as a whole.
Park Ridge, IL Wealth Compared With Nearby Cities
How Park Ridge, IL compares with the 1 cities closest to it.
| Area | Population | Median household income | Unemployment | Income inequality |
|---|---|---|---|---|
| Park Ridge, IL | 35,960 | $140,407 #1/2 | 3.4% #1/2 | 0.5 #1/2 |
| Niles, IL | 26,538 | $85,477 | 7.0% | 0.6 |
Frequently Asked Questions
Common questions about income and wealth in Park Ridge, Illinois.
How Rich Is Park Ridge, Illinois?
Park Ridge 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 $140,407, about 71% higher than the Illinois average of $82,179.
What is the current median household income in Park Ridge, Illinois?
As of 2023, the median household income in Park Ridge, Illinois is $140,407.
What was the median household income in Park Ridge in 2023?
In 2023, the median household income in Park Ridge, Illinois was $140,407.
What was the median household income in Park Ridge in 2020?
In 2020, the median household income in Park Ridge, Illinois was $115,152.
What is the Gini coefficient in Park Ridge, Illinois?
The Gini coefficient in Park Ridge is 0.543. 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 Park Ridge, Illinois?
Since 2009, the income gap between men and women in Park Ridge, Illinois has narrowed from about 26% to 21% in 2023. In dollar terms, the gap has widened by $5,681 since 2009.