Wealth Index
Wealthier than 91% 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 | Piatt County | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $86,184 | $82,179 | $78,145 |
| Median Personal Income | $61,168 | $65,365 | $61,726 |
| Average income growth | 3.3% | 4.8% | 5.1% |
| Six-Figure Earners | 11.5% | 14.4% | 13.2% |
The median household income in Piatt County is about 5% higher than in Illinois. Income has been growing slower in Piatt County (3.3%/yr) than in Illinois (4.8%/yr).
About 11% of adults in Piatt 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 Piatt County, Illinois grew by 56.3% from 2009 to 2023, reaching $86,184 in 2023. That's an average of about 3.3% per year.
Economic Inequality in Piatt County | Gender Pay Gap | Gini Coefficient
| Metric | Piatt County | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.488 | 0.567 | 0.570 |
| Male Median Income | $66,452 | $72,139 | $67,746 |
| Female Median Income | $54,778 | $58,023 | $54,793 |
| Gender Pay Gap | 17.6% | 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 Piatt County, it is 0.488, 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 21% more than women's income in Piatt County, Illinois. Over a 35-year career, a 21% wage gap accumulates to roughly $408,590 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Piatt County, Illinois has narrowed from about 31% to 18% in 2023. In dollar terms, the gap has narrowed by $4,036 since 2009.
Employment
| Metric | Piatt County | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.3% | 5.8% | 5.2% |
| Working from Home | 6.9% | 14.0% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 290 people are unemployed in Piatt County, Illinois.
The average commute time in Piatt County is 23 minutes, about the same as in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Piatt County, Illinois has fallen from 3.7% to 3.3% in 2023.
Conclusion
Considering all these factors, Piatt 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 Piatt County, Illinois.
How Rich Is Piatt County, Illinois?
Piatt 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 $86,184, about 5% higher than the Illinois average of $82,179.
What is the current median household income in Piatt County, Illinois?
As of 2023, the median household income in Piatt County, Illinois is $86,184.
What was the median household income in Piatt County in 2023?
In 2023, the median household income in Piatt County, Illinois was $86,184.
What was the median household income in Piatt County in 2020?
In 2020, the median household income in Piatt County, Illinois was $73,618.
What is the Gini coefficient in Piatt County, Illinois?
The Gini coefficient in Piatt County is 0.488. 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 Piatt County, Illinois?
Since 2009, the income gap between men and women in Piatt County, Illinois has narrowed from about 31% to 18% in 2023. In dollar terms, the gap has narrowed by $4,036 since 2009.