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 | Richland County | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $60,285 | $82,179 | $78,145 |
| Median Personal Income | $51,757 | $65,365 | $61,726 |
| Average income growth | 4.2% | 4.8% | 5.1% |
| Six-Figure Earners | 5.7% | 14.4% | 13.2% |
The median household income in Richland County is about 27% lower than in Illinois. Income has been growing slower in Richland County (4.2%/yr) than in Illinois (4.8%/yr).
About 6% of adults in Richland 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 Richland County, Illinois grew by 54.6% from 2009 to 2023, reaching $60,285 in 2023. That's an average of about 4.2% per year.
Economic Inequality in Richland County | Gender Pay Gap | Gini Coefficient
| Metric | Richland County | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.522 | 0.567 | 0.570 |
| Male Median Income | $54,949 | $72,139 | $67,746 |
| Female Median Income | $49,199 | $58,023 | $54,793 |
| Gender Pay Gap | 10.5% | 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 Richland County, it is 0.522, 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 12% more than women's income in Richland County, Illinois. Over a 35-year career, a 12% wage gap accumulates to roughly $201,250 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Richland County, Illinois has narrowed from about 28% to 10% in 2023. In dollar terms, the gap has narrowed by $6,008 since 2009.
Employment
| Metric | Richland County | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.2% | 5.8% | 5.2% |
| Working from Home | 6.6% | 14.0% | 13.4% |
| Commute time (minutes) | 13 | 23 | 22 |
Approximately 329 people are unemployed in Richland County, Illinois.
The average commute time in Richland County is 13 minutes, shorter than the 23 minutes in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Richland County, Illinois has fallen from 5.8% to 4.2% in 2023.
Conclusion
Considering all these factors, Richland County, Illinois has an overall wealth index grade of C, making it about on par with Illinois, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Richland County, Illinois.
How Rich Is Richland County, Illinois?
Richland County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $60,285, about 27% lower than the Illinois average of $82,179.
What is the current median household income in Richland County, Illinois?
As of 2023, the median household income in Richland County, Illinois is $60,285.
What was the median household income in Richland County in 2023?
In 2023, the median household income in Richland County, Illinois was $60,285.
What was the median household income in Richland County in 2020?
In 2020, the median household income in Richland County, Illinois was $54,999.
What is the Gini coefficient in Richland County, Illinois?
The Gini coefficient in Richland County is 0.522. 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 Richland County, Illinois?
Since 2009, the income gap between men and women in Richland County, Illinois has narrowed from about 28% to 10% in 2023. In dollar terms, the gap has narrowed by $6,008 since 2009.