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 | Schaumburg | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $97,260 | $82,179 | $78,145 |
| Median Personal Income | $72,860 | $65,365 | $61,726 |
| Average income growth | 3.5% | 4.8% | 5.1% |
| Six-Figure Earners | 17.9% | 14.4% | 13.2% |
The median household income in Schaumburg is about 18% higher than in Illinois. Income has been growing slower in Schaumburg (3.5%/yr) than in Illinois (4.8%/yr).
About 18% of adults in Schaumburg 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 Schaumburg, Illinois grew by 35.2% from 2009 to 2023, reaching $97,260 in 2023. That's an average of about 3.5% per year.
Economic Inequality in Schaumburg | Gender Pay Gap | Gini Coefficient
| Metric | Schaumburg | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.538 | 0.567 | 0.570 |
| Male Median Income | $80,259 | $72,139 | $67,746 |
| Female Median Income | $65,638 | $58,023 | $54,793 |
| Gender Pay Gap | 18.2% | 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 Schaumburg, it is 0.538, 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 22% more than women's income in Schaumburg, Illinois. Over a 35-year career, a 22% wage gap accumulates to roughly $511,735 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Schaumburg, Illinois has narrowed from about 26% to 18% in 2023. In dollar terms, the gap has narrowed by $1,032 since 2009.
Employment
| Metric | Schaumburg | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.0% | 5.8% | 5.2% |
| Working from Home | 16.9% | 14.0% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 1,702 people are unemployed in Schaumburg, Illinois.
The average commute time in Schaumburg is 23 minutes, about the same as in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Schaumburg, Illinois has fallen from 7.1% to 4.0% in 2023.
Conclusion
Considering all these factors, Schaumburg, Illinois has an overall wealth index grade of B, making it somewhat better than Illinois, and somewhat better than the country as a whole.
Schaumburg, IL Wealth Compared With Nearby Cities
Schaumburg, IL is the largest of the 5 cities compared here, 75,461 residents against a local median of 26,337. There is no headline here. Every measure below sits within 15% of the median across the nearest cities, which makes Schaumburg, IL an unremarkable member of its own neighbourhood rather than an outlier in it.
The largest of those small differences is unemployment, 9% below the local median at 4.0% against 4.4%. Schaumburg, IL has the 2nd lowest unemployment of the 5 areas compared here.
| Area | Population | Median household income | Unemployment | Income inequality |
|---|---|---|---|---|
| Schaumburg, IL | 75,461 | $97,260 #2/5 | 4.0% #2/5 | 0.5 #2/5 |
| Hoffman Estates, IL | 46,407 | $101,953 | 3.7% | 0.6 |
| Rolling Meadows, IL | 23,336 | $96,654 | 5.7% | 0.5 |
| Hanover Park, IL | 29,338 | $93,347 | 4.1% | 0.5 |
| Bloomingdale, IL | 22,627 | $95,918 | 4.7% | 0.5 |
Frequently Asked Questions
Common questions about income and wealth in Schaumburg, Illinois.
How Rich Is Schaumburg, Illinois?
Schaumburg 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 $97,260, about 18% higher than the Illinois average of $82,179.
What is the current median household income in Schaumburg, Illinois?
As of 2023, the median household income in Schaumburg, Illinois is $97,260.
What was the median household income in Schaumburg in 2023?
In 2023, the median household income in Schaumburg, Illinois was $97,260.
What was the median household income in Schaumburg in 2020?
In 2020, the median household income in Schaumburg, Illinois was $83,952.
What is the Gini coefficient in Schaumburg, Illinois?
The Gini coefficient in Schaumburg is 0.538. 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 Schaumburg, Illinois?
Since 2009, the income gap between men and women in Schaumburg, Illinois has narrowed from about 26% to 18% in 2023. In dollar terms, the gap has narrowed by $1,032 since 2009.