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 | Skokie | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $95,468 | $82,179 | $78,145 |
| Median Personal Income | $71,543 | $65,365 | $61,726 |
| Average income growth | 4.9% | 4.8% | 5.1% |
| Six-Figure Earners | 15.5% | 14.4% | 13.2% |
The median household income in Skokie is about 16% higher than in Illinois. Income has been growing faster in Skokie (4.9%/yr) than in Illinois (4.8%/yr).
About 16% of adults in Skokie 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 Skokie, Illinois grew by 40.1% from 2009 to 2023, reaching $95,468 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Skokie | Gender Pay Gap | Gini Coefficient
| Metric | Skokie | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.584 | 0.567 | 0.570 |
| Male Median Income | $76,931 | $72,139 | $67,746 |
| Female Median Income | $65,817 | $58,023 | $54,793 |
| Gender Pay Gap | 14.4% | 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 Skokie, it is 0.584, higher than Illinois's 0.567, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 17% more than women's income in Skokie, Illinois. Over a 35-year career, a 17% wage gap accumulates to roughly $388,990 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Skokie, Illinois has narrowed from about 19% to 14% in 2023. In dollar terms, the gap has widened by $906 since 2009.
Employment
| Metric | Skokie | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.0% | 5.8% | 5.2% |
| Working from Home | 16.7% | 14.0% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 1,653 people are unemployed in Skokie, Illinois.
The average commute time in Skokie is 23 minutes, about the same as in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Skokie, Illinois has fallen from 8.9% to 5.0% in 2023.
Conclusion
Considering all these factors, Skokie, Illinois has an overall wealth index grade of B, making it somewhat better than Illinois, and somewhat better than the country as a whole.
Skokie, IL Wealth Compared With Nearby Cities
Skokie, IL is the 2nd largest of the 4 cities compared here, 61,912 residents against a local median of 23,735. Skokie, IL sits close to the middle of its own neighbourhood. No measure below is more than 15% off the local median, so the choice between these cities turns on things this data does not capture.
The largest of those small differences is median household income, 8% below the local median at $95,468 against $103,726. Skokie, IL has the 3rd highest median household income of the 4 areas compared here.
| Area | Population | Median household income | Unemployment | Income inequality |
|---|---|---|---|---|
| Skokie, IL | 61,912 | $95,468 #3/4 | 5.0% #3/4 | 0.6 #3/4 |
| Wilmette, IL | 23,735 | $185,041 | 4.5% | 0.5 |
| Evanston, IL | 63,574 | $94,969 | 6.4% | 0.6 |
| Morton Grove, IL | 23,502 | $103,726 | 4.8% | 0.6 |
Frequently Asked Questions
Common questions about income and wealth in Skokie, Illinois.
How Rich Is Skokie, Illinois?
Skokie 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 $95,468, about 16% higher than the Illinois average of $82,179.
What is the current median household income in Skokie, Illinois?
As of 2023, the median household income in Skokie, Illinois is $95,468.
What was the median household income in Skokie in 2023?
In 2023, the median household income in Skokie, Illinois was $95,468.
What was the median household income in Skokie in 2020?
In 2020, the median household income in Skokie, Illinois was $74,789.
What is the Gini coefficient in Skokie, Illinois?
The Gini coefficient in Skokie is 0.584. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Skokie, Illinois?
Since 2009, the income gap between men and women in Skokie, Illinois has narrowed from about 19% to 14% in 2023. In dollar terms, the gap has widened by $906 since 2009.