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 | Vernon Hills | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $130,888 | $82,179 | $78,145 |
| Median Personal Income | $95,137 | $65,365 | $61,726 |
| Average income growth | 3.1% | 4.8% | 5.1% |
| Six-Figure Earners | 27.6% | 14.4% | 13.2% |
The median household income in Vernon Hills is about 59% higher than in Illinois. Income has been growing slower in Vernon Hills (3.1%/yr) than in Illinois (4.8%/yr).
About 28% of adults in Vernon Hills 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 Vernon Hills, Illinois grew by 36.4% from 2009 to 2023, reaching $130,888 in 2023. That's an average of about 3.1% per year.
Economic Inequality in Vernon Hills | Gender Pay Gap | Gini Coefficient
| Metric | Vernon Hills | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.555 | 0.567 | 0.570 |
| Male Median Income | $110,548 | $72,139 | $67,746 |
| Female Median Income | $76,577 | $58,023 | $54,793 |
| Gender Pay Gap | 30.7% | 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 Vernon Hills, it is 0.555, 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 44% more than women's income in Vernon Hills, Illinois. Over a 35-year career, a 44% wage gap accumulates to roughly $1,188,985 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Vernon Hills, Illinois has widened from about 22% to 31% in 2023. In dollar terms, the gap has widened by $17,662 since 2009.
Employment
| Metric | Vernon Hills | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.0% | 5.8% | 5.2% |
| Working from Home | 26.6% | 14.0% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 487 people are unemployed in Vernon Hills, Illinois.
The average commute time in Vernon Hills is 23 minutes, about the same as in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Vernon Hills, Illinois has fallen from 6.2% to 4.0% in 2023.
Conclusion
Considering all these factors, Vernon Hills, Illinois has an overall wealth index grade of A+, making it notably better than Illinois, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Vernon Hills, Illinois.
How Rich Is Vernon Hills, Illinois?
Vernon Hills 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 $130,888, about 59% higher than the Illinois average of $82,179.
What is the current median household income in Vernon Hills, Illinois?
As of 2023, the median household income in Vernon Hills, Illinois is $130,888.
What was the median household income in Vernon Hills in 2023?
In 2023, the median household income in Vernon Hills, Illinois was $130,888.
What was the median household income in Vernon Hills in 2020?
In 2020, the median household income in Vernon Hills, Illinois was $111,234.
What is the Gini coefficient in Vernon Hills, Illinois?
The Gini coefficient in Vernon Hills is 0.555. 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 Vernon Hills, Illinois?
Since 2009, the income gap between men and women in Vernon Hills, Illinois has widened from about 22% to 31% in 2023. In dollar terms, the gap has widened by $17,662 since 2009.