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 | Wheeling | Illinois Avg | US Average |
|---|---|---|---|
| Median Household Income | $85,181 | $82,179 | $78,145 |
| Median Personal Income | $59,069 | $65,365 | $61,726 |
| Average income growth | 5.1% | 4.8% | 5.1% |
| Six-Figure Earners | 11.1% | 14.4% | 13.2% |
The median household income in Wheeling is about 4% higher than in Illinois. Income has been growing faster in Wheeling (5.1%/yr) than in Illinois (4.8%/yr).
About 11% of adults in Wheeling 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 Wheeling, Illinois grew by 44.1% from 2009 to 2023, reaching $85,181 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Wheeling | Gender Pay Gap | Gini Coefficient
| Metric | Wheeling | Illinois Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.530 | 0.567 | 0.570 |
| Male Median Income | $61,982 | $72,139 | $67,746 |
| Female Median Income | $55,736 | $58,023 | $54,793 |
| Gender Pay Gap | 10.1% | 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 Wheeling, it is 0.530, 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 11% more than women's income in Wheeling, Illinois. Over a 35-year career, a 11% wage gap accumulates to roughly $218,610 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Wheeling, Illinois has narrowed from about 12% to 10% in 2023. In dollar terms, the gap has widened by $647 since 2009.
Employment
| Metric | Wheeling | Illinois Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.3% | 5.8% | 5.2% |
| Working from Home | 11.4% | 14.0% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 903 people are unemployed in Wheeling, Illinois.
The average commute time in Wheeling is 23 minutes, about the same as in Illinois.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Wheeling, Illinois has fallen from 6.4% to 4.3% in 2023.
Conclusion
Considering all these factors, Wheeling, Illinois has an overall wealth index grade of B, making it somewhat better than Illinois, and somewhat better than the country as a whole.
Wheeling, IL Wealth Compared With Nearby Cities
How Wheeling, IL compares with the 2 cities closest to it.
| Area | Population | Median household income | Unemployment | Income inequality |
|---|---|---|---|---|
| Wheeling, IL | 35,611 | $85,181 #3/3 | 4.3% #3/3 | 0.5 #1/3 |
| Buffalo Grove, IL | 33,761 | $132,072 | 2.1% | 0.5 |
| Mount Prospect, IL | 51,830 | $100,936 | 4.2% | 0.5 |
Frequently Asked Questions
Common questions about income and wealth in Wheeling, Illinois.
How Rich Is Wheeling, Illinois?
Wheeling 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 $85,181, about 4% higher than the Illinois average of $82,179.
What is the current median household income in Wheeling, Illinois?
As of 2023, the median household income in Wheeling, Illinois is $85,181.
What was the median household income in Wheeling in 2023?
In 2023, the median household income in Wheeling, Illinois was $85,181.
What was the median household income in Wheeling in 2020?
In 2020, the median household income in Wheeling, Illinois was $71,115.
What is the Gini coefficient in Wheeling, Illinois?
The Gini coefficient in Wheeling is 0.530. 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 Wheeling, Illinois?
Since 2009, the income gap between men and women in Wheeling, Illinois has narrowed from about 12% to 10% in 2023. In dollar terms, the gap has widened by $647 since 2009.