GITNUX MARKETDATA REPORT 2024

Statistics About The Average Household Income Chicago

The average household income in Chicago is approximately $55,000 per year.

In this post, we will explore the various facets of average household income in Chicago based on an array of statistics. From the average income for different household types to the impact of property taxes and cost of living, we will delve into the data to provide a comprehensive overview of the financial landscape in the bustling city of Chicago.

Statistic 1

"The average income for a family of four in Chicago is about $90,000."

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Statistic 2

"The poverty rate in Chicago is roughly 18%."

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Statistic 3

"The cost of living in Chicago is 23% higher than the national average, affecting household disposable income."

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Statistic 4

"Chicago's property tax rate is about 2.16% of the average home value, impacting disposable household income."

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Statistic 5

"Chicago ranks 22nd among U.S. cities in terms of average household income."

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Statistic 6

"Approximately 13% of households in Chicago have an income of $200,000 or more."

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Statistic 7

"In the Chicago metro area, the median household income is around $72,000."

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Statistic 8

"Hispanic households in Chicago have an average income of about $45,000."

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Statistic 9

"Education level correlates strongly with income; households where the head has a bachelor's degree earn averaging $80,000."

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Statistic 10

"North Chicago neighborhoods have significantly higher incomes, averaging around $112,000."

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Statistic 11

"The income inequality index in Chicago is 0.502."

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Statistic 12

"The median income by household type reveals singles earn around $32,000, while married couples earn around $95,000."

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Statistic 13

"The average household income for White households in Chicago is around $89,000."

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Statistic 14

"The average household income for Black households in Chicago is approximately $40,000."

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Statistic 15

"About 30% of households in Chicago earn between $50,000 and $100,000 annually."

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Statistic 16

"The median household income in Chicago is approximately $61,811."

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Statistic 17

"Over 50% of Chicago households are considered middle class (income between $40,000 and $120,000)."

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Statistic 18

"About 22% of Chicago households earn less than $25,000 annually."

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Statistic 19

"Chicago has seen a slow but steady increase in average household income, rising by about 3% annually over the past five years."

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Statistic 20

"Renters' average annual household income is around $45,000, versus homeowners at about $75,000."

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Overall, the statistics regarding average household income in Chicago paint a complex picture of the city’s economic landscape. While the average income for a family of four is around $90,000, the high cost of living, property taxes, and income disparities present challenges for many residents. The city’s income inequality index is relatively high at 0.502, reflecting the disparities in income levels among different demographic groups. However, there are also positive signs such as a slow but steady increase in average household income over the past five years. The data highlight the importance of considering factors like education level, neighborhood location, and household type when analyzing income levels in Chicago.

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