Yahoo Finance How much do you have to earn to be ‘middle class’ in Illinois? Here’s what to know
The average Illinois resident brings home $43,198 in annual income, but what’s considered “middle class” in the Land of Lincoln?
The U.S. Census Bureau reports Illinois has a median household income of $78,433, though several Southern Illinois counties have median incomes below the state’s average.
A May 7 report from finance website Go Banking Rates reports the middle class income increased by 37.96% in Illinois from 2012 to 2022.
The Go Banking Rates article defines “middle class” as an annual income two-thirds to double the median income and outlined middle class incomes for all 50 states. Minimum middle class incomes ranged from $35,232 to $65,641, depending on the state.
What’s considered middle class in Illinois?
An Illinoisan needed to make $37,902 in 2012 to be considered middle class, but that number has spiked to $52,289 in 2022, according to Go Banking Rates.
Illinois had the 34th-greatest percentage change in middle class income from 2012 to 2022. Oregon, Washington and Colorado had the greatest changes while Alaska, Wyoming and Louisiana had the smallest changes.
Missouri’s minimum middle class income jumped from $31,555 in 2012 to $43,947 in 2022.
Mississippi has the lowest income needed to be considered middle class, while Maryland has the highest.
Three Illinois cities, including one in the metro-east, made a previous Go Banking Rates ranking of the “cheapest, safest” places to live in the U.S.
1980s ushered in a difficult time for many renters in the U.S. https://t.co/1G8YYyVpAh
— GOBankingRates (@GOBankingRates) May 15, 2024
Edwardsville, Mundelein and Lake in the Hills were the Illinois cities named among the cheapest and safest for their grocery prices, crime rates and costs of living.
But although some Illinois cities have been deemed relatively affordable, the Land of Lincoln has the 13th-highest living wage in the country.
Illinois’ $14 per hour non-tipped minimum wage is unaffordable for a single adult without children in St. Clair, Madison, Monroe, Bond, Clinton, Washington and Randolph counties, according to the Massachusetts Institute of Technology’s Living Wage Calculator.
Last year, online lender CashNetUSA reported Glencoe is the most expensive neighborhood in Illinois with an average home price of $3,078,442. While not nearing the millions, Belleville has also seen an increase in typical real estate prices. Belleville homes have had a 3.2% median sale price hike from April 2023 to April 2024, according to real estate website Redfin.
