Salary & Cost of Living in Elgin, IL
Elgin, IL: $62,000 median salary, cost of living index 95, $15.00/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$62,000
$30/hr
Cost of Living
95
US avg = 100
Minimum Wage
$15.00
per hour
Unemployment
3.8%
rate
Elgin, IL Overview
Population
114,797
Median Salary
$62,000
Average Salary
$68,000
Avg Commute
32 min
Median Home Price
$260,000
Median Rent
$1,350/mo
Job Growth
+1.5%
Sales Tax
8%
Elgin is located in Illinois with a population of 114,797. The median household salary is $62,000 per year ($30/hour), which is $2,616 above the national median of $59,384. The average commute time is 32 minutes, and the city has a job growth rate of +1.5%.
Elgin Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Elgin, IL, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$48,787
$4,065.54/month · $1,876.40/biweekly · Effective Rate: 21.3%
Gross Pay
$62,000
Federal Tax
-$5,402
State Tax
-$3,069
Local Tax
$0
FICA
-$4,743
Net Pay
$48,787
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $5,166.67 | $62,000.00 |
| Federal Income Tax | -$450.13 | -$5,401.50 |
| Illinois State Tax (4.95%) | -$255.75 | -$3,069.00 |
| Social Security (6.2%) | -$320.33 | -$3,844.00 |
| Medicare (1.45%) | -$74.92 | -$899.00 |
| Net Take-Home Pay | $4,065.54 | $48,786.50 |
Salary Comparison: Elgin vs Other Cities
See how Elgin's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Elgin, IL | $62,000 | 95 | $65,263 |
| National Average | $59,384 | 100 | $59,384 |
| Tempe, AZ | $62,000 | 105 | $59,048 |
| Wilmington, DE | $62,000 | 105 | $59,048 |
| Fort Lauderdale, FL | $62,000 | 118 | $52,542 |
| Miramar, FL | $62,000 | 112 | $55,357 |
Adjusted salary reflects purchasing power when cost of living is factored in. A higher adjusted salary means your money goes further.
Cost of Living in Elgin
Elgin's cost of living index is 95 (national average = 100). Living in Elgin is 5% less expensive than the national average.
Median Home Price
$260,000
Median Monthly Rent
$1,350
Annual Rent Cost
$16,200
Your Salary's Purchasing Power
Your $48,787 annual take-home pay in Elgin has the purchasing power of approximately $51,354 in an average-cost US area. Your $62,000 salary stretches further here than in most US cities.
Top Industries in Elgin
Elgin's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $62,000.
Salary Tips for Elgin Workers
- Research top industries. Elgin's top industries include Manufacturing, Healthcare, Education. Targeting roles in these sectors can help you earn above the $62,000 median salary.
- Review your W-4 withholding. If you regularly receive large tax refunds, adjust your W-4 to increase your per-paycheck take-home pay instead of giving the government an interest-free loan.
Explore Salaries Across the US
Compare salary data and cost of living for hundreds of US cities. Find out where your paycheck goes the furthest.
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Frequently Asked Questions
What is the median salary in Elgin, IL?
The median salary in Elgin, IL is $62,000 per year, or $30 per hour. The average salary is $68,000. This is $2,616 above the national median of $59,384.
What is the cost of living in Elgin, IL?
Elgin's cost of living index is 95 (national average = 100), meaning it is 5% less expensive compared to the national average. The median home price is $260,000 and the median monthly rent is $1,350.
What are the best industries in Elgin?
The top industries in Elgin, IL include Manufacturing, Healthcare, Education. The city has a job growth rate of 1.5% and an unemployment rate of 3.8%. Workers in these industries often earn above the city's median salary of $62,000.
How does Elgin's salary compare to other cities?
Elgin's median salary of $62,000 is 4.4% above the national median of $59,384. However, when adjusted for cost of living (index: 95), the real purchasing power is approximately $65,263.
What is the minimum wage in Elgin, IL?
The minimum wage in Elgin, IL is $15.00 per hour. This equals approximately $31,200 per year for a full-time worker (40 hours/week). This is $7.75 above the federal minimum wage of $7.25/hour.