Salary & Cost of Living in Elk Grove Village, IL
Elk Grove Village, IL: $47,144 median salary, cost of living index 91.8, $14.00/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$47,144
$23/hr
Cost of Living
91.8
US avg = 100
Minimum Wage
$14.00
per hour
Unemployment
4.3%
rate
Elk Grove Village, IL Overview
Population
32,750
Median Salary
$47,144
Average Salary
$52,801
Avg Commute
16 min
Median Home Price
$237,000
Median Rent
$964/mo
Job Growth
+2.2%
Sales Tax
6.25%
Elk Grove Village is located in Illinois with a population of 32,750. The median household salary is $47,144 per year ($23/hour), which is $12,240 below the national median of $59,384. The average commute time is 16 minutes, and the city has a job growth rate of +2.2%.
Elk Grove Village Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Elk Grove Village, IL, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$37,585
$3,132.09/month · $1,445.58/biweekly · Effective Rate: 20.3%
Gross Pay
$47,144
Federal Tax
-$3,619
State Tax
-$2,334
Local Tax
$0
FICA
-$3,607
Net Pay
$37,585
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $3,928.67 | $47,144.00 |
| Federal Income Tax | -$301.57 | -$3,618.78 |
| Illinois State Tax (4.95%) | -$194.47 | -$2,333.63 |
| Social Security (6.2%) | -$243.58 | -$2,922.93 |
| Medicare (1.45%) | -$56.97 | -$683.59 |
| Net Take-Home Pay | $3,132.09 | $37,585.08 |
Salary Comparison: Elk Grove Village vs Other Cities
See how Elk Grove Village's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Elk Grove Village, IL | $47,144 | 91.8 | $51,355 |
| National Average | $59,384 | 100 | $59,384 |
| Lufkin, TX | $47,148 | 87.7 | $53,761 |
| Quincy, IL | $47,156 | 93.9 | $50,219 |
| Buckeye, AZ | $47,157 | 108.3 | $43,543 |
| Waxahachie, TX | $47,157 | 85 | $55,479 |
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 Elk Grove Village
Elk Grove Village's cost of living index is 91.8 (national average = 100). Living in Elk Grove Village is 8.200000000000003% less expensive than the national average.
Median Home Price
$237,000
Median Monthly Rent
$964
Annual Rent Cost
$11,568
Your Salary's Purchasing Power
Your $37,585 annual take-home pay in Elk Grove Village has the purchasing power of approximately $40,942 in an average-cost US area. Your $47,144 salary stretches further here than in most US cities.
Top Industries in Elk Grove Village
Elk Grove Village's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $47,144.
Salary Tips for Elk Grove Village Workers
- Research top industries. Elk Grove Village's top industries include Finance, Manufacturing, Technology. Targeting roles in these sectors can help you earn above the $47,144 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.
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Frequently Asked Questions
What is the median salary in Elk Grove Village, IL?
The median salary in Elk Grove Village, IL is $47,144 per year, or $23 per hour. The average salary is $52,801. This is $12,240 below the national median of $59,384.
What is the cost of living in Elk Grove Village, IL?
Elk Grove Village's cost of living index is 91.8 (national average = 100), meaning it is 8.200000000000003% less expensive compared to the national average. The median home price is $237,000 and the median monthly rent is $964.
What are the best industries in Elk Grove Village?
The top industries in Elk Grove Village, IL include Finance, Manufacturing, Technology. The city has a job growth rate of 2.2% and an unemployment rate of 4.3%. Workers in these industries often earn above the city's median salary of $47,144.
How does Elk Grove Village's salary compare to other cities?
Elk Grove Village's median salary of $47,144 is 20.6% below the national median of $59,384. However, when adjusted for cost of living (index: 91.8), the real purchasing power is approximately $51,355.
What is the minimum wage in Elk Grove Village, IL?
The minimum wage in Elk Grove Village, IL is $14.00 per hour. This equals approximately $29,120 per year for a full-time worker (40 hours/week). This is $6.75 above the federal minimum wage of $7.25/hour.