Salary & Cost of Living in Park Ridge, IL
Park Ridge, IL: $51,323 median salary, cost of living index 87.6, $14.00/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$51,323
$25/hr
Cost of Living
87.6
US avg = 100
Minimum Wage
$14.00
per hour
Unemployment
4%
rate
Park Ridge, IL Overview
Population
37,480
Median Salary
$51,323
Average Salary
$57,482
Avg Commute
20 min
Median Home Price
$249,000
Median Rent
$1,015/mo
Job Growth
+2.2%
Sales Tax
6.25%
Park Ridge is located in Illinois with a population of 37,480. The median household salary is $51,323 per year ($25/hour), which is $8,061 below the national median of $59,384. The average commute time is 20 minutes, and the city has a job growth rate of +2.2%.
Park Ridge Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Park Ridge, IL, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$40,736
$3,394.67/month · $1,566.77/biweekly · Effective Rate: 20.6%
Gross Pay
$51,323
Federal Tax
-$4,120
State Tax
-$2,540
Local Tax
$0
FICA
-$3,926
Net Pay
$40,736
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $4,276.92 | $51,323.00 |
| Federal Income Tax | -$343.36 | -$4,120.26 |
| Illinois State Tax (4.95%) | -$211.71 | -$2,540.49 |
| Social Security (6.2%) | -$265.17 | -$3,182.03 |
| Medicare (1.45%) | -$62.02 | -$744.18 |
| Net Take-Home Pay | $3,394.67 | $40,736.04 |
Salary Comparison: Park Ridge vs Other Cities
See how Park Ridge's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Park Ridge, IL | $51,323 | 87.6 | $58,588 |
| National Average | $59,384 | 100 | $59,384 |
| New Bern, NC | $51,310 | 94.9 | $54,067 |
| North Chicago, IL | $51,309 | 93.3 | $54,994 |
| Plainfield, IL | $51,251 | 84.3 | $60,796 |
| Copperas Cove, TX | $51,404 | 88.7 | $57,953 |
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 Park Ridge
Park Ridge's cost of living index is 87.6 (national average = 100). Living in Park Ridge is 12.400000000000006% less expensive than the national average.
Median Home Price
$249,000
Median Monthly Rent
$1,015
Annual Rent Cost
$12,180
Your Salary's Purchasing Power
Your $40,736 annual take-home pay in Park Ridge has the purchasing power of approximately $46,502 in an average-cost US area. Your $51,323 salary stretches further here than in most US cities.
Top Industries in Park Ridge
Park Ridge's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $51,323.
Salary Tips for Park Ridge Workers
- Your salary goes further here. Park Ridge has a cost of living 12.400000000000006% below the national average. A salary of $51,323 here has the purchasing power of about $58,588 in an average-cost area.
- Research top industries. Park Ridge's top industries include Finance, Manufacturing, Technology. Targeting roles in these sectors can help you earn above the $51,323 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 Park Ridge, IL?
The median salary in Park Ridge, IL is $51,323 per year, or $25 per hour. The average salary is $57,482. This is $8,061 below the national median of $59,384.
What is the cost of living in Park Ridge, IL?
Park Ridge's cost of living index is 87.6 (national average = 100), meaning it is 12.400000000000006% less expensive compared to the national average. The median home price is $249,000 and the median monthly rent is $1,015.
What are the best industries in Park Ridge?
The top industries in Park Ridge, IL include Finance, Manufacturing, Technology. The city has a job growth rate of 2.2% and an unemployment rate of 4%. Workers in these industries often earn above the city's median salary of $51,323.
How does Park Ridge's salary compare to other cities?
Park Ridge's median salary of $51,323 is 13.6% below the national median of $59,384. However, when adjusted for cost of living (index: 87.6), the real purchasing power is approximately $58,588.
What is the minimum wage in Park Ridge, IL?
The minimum wage in Park Ridge, 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.