The wealthiest town in Illinois Winnetka northshore.cc - Chicago Mortgage Specialist

The wealthiest town in Illinois Winnetka northshore.cc

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WINNETKA, IL — The wealthiest town in Illinois in Winnetka, where the average household makes more than $200,000 every year, according to a new report. A review of data from the U.S. Census Bureau’s American Community Survey by the financial site 24/7 Wall St. compared incomes in every town, city, village, borough or census designated place with a population between 1,000 and 25,000. It found Winnetka has a median household income of nearly four times the state average and the highest level of education in the country.

Here’s how the report breaks down the average wealth of Winnetkans.

Median household income: $207,857 (state: $59,196)
Household incomes of at least $200,000: 52.3 percent (state: 6.2 percent)
Adults with at least a bachelor’s degree: 88.1 percent (state: 32.9 percent)
Median home value: $989,600 (state: $174,800)
Population: 12,437

In nearly every state, regardless of wealth, at least one town has people who earn significantly more than a typical resident in the state and the typical American, according to the report.

Winnetka is the only town in Illinois where the average household pulls in over $200,000 a year, according to the report. Nationwide, it found only 11 towns and villages that exceeded that mark, and no other town was better educated. The 88.1 percent of adults with a bachelor’s degree or higher in Winnetka is the largest share of any town in the country.

 

Most states’ richest towns have a relatively large number of college-educated people, the authors wrote. This is partly because at least a four-year college degree is required to qualify for many high-paying jobs. In all but four towns on the list, the share of adults with at least a bachelor’s degree was greater than the statewide share and the nationwide share of 30.3 percent.

The town with the highest median income was also often a pretty pricey place to live, the authors wrote.

“Not only can higher income individuals afford more expensive real estate, but high real estate costs also drive up median incomes as they attract higher income residents and are often often prohibitively expensive for most Americans,” the authors wrote.

All but three towns on the list have higher median home values than the typical U.S., home, which is worth $184,700, the site said. Each “richest” town also had higher median home value than the state. The value of the average Winnetka home is more than five times the state or national average.

Property taxes on such houses set back homeowners in Winnetka nearly $20,000 a year – if assessed at their full market value.

» Cook County Assessments Favor Wealthy At Poor’s Expense: Study

Many of the wealthiest towns are located near large cities and are “well within” commuting distance of a major urban center. In addition to its proximity to Chicago, Winnetka has the prestigious Northwestern University right on its doorstep.

“Major urban areas are more likely to offer a wide range of high-paying jobs as well as a high concentration of cultural amenities like museums, theatres, concert venues, and professional sports teams,” the authors wrote.

On top of having Chicago Botanic Garden next door in Glencoe, 95 percent of Winnetka residents live within a 10 minute walk of a high-quality public park.

» Most In Winnetka, Glencoe Are Within Walking Distance To A Park

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