Lake Barrington Illinois Income Charts

This section shows the Lake Barrington Illinois economy using the most recent economic analysis from the 2020 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Lake Barrington depicts it has a Median earnings of $95,089 which is the third most median earnings of all other places in the greater Lake Barrington region. The city with the highest median earnings per worker in the area is North Barrington which depicts a median earnings of $133,587 (40.5% larger). Comparing median earnings per worker to the United States average of $49,041, Lake Barrington is about twice as large. Also, versus the state of Illinois, median earnings per worker of $52,292, Lake Barrington is about twice as large.

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $110,972 which is the second smallest in terms of median household income of all the other places in the surrounding region. The city with the highest median household income in the area is North Barrington which depicts a median income of $193,650 (74.5% larger). Comparing median household income to the United States average of $62,843, Lake Barrington is 76.6% larger. Also, versus the state of Illinois, median household income of $65,886, Lake Barrington is 68.4% larger.

The next section examines a variety of different income statistics for the Lake Barrington metropolitan area. In Figure 3 we see that it it has one of the largest proportions of earnings less than $10,000 at 5.4% of the total and is ranked #2. The only larger city being Trout Valley with 5.8%. Second, it has the smallest proportion of earnings between $50,000 and $74,999 at 7.1% of the total.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 38.3 which is the smallest when ranked by average hours of all the other places in the metropolitan area. The city with the highest average hours in the area is Port Barrington which shows an average hours of 40.8 (6.5% larger). Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $47.75 which is the second most average hourly earnings of all the places in the greater Lake Barrington region. The city with the highest average hourly earnings in the area is North Barrington which depicts an average hourly earnings of $63.12 (32.2% larger). Comparing average hourly earnings to the United States average of $24.31, Lake Barrington is about twice as large. Also, benchmarked against the state of Illinois, average hourly earnings of $26.05, Lake Barrington is about twice as large.

Figure 7 examines the number of self employed people in the Lake Barrington metro area based on the number of people who reported any self employment income. Lake Barrington depicts it has a Self Employed of 15.0% which is the third most people self employed of all other places in the greater Lake Barrington region. The city with the highest percentage of people self employed in the area is Trout Valley which indicates a percentage self employed of 18.3% (21.8% larger).

Turning our attention to Figure 8, the median household income by age group, it has one of the largest proportions of median income-under 25 years at $160,074 of the total and is ranked #3. Only #2 North Barrington ($190,000), and #1 Tower Lakes ($206,563) are larger. Second, it has less than most other places in the area when sorted by median income-25 to 44 years at $141,061 of the total. Third, it has in the mid range of other places in the area as measured by median income-45 to 64 years at $86,292 of the total.

Figure 9 breaks down the source of income and Lake Barrington has the largest proportion of self employment income at 21.1% of the total and is ranked #1. Second, it has the largest proportion of investment and retirement income at 7.6% of the total and is ranked #1.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 28.4% which is the second most households with retirement income of all the places in the greater Lake Barrington region. The city with the highest households with retirement income in the area is Tower Lakes which shows a households with retirement income of 30.3% (6.6% larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and has the percentage of overall family income in the mid range of other places in the local area at $142,235 of the total. Second, it has the largest proportion of american indian family income at $250,001 of the total and is ranked #1. Third, it has one of the largest proportions of hawaiian family income at $69,750 of the total and is ranked #3. Only #2 Cary ($71,522), and #1 Port Barrington ($109,375) are larger.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Lake Barrington shows it has the hightest cost of 170.4 for the cost of housing grouping.

Lake Barrington Illinois Labor Force Charts

The next two charts look at very recent, monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2020, the Covid 19 recession or great recession occurred and affects this metric. . It depicts that from February 2010 to before the Wuhan Coronavirus Pandemic the monthly unemployment rate went from 11.3% to 3.0% in February 2020. This represents a decrease in the monthly unemployment rate of 73.5%. Since that time, the monthly unemployment rate has gone to 7.2% This represents an increase in the monthly unemployment rate of 140.0%. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. . It shows that from February 2010 to before the disasterous COVID Pandemic the monthly labor force participation went from 16,310 to 15,788 in February 2020. This represents a decrease in the monthly labor force participation of 3.2%. Since that time, the monthly labor force participation has gone to 15,231 This represents a decrease in the monthly labor force participation of 3.5%.

The next two charts look at the annual unemployment rate/eligible for unemployment benefits and is based on the American Community survey. Figure 16 shows Lake Barrington depicts it has a Unemployment Rate of 3.1% which is the third most unemployment rate of all other places in the greater Lake Barrington region. The city with the highest unemployment rate in the area is Fox River Grove which indicates a rate of 3.3% (9.4% larger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Lake Barrington depicts it has a Labor Force Participation of 54.2% which is the smallest in order of participation rate of all the other places in the area.

The Components of Employment Status graph in Figure 18 shows the composition of the labor force broken down by employed, unemployed, and not in the labor force (but 16 years of age or older). Lake Barrington has the largest proportion of unemployed at 45.8% of the total and is ranked #1.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Lake Barrington depicts full time employees approximately 2.5 times bigger as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater Lake Barrington area. Lake Barrington shows it has a Single Earner Families of 33.0% which is the third most of all other places in the local area. The city with the highest families with a single earner in the area is North Barrington which shows a single earners rate of 38.1% (15.5% larger). The percentage of families with no one working is depicted in Figure 22. Lake Barrington depicts it has a Families with No One Working of 28.0% which is more than all other places in the greater Lake Barrington region.

Lake Barrington Illinois Poverty Charts

The next section details economy analysis about poverty for residents of the Lake Barrington community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. Lake Barrington depicts it has a Total In Poverty of 262 which is the second most total people earning less than the poverty level of all the places in the greater Lake Barrington region. The city with the highest total people earning less than the poverty level in the area is Cary which depicts a total people earning less than the poverty level of 912 (approximately 3.5 times bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Lake Barrington depicts it has a Percent of Population In Poverty of 5.1% which is more than all other places in the greater Lake Barrington region.

In Figure 25 people who are in poverty are broken out by age group. Lake Barrington has the largest proportion of person in poverty under 12 years at 27% of the total and is ranked #1. Second, it has less than most other places in the greater region in terms of person in poverty 12 to 17 years at 6% of the total. Third, it has less than most other places in the local area when ranked by person in poverty 18 to 34 years at 20% of the total. Also, it has one of the largest proportions of person in poverty 35 to 54 years at 24% of the total and is ranked #2. The only larger city being Trout Valley with 25%. In addition, it has the second smallest when sorted by person in poverty under 12 years of all the other places in the local area in terms of person in poverty 55 to 64 years at 23% of the total.

The next chart, Figure 26, shows the percentage of people in poverty by racial group. Lake Barrington has one of the largest proportions of hawaiian poverty rate at 13% of the total and is ranked #2. The only larger city being North Barrington with 26%.

Figure 27 shows key poverty statistics for groups based on marriage status. Lake Barrington has the largest proportion of married with children and in poverty at 28% of the total and is ranked #1. Second, it has the largest proportion of unmarried with children and in poverty at 32% of the total and is ranked #1.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Lake Barrington has the largest proportion of has some college and in poverty at 4% of the total and is ranked #1. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) Lake Barrington indicates it has a Public Assistance Percent of 2.4% which is the second smallest in terms of households with public assistance of all the other places in the metropolitan area. The city with the highest households with public assistance in the area is Fox River Grove which depicts a households with public assistance of 6.8% (approximately 2.8 times bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Lake Barrington depicts it has a Gini Index of 47.7% which is the second most the gini index of all the places in the greater Lake Barrington region.

Lake Barrington Illinois Work Commute Charts

Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Lake Barrington or elsewhere.) Lake Barrington has one of the largest proportions of people who work from home at 21% of the total and is ranked #2. The only larger city being North Barrington with 23%.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Lake Barrington has the percentage of people who leave for work between 12am to 5am the second smallest in order of people who leave for work between 12am to 5am of all the other places in the local area at 1% of the total. Second, it has the smallest proportion of people who leave for work between 6am to 630am at 8% of the total. Third, it has the largest proportion of people who leave for work between 630 am to 7am at 19% of the total and is ranked #1. Also, it has the largest proportion of people who leave for work between 8am to 830am at 13% of the total and is ranked #1. In addition, it has the smallest proportion of people who leave for work between 12noon to 4pm at 1% of the total.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. Lake Barrington has the largest proportion of people with commute time between 10 to 14 minutes at 18% of the total and is ranked #1. Second, it has the smallest proportion of people with commute time between 15 to 19 minutes at 5% of the total.

The average commute time is shown in Figure 37. Lake Barrington shows it has a Avg Commute Time of 36 which is in the mid range of other places in the greater region. Figure 38 shows the difference between male versus female commuting time. Lake Barrington depicts average commute time in minutes for men 23.2% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Lake Barrington has the largest proportion of no vehicle available at 16% of the total and is ranked #1. Second, it has the smallest proportion of 3 vehicles available at 8% of the total. Third, it has the smallest proportion of 4 vehicles available at 1% of the total. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Lake Barrington shows it has a Work in city or place where live of 27% which is the second most of all the places in the greater region. The city with the highest people who both work and live in the same city in the area is North Barrington which depicts a people who both work and live in the same city of 29% (only about 4.2% larger). Comparing people who both work and live in the same city to the United States average of 42%, Lake Barrington is approximately three-fourths the size. Also, in comparison with the state of Illinois, people who both work and live in the same city of 38%, Lake Barrington is approximately three-fourths the size.

Lake Barrington Illinois Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. Lake Barrington shows it has the hightest median earnings of $250,001 for the earnings-education, legal, community service, arts, media occupations grouping. Similarly, Figure 47 shows the median earnings of women for the job categories and Lake Barrington depicts it has the hightest median earnings of $81,818 for the earnings-healthcare practitioners and tech occupations category. The table in Figure 48, shows Lake Barrington employment data in terms of job categories and salary data.

Lake Barrington Illinois Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. Lake Barrington shows it has the hightest entrepreneurs of 49% for the self employed management, business, science, and arts businesses aggregate.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. Lake Barrington indicates it has the hightest entrepreneurs of 22% for the self employed in retail trade aggregate.

In Figure 51 the average annual self employment/entrepreneur income is shown. Lake Barrington depicts it has a Self Employment Income of $47,774 which is the third most average annual self employment income of all other places in the greater Lake Barrington region. The city with the highest average annual self employment income in the area is Fox River Grove which depicts an average annual self employment income of $96,761 (about twice as large). Comparing average annual self employment income to the United States average of $39,154, Lake Barrington is 22.0% larger. Also, compared with the state of Illinois, average annual self employment income of $38,734, Lake Barrington is 23.3% larger.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Lake Barrington shows total number of self-employed men approximately 3.0 times bigger as the total number of self-employed women.