With its amazing restaurants, endless activities, and a summer festival season brimming with events, it’s no secret that living in Chicago is fantastic. However, such benefits come at a cost, which is why it shouldn’t be a surprise that three Chicago suburbs are among the wealthiest in the U.S.
A recent report by GOBankingRates, a personal finance website, examined suburbs with at least 5,000 households and ranked the top 50 by average household income. The 2024 typical home values—using data provided by Zillow—were also factored into the rankings.
Hinsdale: The Wealthiest Suburb in Illinois
Hinsdale takes the top spot as the wealthiest suburb in Illinois, ranking No. 7 nationwide. The average household income in Hinsdale is $380,479, and the typical home value is $1,088,871.
Lake Forest: A Notable Mention
Lake Forest is the next Chicago suburb on the list, coming in at No. 30. Here, the average household income is $284,784, with typical home values at $1,097,029.
Wilmette: Rounding Out the List
Finally, Wilmette ranks No. 40 with an average household income of $273,718 and a typical home value of $896,128.
Defining Wealth in Chicago
In April, GOBankingRates released another report detailing the income threshold required for a household to be considered “rich” (top 20%) in Chicago. To be in this category, a household needs to earn at least $155,644. On average, households in the top 20% make $299,962, while those in the top 5% earn $564,032, placing Chicago at No. 16 in the country for high-income households.
