Economists Salary in Chicago-Naperville-Elgin, IL-IN
In Chicago-Naperville-Elgin, IL-IN, economists earn $123,140 at the median — $59.2 an hour. The range runs from $68K at the entry level to $225K for experienced workers. Adjusted for local prices (RPP 103.59), that's roughly $118,872 in purchasing power. Rent on a 2-bedroom averages $1,781/month, or 23.8% of estimated take-home pay.
AffordMap analysis of BLS Occupational Employment and Wage Statistics (latest release, May 2024)
So what does $123K get you in Chicago-Naperville-Elgin?
About economists
Compensation breakdown
Annual earnings by percentile, Chicago-Naperville-Elgin, IL-IN
Entry-level economists (10th percentile) start around $68K. Mid-career wages sit at $123K.Top earners bring in $225K or more - a $157K spread from bottom to top.
Economists pay across states
Median income ranked highest to lowest, compared to the national figure
| State | Median salary | vs. national | Employment |
|---|---|---|---|
| District of Columbia | $163K | +41% | 3,010 |
| Virginia | $148K | +28% | 970 |
| New York | $142K | +23% | 870 |
| Maryland | $138K | +19% | 920 |
| Georgia | $127K | +10% | 340 |
| Ohio | $118K | +2% | 130 |
| Washington | $116K | +1% | 470 |
| Missouri | $116K | +0% | 210 |
| Kansas | $115K | -0% | 110 |
| Pennsylvania | $113K | -2% | 710 |
| Illinois | $113K | -2% | 590 |
| North Carolina | $112K | -3% | 250 |
| Oregon | $112K | -3% | 270 |
| Tennessee | $110K | -4% | N/A |
| Alaska | $109K | -6% | N/A |
Track economists salary changes
BLS updates this data quarterly. We'll email you when Chicago-Naperville-Elgin numbers change.
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Frequently asked questions
How much do economists make in Chicago-Naperville-Elgin, IL-IN?
The median is $123,140 a year - that works out to about $59.2 an hour. The range is wide: entry-level workers start around $68,120, and experienced economists can clear $225,440. These are BLS numbers, based on employer-reported data, not self-reported surveys.
Is $123K enough to live in Chicago-Naperville-Elgin?
On that salary, you'd take home roughly $7,402/month after taxes. A 2-bedroom here rents for about $1,781/month (HUD Fair Market Rent), which eats 24.1% of your paycheck. That's under the 30% guideline most financial planners use, so the numbers work.
How far does a economists salary go in Chicago-Naperville-Elgin?
Chicago-Naperville-Elgin has a Regional Price Parity of 103.59 (100 is the national average). Prices are above average here, so your dollar buys less than the same salary would in a cheaper metro. After cost-of-living adjustment, the median economists salary is worth about $118,872 in national-average purchasing power.
Where do economists get paid the most?
The table above ranks every state by median pay for this role. Keep in mind that the highest-paying states tend to have the highest costs of living, so the top salary doesn't always mean the most money in your pocket.