Economist Salary in Oak Park, IL
How much does a economist make in Oak Park? Explore median, entry-level, and senior salaries adjusted for Oak Park's cost of living.
Salary Breakdown by Experience Level
See how economist salaries break down across different pay periods in Oak Park.
| Period | Entry Level | Median | Senior |
|---|---|---|---|
| Annual | $62,949 | $106,225 | $145,568 |
| Monthly | $5,246 | $8,852 | $12,131 |
| Biweekly | $2,421 | $4,086 | $5,599 |
| Weekly | $1,211 | $2,043 | $2,799 |
| Hourly | $30 | $51 | $70 |
Oak Park vs National Average
How Oak Park's economist salaries compare to national figures.
Cost of Living in Oak Park
About Economist
Overview
Research economic data and trends to inform policy and business decisions.
Education
Bachelor's degree in Economics; Master's or PhD common for research roles
Key Skills
Growth Rate
Expected job growth: +17% over the next decade
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Economist Salary in Oak Park, IL — Complete Guide
Median Salary Overview
The median salary for a economist in Oak Park, IL is $106,225 per year, adjusted for the local cost of living index of 110. This figure reflects typical earnings for experienced professionals in this role, considering Oak Park's unique economic conditions.
Salary Range and Experience Levels
Entry-level economist professionals in Oak Park can expect to earn around $62,949 annually. As professionals gain experience, salaries typically increase, with senior-level economists earning approximately $145,568 per year. This represents a 131% increase from entry to senior level.
Cost of Living Adjustment
Oak Park's cost of living index of 110 significantly impacts salary comparisons. As a higher cost-of-living city, salaries in Oak Park are adjusted accordingly. This means that while the nominal salary may appear higher or lower than the national average of $91,970, the actual purchasing power must be considered in context.
Housing and Affordability
A significant portion of a economist's salary in Oak Park typically goes toward housing. With a 1-bedroom apartment averaging $1,300 per month, housing represents about 14.7% of median salary. Financial experts generally recommend keeping housing expenses below 30% of gross income.
Career Growth and Opportunities
Economists are in growing demand across the United States, with an expected job growth of 17% over the next decade. In Oak Park, this translates to increasing opportunities and potential for salary growth as demand for experienced professionals continues to rise.