Economist Salary in Urbana, IL
How much does a economist make in Urbana? Explore median, entry-level, and senior salaries adjusted for Urbana's cost of living.
Salary Breakdown by Experience Level
See how economist salaries break down across different pay periods in Urbana.
| Period | Entry Level | Median | Senior |
|---|---|---|---|
| Annual | $50,359 | $84,980 | $116,454 |
| Monthly | $4,197 | $7,082 | $9,705 |
| Biweekly | $1,937 | $3,268 | $4,479 |
| Weekly | $968 | $1,634 | $2,240 |
| Hourly | $24 | $41 | $56 |
Urbana vs National Average
How Urbana's economist salaries compare to national figures.
Cost of Living in Urbana
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 Urbana, IL — Complete Guide
Median Salary Overview
The median salary for a economist in Urbana, IL is $84,980 per year, adjusted for the local cost of living index of 88. This figure reflects typical earnings for experienced professionals in this role, considering Urbana's unique economic conditions.
Salary Range and Experience Levels
Entry-level economist professionals in Urbana can expect to earn around $50,359 annually. As professionals gain experience, salaries typically increase, with senior-level economists earning approximately $116,454 per year. This represents a 131% increase from entry to senior level.
Cost of Living Adjustment
Urbana's cost of living index of 88 significantly impacts salary comparisons. As a lower cost-of-living city, salaries in Urbana 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 Urbana typically goes toward housing. With a 1-bedroom apartment averaging $800 per month, housing represents about 11.3% 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 Urbana, this translates to increasing opportunities and potential for salary growth as demand for experienced professionals continues to rise.