CHAMPAIGN, IL (Chambana Today) – Macroeconomic factors, such as layoffs and industry shifts, can lead to significant changes in household income, impacting families’ ability to cover essential expenses like housing and groceries. Recent U.S. Census Bureau data reveals that income trends vary widely across cities, with some experiencing notable declines that exacerbate financial challenges.
According to an analysis by SmartAsset of data from 630 cities, Champaign, Illinois, ranks among the top 10 cities where household income has declined the most over the past year.
Key statistics for Champaign include:
- One-year change in median income: -17.66%
- Median income (2023): $46,232
- Median income (2022): $56,148
- Percent of households earning $100,000 or more (2023): 22.5%
- Percent of households earning $100,000 or more (2022): 27.0%
- Percent of households earning $200,000 or more (2023): 7.5%
- Percent of households earning $200,000 or more (2022): 7.6%
This sharp decline in income underscores the challenges faced by families in Champaign as they navigate rising costs and reduced purchasing power.