Metro-East News
Feeling the pinch? You’re not alone; many in Illinois have low discretionary income
Illinois residents are among the least likely in Midwestern states to have discretionary income, according to a business survey.
Across the country, Illinois is 30th for discretionary income but 12th among the 12 Midwestern states as defined by the study done by the storage firm Trove Technologies.
Trove used data from the Bureau of Labor Statistics, The Tax Foundation and The Council For Community and Economic Research for its analysis. Discretionary income is the money left after paying food, shelter, clothing and taxes; for this survey Trove assumed “a single person sharing a two-bedroom apartment with a roommate ... a Single Filer with no dependents” for state and federal taxes.
Cities in the metro-east were not individually examined. The “small metro” areas that were examined were Danville, Kankakee, Rockford, Peoria, Springfield, Champaign-Urbana, Bloomington, Decatur and Carbondale.
Carbondale residents have $879 in annual discretionary income, according to the study, with an average salary of $37,308, taxes estimated at $8,234, and basic expenses costing $28,194.
Among the top 20 percent of occupations, those averaging nearly $108,000 a year, discretionary income is about $41,000 a year.
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