Chicago a Top Market for Pay Increases

January 22, 2013

hand with dollarsIf you’re a Chicago resident, be prepared for a slightly fatter paycheck this year. According to PayScale.com, a web site that gathers salary and career data, the Chicago area experienced one of the largest wage and salary increases of any U.S. metro.

The PayScale assessment collected data for 20 of the largest U.S. metros, and Chicago ranked as number seven on the list. Wages in Chicago increased 3.8 percent during the past year, which is a bit higher than the national average of 3.5 percent.

“Many annual wage growth numbers are the highest they’ve been since 2006 and every metro experienced an annual growth in wages,” said Katie Bardaro, PayScale’s lead economist.

The wage increase could certainly be good news for Chicago new homes for sale. Two of the main reasons preventing prospective homeowners from purchasing a home are high rents and difficulty putting away money for a mortgage payment. However, if wages continue to increase, more residents will be able to make the leap from renting to owning.

According to SimplyHired.com, the average salary for jobs in Chicago is $37,658, and the median income of households in Chicago is $41,015.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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