As of the census of 2006, there were 38,555 people, 13,280 households, and 8,459 families residing in the village. The population density was 4,106.5 people per square mile (1,585.6/km²). There were 13,697 housing units at an average density of 1,630.5/sq mi (629.6/km²). The racial make-up of the village was 47.7% White, 3.0% African American, 11.7% Asian, 3.4% from other races, and 2.2% from two or more races. Hispanic or Latino of any race were 39.2% of the population.
There were 13,280 households out of which 31.5% had children under the age of 18 living with them, 51.1% were married couples living together, 9.0% had a female householder with no husband present, and 36.3% were non-families. 30.1% of all households were made up of individuals and 8.2% had someone living alone who was 65 years of age or older. The average household size was 2.57 and the average family size was 3.26.
In the village the population was spread out with 23.4% under the age of 18, 9.4% from 18 to 24, 35.2% from 25 to 44, 21.8% from 45 to 64, and 10.2% who were 65 years of age or older. The median age was 34 years. For every 100 females there were 96.8 males. For every 100 females age 18 and over, there were 94.7 males.
The median income for a household in the village was $55,491, and the median income for a family was $63,088. Males had a median income of $41,586 versus $32,262 for females. The per capita income for the village was $24,989. About 4.7% of families and 7.3% of the population were below the poverty line, including 6.3% of those under age 18 and 7.9% of those age 65 or over.
Wheeling has a station on Metra's North Central Service, which provides daily rail service between Antioch, Illinois and Chicago, Illinois (at Union Station).
Chicago Executive Airport, a small public airport, is located in both Wheeling and Prospect Heights and jointly run by both villages. Formerly known as Palwaukee Municipal Airport, it is the third busiest in Illinois, after Chicago's O'Hare and Midway Airports.