Cost of Living in Olney, IL

Get crime, demographics and other data for any address in Olney, IL
A+
15%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
51%
Housing NAT. AVG.
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Olney Illinois National
Cost of living8596100
Goods & Services10097100
Groceries9598100
Health care8895100
Housing4995100
Transportation91103100
Utilities12189100
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Cost Of Living Quick Facts

  • The cost of living in Olney is 12% lower than the Illinois average
  • The cost of living in Olney is 15% lower than the national average
  • Olney housing is 51% lower than the national average
  • Illinois general sales tax is 22% higher than the national average
  • Illinois state income tax is 91% higher than the national average

Most Affordable Places to Live in and Around Olney

30 km
20 mi
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Compare Olney, IL Cost of Living

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      Salary Calculator

          This is how much you would need to earn in
          Price difference in compared to
          Cost of living index
          Goods & Services index
          Groceries index
          Health care index
          Housing index
          Transportation index
          Utilities index

          Median Income & Debt-To-Income Ratio

          Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
          Owners$72,368$6,031$1,688$2,171
          Renters$25,742$2,145$601$772
          A good way to judge both the affordability of the housing and the cost of living in Olney is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Olney has a median income of about $72,368 for people who own homes. Based on that number, a maximum of $1,688 should be spent on expenses related to housing. Renters have a slightly different median income, which is $25,742. Based on this average, renters should spend no more than $601 on all rental costs if they want to maintain a non-impoverished standard of living.

          Illinois Sales Tax

          State General Sales Tax With Max Surtax
          Illinois 6.25% 10.25%

          Illinois Income Tax

          State Income Tax (Low) Income Tax (High)
          Illinois 4.95% 4.95%

          Goods & Services

          Item Olney National avg. Difference
          Haircut $25.34$24.264.4%
          Beauty Salon $44.12$45.563.2%
          Toothpaste $3.70$3.700.0%
          Shampoo $1.23$1.283.9%
          Movie $13.11$12.138.1%
          Bowling $16.17$18.0010.2%

          Groceries

          Item Olney National avg. Difference
          Ground Beef $5.74$5.841.8%
          Fried Chicken $1.37$1.5713.2%
          Milk $4.50$4.673.7%
          Potatoes $5.13$4.933.9%
          Pizza $11.24$12.097.0%
          Beer $9.75$10.416.4%

          Health Care

          Item Olney National avg. Difference
          Optometrist $94.06$125.6825.2%
          Doctor $105.07$135.7822.6%
          Dentist $103.51$113.298.6%
          Ibuprofen $10.26$10.653.7%
          Lipitor $470.38$468.600.4%

          Housing

          Item Olney National avg. Difference
          Home Price $82,100.00$184,700.0055.5%
          Avg. Mortgage Payment $1,772.15$2,346.6924.5%
          Apartment Rent $559.00$949.0041.1%

          Transportation

          Item Olney National avg. Difference
          Gasoline $3.25$3.466.1%
          Tire Balancing $50.23$59.9216.2%

          Utilities

          Item Olney National avg. Difference
          All Electricity $259.32$193.9933.7%
          Phone $189.86$192.251.2%
          Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

          Nearby cities with low cost of living

          City Population Cost of Living Index National Avg.
          Sailor Springs, IL1141000.1%
          Parkersburg, IL2238019.7%
          Mount Erie, IL1148019.7%
          West Salem, IL8728019.6%
          Noble, IL6478119.3%
          Olney, IL8,8728515.3%

          Cities with similar population

          City Population Cost of Living Index National Avg.
          Toppenish, WA8,872954.7%
          Farmingdale, NY8,86914444.1%
          South Amboy, NJ8,86812525.3%
          Newark, NY8,8688910.9%
          New Windsor, NY8,86611818.3%
          Olney, IL8,8728515.3%
          Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
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