Banks cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexBanksAlabamaNational
Cost of living index8089100
IndexBanksAlabamaNational
Goods & Services index9798100
Groceries index9898100
Health care index8185100
Housing index4173100
Transportation index8992100
Utilities index10699100

Did you know?

  • The cost of living in Banks is 11% lower than the Alabama average.
  • The cost of living in Banks is 20% lower than the national average.
  • The cost of housing in Banks is 59% lower than the national average.
  • Alabama general sales tax is 21% lower than the national average.
  • Alabama state income tax is 10% lower than the national average.

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Groceries index
Health care index
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Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$47,500$3,958$1,108$1,425
Renters$23,125$1,927$540$694

Alabama Sales Tax

StateGeneral Sales TaxWith Max Surtax
Alabama4%10%

Alabama Income Tax

StateIncome Tax (Low)Income Tax (High)
Alabama2%5%

Goods & Services

ItemBanksNational avg.Difference
Haircut $14.80$14.591.4%
Beauty Salon $31.80$34.688.3%
Toothpaste $2.27$2.478.2%
Shampoo $0.97$1.025.1%
Movie $9.84$9.870.3%
Bowling $3.87$4.3911.9%

Groceries

ItemBanksNational avg.Difference
Ground Beef $4.29$4.484.2%
Fried Chicken $1.37$1.466.4%
Milk $2.63$2.3611.6%
Potatoes $3.18$3.063.9%
Pizza $9.00$9.242.6%
Beer $8.71$8.630.9%

Health Care

ItemBanksNational avg.Difference
Optometrist $74.00$99.7825.8%
Doctor $80.00$105.0323.8%
Dentist $69.67$88.7021.5%
Ibuprofen $9.71$9.413.2%
Lipitor $252.97$298.5015.3%

Housing

ItemBanksNational avg.Difference
Home Price $43,300.00$175,700.0075.4%
Avg. Mortgage Payment $950.68$1,081.0312.1%
Apartment Rent $717.00$920.0022.1%

Transportation

ItemBanksNational avg.Difference
Gasoline $1.86$2.0911.2%
Tire Balancing $41.33$45.298.7%

Utilities

ItemBanksNational avg.Difference
All Electricity$181.98$170.806.5%
Phone $29.99$28.266.1%
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, StatePopulationCost of Living IndexNational Avg.
Clio, AL1,57574-26%
Brundidge, AL2,00776-24%
Ariton, AL72079-21%
Troy, AL18,63692-8%
Banks, AL18480-20%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Callensburg, PA18484-16%
Trowbridge, CA18411616%
De Smet, ID18476-24%
Henderson, NY18488-12%
Gilman, MN18493-7%
Banks, AL18480-20%
Source: The Banks, AL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.