Olney 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.
Cost of living index8199100
Goods & Services index9298100
Groceries index9399100
Health care index92101100
Housing index4799100
Transportation index9297100
Utilities index114101100
Displayed above is a general overview of the Olney, IL cost of living index. The overall cost of living index in Olney, IL is 81, which is 18% lower than the Illinois average and 19% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Olney, IL are 7% lower than the Illinois average and 8% lower than the national average.

Did you know?

  • The cost of living in Olney is 18% lower than the Illinois average.
  • The cost of living in Olney is 19% lower than the national average.
  • The cost of housing in Olney is 53% lower than the national average.
  • Illinois general sales tax is 23% higher than the national average.
  • Illinois state income tax is 69% higher than the national average.

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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
The salary calculator is used in order to provide a comparison of your current salary in Olney, IL to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Olney, IL, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Olney, IL salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Olney, IL, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Olney, IL has a median income of about $45,147 for people who own homes. Based on that number, a person should spend a maximum of $1,053 on expenses related to housing. Renters have a slightly different median income, which is $21,725. Based on this average, renters should spend no more than $507 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Illinois Sales Tax

StateGeneral Sales TaxWith Max Surtax

Illinois Income Tax

StateIncome Tax (Low)Income Tax (High)
When assessing the complete cost of living in Olney, IL, the Illinois income tax and the Illinois sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Illinois maximum surtax is 9.75%, and the Illinois sales tax is 6.25%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 3.75% to 3.75% in Illinois.

Goods & Services

ItemOlneyNational avg.Difference
Haircut $15.17$14.594.0%
Beauty Salon $34.60$34.680.2%
Toothpaste $1.76$2.4728.8%
Shampoo $0.75$1.0226.6%
Movie $9.84$9.870.3%
Bowling $2.92$4.3933.5%


ItemOlneyNational avg.Difference
Ground Beef $3.73$4.4816.7%
Fried Chicken $1.33$1.469.2%
Milk $2.01$2.3614.7%
Potatoes $3.18$3.063.9%
Pizza $8.16$9.2411.7%
Beer $8.14$8.635.7%

Health Care

ItemOlneyNational avg.Difference
Optometrist $107.00$99.787.2%
Doctor $93.00$105.0311.5%
Dentist $75.67$88.7014.7%
Ibuprofen $8.78$9.416.7%
Lipitor $301.70$298.501.1%


ItemOlneyNational avg.Difference
Home Price $73,100.00$175,700.0058.4%
Avg. Mortgage Payment $937.81$1,081.0313.2%
Apartment Rent $539.00$920.0041.4%


ItemOlneyNational avg.Difference
Gasoline $1.91$2.098.7%
Tire Balancing $43.12$45.294.8%


ItemOlneyNational avg.Difference
All Electricity$182.62$170.806.9%
Phone $35.01$28.2623.9%
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.
Parkersburg, IL17173-27%
Calhoun, IL19073-27%
Clay City, IL95975-25%
Sumner, IL5,55675-25%
Noble, IL55377-23%
Olney, IL8,99781-19%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Stony Brook University, NY8,99715050%
Saline, MI9,00098-2%
Lincoln Village, OH8,99484-16%
Chatham, NJ9,00017878%
Pulaski, VA8,99386-14%
Olney, IL8,99781-19%
Source: The Olney, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.