Cost Of Living 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 living	85	96	100
Goods & Services	100	97	100
Groceries	95	98	100
Health care	88	95	100
Housing	49	95	100
Transportation	91	103	100
Utilities	121	89	100

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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 119% higher than the national average

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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	$24.26	4.4%
Beauty Salon	$44.12	$45.56	3.2%
Toothpaste	$3.70	$3.70	0.0%
Shampoo	$1.23	$1.28	3.9%
Movie	$13.11	$12.13	8.1%
Bowling	$16.17	$18.00	10.2%

Groceries

Item	Olney	National avg.	Difference
Ground Beef	$5.74	$5.84	1.8%
Fried Chicken	$1.37	$1.57	13.2%
Milk	$4.50	$4.67	3.7%
Potatoes	$5.13	$4.93	3.9%
Pizza	$11.24	$12.09	7.0%
Beer	$9.75	$10.41	6.4%

Health Care

Item	Olney	National avg.	Difference
Optometrist	$94.06	$125.68	25.2%
Doctor	$105.07	$135.78	22.6%
Dentist	$103.51	$113.29	8.6%
Ibuprofen	$10.26	$10.65	3.7%
Lipitor	$470.38	$468.60	0.4%

Housing

Item	Olney	National avg.	Difference
Home Price	$82,100.00	$184,700.00	55.5%
Avg. Mortgage Payment	$1,772.15	$2,346.69	24.5%
Apartment Rent	$559.00	$949.00	41.1%

Transportation

Item	Olney	National avg.	Difference
Gasoline	$3.25	$3.46	6.1%
Tire Balancing	$50.23	$59.92	16.2%

Utilities

Item	Olney	National avg.	Difference
All Electricity	$259.32	$193.99	33.7%
Phone	$189.86	$192.25	1.2%

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, IL	114	100	0.1%
Parkersburg, IL	223	80	19.7%
Mount Erie, IL	114	80	19.7%
West Salem, IL	872	80	19.6%
Noble, IL	647	81	19.3%
Olney, IL	8,872	85	15.3%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Toppenish, WA	8,872	95	4.7%
Farmingdale, NY	8,869	144	44.1%
South Amboy, NJ	8,868	125	25.3%
Newark, NY	8,868	89	10.9%
New Windsor, NY	8,866	118	18.3%
Olney, IL	8,872	85	15.3%