Cost of Living in Olney, IL
Population 8,864 · Illinois · Data vintage 2023
(100 = US avg)
Olney sits on the smaller end of the Illinois city distribution. That scale shapes the housing market, the labor pool, and the services available to residents in ways the data below makes visible. At 6.4%, the local unemployment rate runs well above the US figure, pointing to structural rather than cyclical labor-market issues.
Olney is about 60 miles northwest of Evansville, the nearest large metro — close enough that regional housing and labor patterns are shaped largely by the larger market. Median home values run roughly 25% lower than Evansville's $129,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Olney
The median home value in Olney is $96,900 — 68% below the national median of $305,000. Median rent runs $769/month, 41% lower than the national median of $1,314/month. The median household income of $57,997/year is 22% lower than the US median of $74,580. The local unemployment rate is 6.4%, above the national average of 4.8%. Illinois's top state income tax rate is 5.0% and the combined sales tax is 8.7%. Overall, Olney has a cost of living index of 42 versus the US average of 100, meaning it is 58% less expensive.
Olney has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
Frequently Asked Questions
What is the cost of living in Olney, IL?
Olney has a cost index of 42 (100 = national average). It is 58% below the national average.
What is average rent in Olney, IL?
The median gross rent in Olney is $769 per month based on 2023 Census data.
What is the average home price in Olney?
The median home value in Olney is $96,900 according to Zillow and Census data.
What is the median income in Olney?
The median household income in Olney is $57,997 per year (2023 ACS 5-year estimates).
What is the sales tax in Olney, IL?
The combined state and local sales tax rate in Olney is 8.7%. The Illinois state income tax top rate is 5.0%.
Is Olney, IL affordable?
Yes, Olney is generally considered affordable, with a cost of living index of 42 — about 58% below the US national average of 100.
Olney at a Glance
- Population
- 8,864
- Median Income
- $57,997
- Home Value
- $96,900
- Median Rent
- $769/mo
- Unemployment
- 6.4%
- Sales Tax
- 8.7%
Nearby Cities
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Illinois Rankings
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