Banks, Oregon is a small town located 20 miles west of Portland. The area is home to several companies, including Banks Financial Center, Food Bank Restaurant, and Denison Woods Real Estate. The cost of living in Banks is slightly higher than the national average. Rent for a two bedroom apartment in Banks averages $1,890 per month compared to the US average of $1,430 per month. Grocery costs are also slightly higher with a local index rating of 102 versus 100 in the US. Despite the elevated cost of living, many people enjoy the calmness and beauty of this small rural community.
Banks has an unemployment rate of 5.4%. The US average is 6.0%.
Banks has seen the job market increase by 0.9% over the last year. Future job growth over the next ten years is predicted to be 43.8%, which is higher than the US average of 33.5%.
Tax Rates for Banks
- The Sales Tax Rate for Banks is 0.0%. The US average is 7.3%.
- The Income Tax Rate for Banks is 9.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Banks
- The average income of a Banks resident is $26,245 a year. The US average is $28,555 a year.
- The Median household income of a Banks resident is $81,250 a year. The US average is $69,021 a year.