Banks, AL is a small town located in the southeastern part of the state. It has a population of just under 2000 people and is known for its peaceful atmosphere and friendly locals. The cost of living in this area is relatively low with 2 bedroom rent being $900 compared to the US average of $1430. This makes it an attractive place to live for those who are looking for more affordable accommodation. Additionally, the Grocery Cost Index in Banks, AL is 93 versus 100 in the US which further adds to its affordability.
The town is home to a number of local companies like Answering Services & More Inc., A-Plus Heating & Air Conditioning, and Banks Flooring Co. All these businesses offer great services that benefit both residents and visitors alike.
Banks has an unemployment rate of 3.1%. The US average is 6.0%.
Banks has seen the job market increase by 1.7% over the last year. Future job growth over the next ten years is predicted to be 34.5%, which is higher than the US average of 33.5%.
Tax Rates for Banks
- The Sales Tax Rate for Banks is 7.5%. The US average is 7.3%.
- The Income Tax Rate for Banks is 5.0%. 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 $26,156 a year. The US average is $37,638 a year.
- The Median household income of a Banks resident is $43,558 a year. The US average is $69,021 a year.