Albion, IL is a charming small town in the center of the state. It's known for its friendly atmosphere and low cost of living. The average two bedroom rent in Albion is only $650 while the national average is $1430, making it significantly more affordable than many other areas. Additionally, the Grocery Cost Index in Albion is 92 versus 100 in the US which means that groceries are also relatively inexpensive. Although Albion may be small, it still offers plenty of opportunity with local companies such as The Country Supply Co., Donut Palace Inc., and Harvest Market providing goods and services to all residents.
Albion has an unemployment rate of 5.3%. The US average is 6.0%.
Albion has seen the job market decrease by -5.6% over the last year. Future job growth over the next ten years is predicted to be 19.4%, which is lower than the US average of 33.5%.
Tax Rates for Albion
- The Sales Tax Rate for Albion is 7.3%. The US average is 7.3%.
- The Income Tax Rate for Albion 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 Albion
- The average income of a Albion resident is $23,295 a year. The US average is $37,638 a year.
- The Median household income of a Albion resident is $48,603 a year. The US average is $69,021 a year.