Florence, IL is a small town in the suburbs of Chicago with a population of 6,664. This quaint city offers a low cost of living compared to other cities in Illinois. 2 bedroom rent in Florence is $780, which is much cheaper than the US average of $1,430. The Grocery Cost Index for Florence comes in at 93 compared to the US average of 100. There are many local companies that make their home within the city limits such as Yanni's Restaurant & Lounge and Brown Manufacturing Company. Florence is an ideal location for young families looking for a safe place to raise their children while on a budget.
Florence has an unemployment rate of 4.8%. The US average is 6.0%.
Florence has seen the job market decrease by -6.2% over the last year. Future job growth over the next ten years is predicted to be 13.7%, which is lower than the US average of 33.5%.
Tax Rates for Florence
- The Sales Tax Rate for Florence is 7.8%. The US average is 7.3%.
- The Income Tax Rate for Florence 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 Florence
- The average income of a Florence resident is $36,527 a year. The US average is $37,638 a year.
- The Median household income of a Florence resident is $0 a year. The US average is $69,021 a year.