Rankin, IL is a small town located in the U.S. state of Illinois with a population of just over 180 people. Rankin offers very affordable housing with two-bedroom rent being only $900 per month compared to the US average cost of $1,430. The low cost of living continues with groceries as well; Rankin’s grocery cost index is 90 versus 100 in the US for an overall savings on goods and services. Notable local companies include RKL Industries which manufactures auto parts and components and Rankin Concrete Products which produces a variety of concrete products for residential and commercial applications. All in all, Rankin provides a pleasant environment at an affordable rate for all residents looking to save money while still enjoying a quality lifestyle.
Rankin has an unemployment rate of 6.9%. The US average is 6.0%.
Rankin has seen the job market increase by 1.1% over the last year. Future job growth over the next ten years is predicted to be 17.5%, which is lower than the US average of 33.5%.
Tax Rates for Rankin
- The Sales Tax Rate for Rankin is 6.5%. The US average is 7.3%.
- The Income Tax Rate for Rankin 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 Rankin
- The average income of a Rankin resident is $18,638 a year. The US average is $28,555 a year.
- The Median household income of a Rankin resident is $47,031 a year. The US average is $69,021 a year.