Tolono, IL is a small community located near Champaign in East Central Illinois. It has grown steadily over the years and has become an attractive suburb of Champaign with its convenient location. The cost of living in Tolono is quite affordable with the average two-bedroom rent at $850 per month compared to the US average of $1,430. Additionally, the grocery cost index in Tolono is 96 versus 100 in the US which helps keep food costs lower than other locations.
Tolono is home to a variety of businesses, including a Kroger Marketplace grocery store and several small businesses like local hardware stores and restaurants. There are also numerous employment opportunities available due to the close proximity to Champaign businesses like University of Illinois' Research Park and major corporations such as State Farm Insurance. The median household income in Tolono is around $61,000--well above the state average--which allows for more stability within the community.
Tolono has an unemployment rate of 5.0%. The US average is 6.0%.
Tolono has seen the job market increase by 2.2% over the last year. Future job growth over the next ten years is predicted to be 30.2%, which is lower than the US average of 33.5%.
Tax Rates for Tolono
- The Sales Tax Rate for Tolono is 9.0%. The US average is 7.3%.
- The Income Tax Rate for Tolono 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 Tolono
- The average income of a Tolono resident is $26,637 a year. The US average is $28,555 a year.
- The Median household income of a Tolono resident is $66,842 a year. The US average is $69,021 a year.