Urbana, IL is a picturesque city located in the heart of Illinois. It's known for its vibrant arts scene and has plenty of local businesses that help to make it a popular destination for visitors. The cost of living in Urbana is considerably lower than the US average, with 2 Bedroom Rent at $1,010 versus an average of $1,430 nationwide. Groceries also tend to be more affordable in Urbana, with a Grocery Cost Index of 94 compared to 100 for the US. This makes it an ideal home base for those looking to save money while still enjoying all the benefits of living in a diverse and lively city. There are numerous local companies and resources available in Urbana including C&C Market, ALDI, and many other smaller businesses. Additionally, there are several local parks offering ample recreational activities for residents to enjoy year-round.
Urbana has an unemployment rate of 4.5%. The US average is 6.0%.
Urbana 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 29.2%, which is lower than the US average of 33.5%.
Tax Rates for Urbana
- The Sales Tax Rate for Urbana is 9.0%. The US average is 7.3%.
- The Income Tax Rate for Urbana 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 Urbana
- The average income of a Urbana resident is $20,057 a year. The US average is $28,555 a year.
- The Median household income of a Urbana resident is $37,701 a year. The US average is $69,021 a year.