Franklin Grove, IL (zip code 61031) is a small town located in Lee County and is home to around 1,500 people. The cost of living in Franklin Grove is quite low, with 2 bedroom rent averaging at $800 per month compared to the US average of $1,430. Similarly, the Grocery Cost Index in Franklin Grove is 94 compared to 100 in the US. Notable businesses within the area include G&G Market which offers fresh produce and grocery products; Country Cupboard for a variety of clothing items; and Lee County Veterinary Services for pet care services. Additionally, there are two banks – Harris Bank and First National Bank – and many restaurants offering a variety of cuisines. In sum, Franklin Grove features an abundance of services that make it an ideal place to live.
Franklin Grove (zip 61031) has an unemployment rate of 5.2%. The US average is 6.0%.
Franklin Grove (zip 61031) has seen the job market decrease by -5.9% over the last year. Future job growth over the next ten years is predicted to be 29.1%, which is lower than the US average of 33.5%.
Tax Rates for Franklin Grove (zip 61031)
- The Sales Tax Rate for Franklin Grove (zip 61031) is 7.8%. The US average is 7.3%.
- The Income Tax Rate for Franklin Grove (zip 61031) 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 Franklin Grove (zip 61031)
- The average income of a Franklin Grove (zip 61031) resident is $28,348 a year. The US average is $37,638 a year.
- The Median household income of a Franklin Grove (zip 61031) resident is $54,531 a year. The US average is $69,021 a year.