Cost of Living in Banks, AL
Population: 298 | Alabama
Banks is 12% less expensive than the national average.
Cost of Living in Banks, AL: What You Need to Know
With a cost of living index of 88, Banks, AL is a very affordable place to live. Living here is 12% cheaper than the national average and 14% above the Alabama state average of 74. Banks is a small community of 298 residents.
The median household income in Banks is $49,773, which is 34% lower than the national median of $75,149. Residents spend roughly 25% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.
Climate is another factor for anyone considering a move to Banks. The area sees an average annual temperature of 64.5°F, with summers averaging 79°F and winters around 50°F. Annual rainfall totals 54.6 inches spread over roughly 0 days. The mild climate is a draw for many residents and keeps utility costs moderate year-round.
Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.
Income
- Median Household Income
- $49,773
- vs US Median ($75,149)
- -34%
Housing
- Median Rent
- $1,057/mo
- Median Monthly Housing Cost
- $425/mo
Climate in Banks
NOAA 30-year normals (1991-2020)
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 59 | 63 | 70 | 76 | 83 | 88 | 90 | 89 | 86 | 77 | 68 | 61 |
| Avg °F | 48 | 51 | 57 | 64 | 71 | 77 | 79 | 79 | 75 | 66 | 56 | 50 |
| Low °F | 37 | 40 | 45 | 52 | 59 | 67 | 69 | 69 | 65 | 54 | 44 | 39 |
| Rain" | 4.9 | 4.5 | 5.2 | 4.7 | 3.8 | 5.0 | 5.5 | 4.7 | 3.7 | 3.3 | 4.3 | 5.1 |