Cost of Living in Banner, IL

With a cost of living index of 62, Banner, IL is one of the most affordable cities in the country. Living here is 38% cheaper than the national average and 17% below the Illinois state average of 80. Banner is a small community of 148 residents.

Housing costs are the biggest factor in Banner's cost of living. The median monthly rent is $708 (46% below the US median of $1,319), and the median home value sits at $90,000 (70% below the national median of $304,900). At current prices, the median home costs roughly 2.5x the median household income — well within traditional affordability guidelines.

The median household income in Banner is $36,250, which is 52% lower than the national median of $75,149. Residents spend roughly 23% 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.

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.