salaryRent here is among the lowest 10% of all U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Commutes are short, about 17.2 minutes.
How much money do I need?
To rent here comfortably, you should earn about $28,760 a year. That is $14 an hour at a full-time job.
Is rent cheaper than other Illinois cities?
Yes. Rent here is cheaper than in most of Illinois. It is number 8 of 334 cities from cheapest to most expensive.
How much do households earn in Olney?
Share of households by yearly income. 14.3% of households earn $100,000 or more.
Rent by apartment size in Olney
| Size | Olney | U.S. average |
|---|---|---|
| 1 bedroom | $636 | $1,324 |
| 2 bedrooms | $921 | $1,509 |
| 3 bedrooms | $939 | $1,698 |
| 4 bedrooms | $1,264 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Olney overall?
Everyday prices in Illinois overall are same as the U.S. average (index 100.0, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Olney, so the Illinois figure is shown.
Taxes and bills in Olney
Life in Olney
Is it cheaper to rent or buy in Olney?
About the same. Renting and owning cost within $27 of each other each month.
Owning assumes a typical $99,800 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $9,980 for the down payment.
Frequently asked questions
What is the average rent in Olney, IL?
Renting in Olney costs a median of about $719 a month in 2026, including utilities. The Illinois median is $1,517.
How much do I need to make to live in Olney?
To keep rent under 30% of income, you need about $28,760 a year, or $14 an hour at a full-time job.
Is Olney cheap or expensive?
Olney is rated Cheap: rent takes 13.3% of the typical household income of $64,688. It ranks 8th cheapest of 334 Illinois cities we track.
How much are property taxes in Olney?
The median homeowner in Olney pays $1,893 a year in property taxes, about 1.90% of the median home value.
Is Olney more expensive than the national average?
Overall prices in Illinois are same as the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Olney?
The median home value in Olney is $99,800, about 1.5 times the typical yearly household income.
8,577 people live in Olney. Numbers are typical (middle) values.