Cost of Living in Banks, AL
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
90.9
100 = national avg
-9.1 vs national average
Living Wage (1 Adult)
$39,995
per year
Living Wage (Family of 4)
$94,534
per year
Cost Index by Category
Housing98.0
Food88.0
Transportation91.2
Healthcare90.4
Utilities92.4
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$695
per month
2 Bedroom
$912
per month
The overall cost of living index in Banks is 90.9, which is 9.1% below the national average. Housing costs are below the national average at an index of 98.0. A single adult needs to earn approximately $39,995 per year to cover basic expenses.