Living in Banks, Alabama
Cost of living, income, home prices, rent and demographics of Banks · Census data 2020–2024
Banks has 320 residents with a median age of 29.6. The median household income is $50,000 (22% lower than the Alabama median), the median rent is $1,080/month.
Banks is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Banks at a glance
- Population
- 320
- Median age
- 29.6State: 39.3
- Median household income
- $50,000State: $63,999
- Median rent
- $1,080/moState: $1,007
- Homeowners
- 63.1%
- Bachelor's degree or higher
- 20%
- Average commute
- 22 min
Is Banks a good place to live?
Pros: An average commute of 22 minutes; a poverty rate of 8.8%.
Cons: Median household income 22% lower than the Alabama median; unemployment of 10.9%.
The weather is best in March to May and October.
Cost of living in Banks
Housing is the biggest part of the cost of living. In Banks the median home value is —. Renters pay a median of $1,080 per month, which is 29.5% of household income. Homeowners with a mortgage pay $883 a month in housing costs.
Banks median household income
The median household income in Banks is $50,000 and the income per person is $31,368. 8.8% of residents live below the poverty line (Alabama: 15.6%).
Housing in Banks: homes for sale and rent
- Housing units
- 146
- Owner-occupied
- 63.1%
- Renter-occupied
- 36.9%
- Vacant
- 16.4%Includes seasonal homes
- Median year built
- 1981
- Average household size
- 2.62
Banks demographics
- Population
- 320
- Median age
- 29.6
- Under 18
- 16.6%
- 65 and older
- 13.1%
- Households
- 122
- Foreign-born
- 0%
- Veterans
- 4.1%Adults 18+
Hispanic or Latino can be of any race. Population history of Banks ›
Education in Banks
20% of adults 25 and older in Banks have a bachelor's degree or higher (Alabama: 28.4%), and 2.2% have a graduate or professional degree.
Jobs and commute in Banks
- Unemployment rate
- 10.9%State: 4.7%
- Average commute
- 22 minState: 26 min
- Work from home
- 3.9%
- Drive alone
- 74.3%
- Public transit
- 0%
- Walk to work
- 0%
- Homes with broadband
- 77%
Banks vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Banks | 320 | $50,000 | — | $1,080 |
| Brundidge | 2,392 | $38,188 | $94,000 | $542 |
| Troy | 17,716 | $50,717 | $231,400 | $922 |
| Clio | 1,422 | $28,750 | $65,600 | $434 |
| Louisville | 518 | $44,439 | — | $530 |
| Ariton | 614 | $50,000 | $206,600 | $833 |
| Goshen | 355 | $56,750 | $118,200 | $894 |
| Glenwood | 114 | $41,010 | — | $814 |
| Blue Springs | 100 | $46,667 | $74,300 | — |
More for people moving to Banks
Banks ZIP code ›Weather and climate ›Living in Banks: FAQ
What is the median household income in Banks, AL?
The median household income in Banks is $50,000, 22% lower than the Alabama median of $63,999 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How much is rent in Banks?
The median gross rent in Banks is $1,080 per month, about 29.5% of household income.
Is Banks, AL a good place to live?
Pluses: an average commute of 22 minutes; a poverty rate of 8.8%. Minuses: median household income 22% lower than the Alabama median; unemployment of 10.9%.
What is the median age in Banks?
The median age in Banks is 29.6 years (Alabama: 39.3).
How long is the commute in Banks?
The average commute to work in Banks is 22 minutes; 3.9% of workers work from home.
What is the unemployment rate in Banks?
The unemployment rate in Banks is 10.9% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Banks?
20% of adults in Banks have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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