Banks, AL
Population 298 · Alabama
About Banks, AL
Banks is a small community located in Alabama with a population of 298 residents according to the latest US Census Bureau American Community Survey data. The median household income is $49,773 per year, which is 34% below the national median of $75,149. The median age of 30.8 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Banks features a median home value of $0, which is 100% below the national median of $244,900. This makes Banks one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $1,057, 9% below the national average of $1,163/month. Of the 139 total housing units, 83% are owner-occupied (98 units) and 17% are renter-occupied (20 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Banks shows an unemployment rate of 12.2%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 13.8%, above the national average of 12.4%. Workers in Banks have an average one-way commute time of 22.9 minutes.
Education & Demographics
23.1% of Banks residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 0.0% White, 0.0% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.0% of the population being foreign-born.
Cost of Living in Banks, AL
Compared to national averages, Banks has a median household income of $49,773 (34% below the national median of $75,149). Home values average $0, which is 100% below the national median. Monthly rent at $1,057 is 9% below the US average of $1,163. Within Alabama, Banks's income is 14% below the state average of $57,952, and home values are 100% below the state median of $159,358.
Why Live in Banks, AL?
Banks offers affordable housing with a median home value of $0, below the US average of $244,900, and rent that’s lower than the national average at $1,057/month, and short commute times averaging just 22.9 minutes.
Potential considerations include median household income ($49,773) that falls below the national average. However, Banks’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Banks has a population of 298 with a median age of 30.8 years. Compare Banks with other cities to see how it stacks up, or explore all cities in Alabama.
Similar Cities Near Banks
Cities in Alabama with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Lockhart | 297 | $36,964 | $72,700 | Compare |
| County Line | 302 | $70,625 | $88,900 | Compare |
| Malcolm | 305 | $0 | $0 | Compare |
| Hodges | 306 | $66,875 | $95,000 | Compare |
| Castleberry | 288 | $21,111 | $44,300 | Compare |
| Anderson | 309 | $86,250 | $200,000 | Compare |
| Cullomburg | 310 | $0 | $0 | Compare |
| Gordonville | 311 | $46,875 | $61,000 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Alabama
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Banks With Other Cities
Frequently Asked Questions about Banks
What is the population of Banks, AL?
The population of Banks, AL is 298 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Alabama.
What is the median household income in Banks?
The median household income in Banks, AL is $49,773 per year, which is 34% below the national median of $75,149.
What is the median home value in Banks?
The median home value in Banks, AL is $0, which is 100% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Banks?
The median monthly rent in Banks, AL is $1,057, which is 9% below the national average of $1,163/month.
What is the unemployment rate in Banks?
The unemployment rate in Banks, AL is 12.2%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Banks, AL a good place to live?
Banks offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 298 and a median age of 30.8, the city appeals to young professionals and families.
How educated is Banks, AL?
23.1% of residents in Banks aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Banks?
Key cost-of-living indicators for Banks, AL: median home value is $0 (100% below national), median rent is $1,057/month, and median household income is $49,773. The home-value-to-income ratio is 0.0x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Banks?
The poverty rate in Banks, AL is 13.8%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Banks, AL?
Banks's population is 0.0% White, 0.0% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 47.0% two or more races. 0.0% of residents are foreign-born.