Olney, IL
Population 8,864 · Illinois
About Olney, IL
Olney is a small town located in Illinois with a population of 8,864 residents according to the latest US Census Bureau American Community Survey data. The median household income is $57,997 per year, which is 23% below the national median of $75,149. The median age of 40.7 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Olney features a median home value of $96,900, which is 60% below the national median of $244,900. This makes Olney one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $769, 34% below the national average of $1,163/month. Of the 4,148 total housing units, 66% are owner-occupied (2,321 units) and 34% are renter-occupied (1,216 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Olney shows an unemployment rate of 6.4%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 15.4%, above the national average of 12.4%. Workers in Olney have an average one-way commute time of 19.2 minutes, one of the shorter commutes in the region.
Education & Demographics
20.1% of Olney 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 1.3% White, 1.7% Hispanic or Latino, 0.6% Black or African American, and 0.8% Asian residents, with 2.0% of the population being foreign-born.
Cost of Living in Olney, IL
Compared to national averages, Olney has a median household income of $57,997 (23% below the national median of $75,149). Home values average $96,900, which is 60% below the national median. Monthly rent at $769 is 34% below the US average of $1,163. Within Illinois, Olney's income is 23% below the state average of $75,072, and home values are 42% below the state median of $165,779.
Why Live in Olney, IL?
Olney offers affordable housing with a median home value of $96,900, below the US average of $244,900, and rent that’s lower than the national average at $769/month, and short commute times averaging just 19.2 minutes.
Potential considerations include median household income ($57,997) that falls below the national average. However, Olney’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Olney has a population of 8,864 with a median age of 40.7 years. Compare Olney with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Olney
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Harwood Heights | 8,851 | $79,651 | $316,400 | Compare |
| Savoy | 8,807 | $88,828 | $280,700 | Compare |
| Monmouth | 8,794 | $59,690 | $88,100 | Compare |
| Manteno | 8,942 | $96,057 | $241,700 | Compare |
| Mascoutah | 8,743 | $93,902 | $226,300 | Compare |
| Glencoe | 8,715 | $250,001 | $1,354,900 | Compare |
| Lake Villa | 8,707 | $111,110 | $325,900 | Compare |
| Rock Falls | 8,683 | $48,733 | $82,400 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Olney With Other Cities
Frequently Asked Questions about Olney
What is the population of Olney, IL?
The population of Olney, IL is 8,864 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Illinois.
What is the median household income in Olney?
The median household income in Olney, IL is $57,997 per year, which is 23% below the national median of $75,149.
What is the median home value in Olney?
The median home value in Olney, IL is $96,900, which is 60% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Olney?
The median monthly rent in Olney, IL is $769, which is 34% below the national average of $1,163/month.
What is the unemployment rate in Olney?
The unemployment rate in Olney, IL is 6.4%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Olney, IL a good place to live?
Olney offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 8,864 and a median age of 40.7, the city appeals to a broad range of residents.
How educated is Olney, IL?
20.1% of residents in Olney 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 Olney?
Key cost-of-living indicators for Olney, IL: median home value is $96,900 (60% below national), median rent is $769/month, and median household income is $57,997. The home-value-to-income ratio is 1.7x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Olney?
The poverty rate in Olney, IL is 15.4%, 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 Olney, IL?
Olney's population is 1.3% White, 1.7% Hispanic or Latino, 0.6% Black or African American, 0.8% Asian, and 0.5% two or more races. 2.0% of residents are foreign-born.