Palmyra, IL
Population 524 · Illinois
About Palmyra, IL
Palmyra is a small community located in Illinois with a population of 524 residents according to the latest US Census Bureau American Community Survey data. The median household income is $46,477 per year, which is 38% below the national median of $75,149. The median age of 50.4 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Palmyra features a median home value of $86,400, which is 65% below the national median of $244,900. This makes Palmyra one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $670, 42% below the national average of $1,163/month. Of the 339 total housing units, 81% are owner-occupied (199 units) and 19% are renter-occupied (46 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Palmyra shows an unemployment rate of 7.9%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 8.6%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Palmyra have an average one-way commute time of 42.5 minutes, suggesting many residents commute to jobs in a nearby metro area.
Education & Demographics
10.6% of Palmyra 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, 1.0% Hispanic or Latino, 0.0% Black or African American, and 0.4% Asian residents, with 0.6% of the population being foreign-born.
Cost of Living in Palmyra, IL
Compared to national averages, Palmyra has a median household income of $46,477 (38% below the national median of $75,149). Home values average $86,400, which is 65% below the national median. Monthly rent at $670 is 42% below the US average of $1,163. Within Illinois, Palmyra's income is 38% below the state average of $75,072, and home values are 48% below the state median of $165,779.
Why Live in Palmyra, IL?
Palmyra offers affordable housing with a median home value of $86,400, below the US average of $244,900, and rent that’s lower than the national average at $670/month, and a low poverty rate of 8.6%, better than the national average.
Potential considerations include median household income ($46,477) that falls below the national average. However, Palmyra’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Palmyra has a population of 524 with a median age of 50.4 years. Compare Palmyra with other cities to see how it stacks up, or explore all cities in Illinois.
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Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Palmyra
What is the population of Palmyra, IL?
The population of Palmyra, IL is 524 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Illinois.
What is the median household income in Palmyra?
The median household income in Palmyra, IL is $46,477 per year, which is 38% below the national median of $75,149.
What is the median home value in Palmyra?
The median home value in Palmyra, IL is $86,400, which is 65% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Palmyra?
The median monthly rent in Palmyra, IL is $670, which is 42% below the national average of $1,163/month.
What is the unemployment rate in Palmyra?
The unemployment rate in Palmyra, IL is 7.9%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Palmyra, IL a good place to live?
Palmyra offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 524 and a median age of 50.4, the city appeals to established professionals and retirees.
How educated is Palmyra, IL?
10.6% of residents in Palmyra 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 Palmyra?
Key cost-of-living indicators for Palmyra, IL: median home value is $86,400 (65% below national), median rent is $670/month, and median household income is $46,477. The home-value-to-income ratio is 1.9x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Palmyra?
The poverty rate in Palmyra, IL is 8.6%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Palmyra, IL?
Palmyra's population is 0.0% White, 1.0% Hispanic or Latino, 0.0% Black or African American, 0.4% Asian, and 0.0% two or more races. 0.6% of residents are foreign-born.