Rankin, IL
Population 560 · Illinois
About Rankin, IL
Rankin is a small community located in Illinois with a population of 560 residents according to the latest US Census Bureau American Community Survey data. The median household income is $47,125 per year, which is 37% below the national median of $75,149. The median age of 32.7 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 Rankin features a median home value of $57,700, which is 76% below the national median of $244,900. This makes Rankin one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $718, 38% below the national average of $1,163/month. Of the 265 total housing units, 68% are owner-occupied (138 units) and 32% are renter-occupied (65 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Rankin shows an unemployment rate of 23.3%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 39.0%, above the national average of 12.4%. Workers in Rankin have an average one-way commute time of 29.3 minutes.
Education & Demographics
10.3% of Rankin 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 5.7% White, 1.1% 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 Rankin, IL
Compared to national averages, Rankin has a median household income of $47,125 (37% below the national median of $75,149). Home values average $57,700, which is 76% below the national median. Monthly rent at $718 is 38% below the US average of $1,163. Within Illinois, Rankin's income is 37% below the state average of $75,072, and home values are 65% below the state median of $165,779.
Why Live in Rankin, IL?
Rankin offers affordable housing with a median home value of $57,700, below the US average of $244,900, and rent that’s lower than the national average at $718/month.
Potential considerations include median household income ($47,125) that falls below the national average. However, Rankin’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Rankin has a population of 560 with a median age of 32.7 years. Compare Rankin with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Rankin
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Carlock | 560 | $78,125 | $132,500 | Compare |
| Garden Prairie | 560 | $42,188 | $108,000 | Compare |
| Argyle | 561 | $160,893 | $281,000 | Compare |
| Greenwood | 559 | $138,750 | $407,300 | Compare |
| South Wilmington | 558 | $86,563 | $164,900 | Compare |
| Tamaroa | 562 | $48,194 | $76,600 | Compare |
| Ava | 557 | $57,250 | $86,700 | Compare |
| Dix | 557 | $28,750 | $93,000 | 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 Rankin With Other Cities
Frequently Asked Questions about Rankin
What is the population of Rankin, IL?
The population of Rankin, IL is 560 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 Rankin?
The median household income in Rankin, IL is $47,125 per year, which is 37% below the national median of $75,149.
What is the median home value in Rankin?
The median home value in Rankin, IL is $57,700, which is 76% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Rankin?
The median monthly rent in Rankin, IL is $718, which is 38% below the national average of $1,163/month.
What is the unemployment rate in Rankin?
The unemployment rate in Rankin, IL is 23.3%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Rankin, IL a good place to live?
Rankin offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 560 and a median age of 32.7, the city appeals to young professionals and families.
How educated is Rankin, IL?
10.3% of residents in Rankin 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 Rankin?
Key cost-of-living indicators for Rankin, IL: median home value is $57,700 (76% below national), median rent is $718/month, and median household income is $47,125. The home-value-to-income ratio is 1.2x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Rankin?
The poverty rate in Rankin, IL is 39.0%, 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 Rankin, IL?
Rankin's population is 5.7% White, 1.1% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 0.0% of residents are foreign-born.