A financial technology company says the Danville area is among the best in Illinois when it comes to the cost of living. SmartAsset conducted a study to find the places where the cost of living is staying the most stable. The study found that Danville ranks second in Illinois, behind number one Champaign-Urbana.
According to the numbers the average cost of living in Danville rose by just 1.02 percent while the average personal income rose 2.56 percent. And the change in purchasing power in Danville rose by 16.33 percent according to SmartAsset.com.
In Champaign-Urbana the average cost of living rose by just 0.16 percent while the average personal income climbed by 2.62 percent. And there was a gain of 27.38 percent in purchasing power in Champaign-Urbana.
SmartAsset says many factors go into determining a city’s cost of living, and as they fluctuate, so does how much it costs to maintain one’s standard of living in that city. It can make a city more attractive to people seeking to make a move – or become a significant factor in leading a family to move to a more affordable part of the country.
