Why is Danville, Illinois one of the cheapest places to live in the country?
Danville, Illinois was ranked by the business news website Wall St. Cheat Sheet as the sixth-least expensive place to live in the United States:
Unemployment in Danville is 8.9 percent. BLS data show that average prices paid by consumers for the mix of goods and services consumed in the area are about 17.5 percent below the national average.
Sperling’s data show that the overall cost of living in Danville is 85 percent the national average. Median home cost is just 41 percent the national average, although home values are generally depreciating. Property tax is above average.
However, as someone who lives in nearby Westville, several miles south of Danville, I have a full understanding of why the Danville area is a very inexpensive place to live.
Danville’s economy was historically based on manufacturing. However, since the mid-1990s, many factories in the Danville area have closed up shop. The Danville area lacks a strong economic base, resulting in high unemployment and a low cost of living. To put it another way, the Danville area may be a very inexpensive place to live, but newcomers to this area may have trouble finding a job.