Rankin, IL Profile: Facts & Data

The primary coordinate point for Rankin is located at latitude 40.465 and longitude -87.8964 in Vermilion County. The formal boundaries for the Village of Rankin encompass a land area of 0.58 sq. miles and a water area of 0 sq. miles. Vermilion County is in the Central time zone (GMT -6). The elevation is 718 feet.

The Village of Rankin (GNIS ID: 2399040) has a C1 Census Class Code which indicates an active incorporated place that does not serve as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

Rankin, IL Data & Demographics (As of July 1, 2020)

POPULATION
Total Population	541 (100%)
Population in Households	541 (100.0%)
Population in Families	430 (79.5%)
Population in Group Quarters¹	0
Population Density	935
Diversity Index²	33


INCOME
Median Household Income	$44,656
Average Household Income	$55,968
% of Income for Mortgage⁴	6%
Per Capita Income	$22,605
Wealth Index⁵	48

HOUSING
Total HU (Housing Units)	279 (100%)
Owner Occupied HU	167 (59.9%)
Renter Occupied HU	54 (19.4%)
Vacant Housing Units	58 (20.8%)
Median Home Value	$59,810
Average Home Value	$62,725
Housing Affordability Index³	342

HOUSEHOLDS
Total Households	221
Average Household Size	2.45
Family Households	139
Average Family Size	3

NOTES

Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.

Rankin, IL - Peer Comparisons by Rank and Percentile

The table below compares Rankin to the other 1,369 incorporated cities, towns and CDPs in Illinois by rank and percentile using July 1, 2020 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

GROWTH RATE / YEAR	2010-2020	2020-2025
Population	-0.35%	-0.79%
Households	-0.22%	-0.64%
Families	-0.07%	-0.88%
Median Household Income		1.25%
Per Capita Income		1.94%
Owner Occupied HU		-0.61%

Variable Description	Rank	Percentile
Total Population	# 904	34th
Population Density	# 774	44th
Median Household Income	# 1151	16th
Housing Affordability Index	# 1214	89th
Per Capita Income	# 1222	11th
Diversity Index	# 349	74th

Rankin, IL Profile: Facts & Data

Rankin, Illinois - Basic Facts

Rankin, IL Data & Demographics (As of July 1, 2020)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Rankin, IL - Peer Comparisons by Rank and Percentile

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