Cost of Living in Holyoke, MA

With a cost of living index of 86, Holyoke, MA is a very affordable place to live. Living here is 14% cheaper than the national average and 43% below the Massachusetts state average of 129. With a population of 37,949, Holyoke is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Holyoke's cost of living. The median monthly rent is $1,016 (23% below the US median of $1,319), and the median home value sits at $255,300 (16% below the national median of $304,900). At current prices, the median home costs roughly 4.9x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Holyoke is $51,892, which is 31% lower than the national median of $75,149. Residents spend roughly 23% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Holyoke. The area sees an average annual temperature of 49.4°F, with summers averaging 70°F and winters around 28°F. Annual rainfall totals 45.2 inches spread over roughly 137 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Springfield, MA (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 5 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.