Cost of Living in Ely, NV

With a cost of living index of 78, Ely, NV is a very affordable place to live. Living here is 22% cheaper than the national average and 31% below the Nevada state average of 109. Ely is a small community of 3,941 residents.

Housing costs are the biggest factor in Ely's cost of living. The median monthly rent is $900 (32% below the US median of $1,319), and the median home value sits at $201,500 (34% below the national median of $304,900). At current prices, the median home costs roughly 2.3x the median household income — well within traditional affordability guidelines.

The median household income in Ely is $86,389, which is 15% higher than the national median of $75,149. Residents spend roughly 13% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Ely. The area sees an average annual temperature of 46.1°F, with summers averaging 66°F and winters around 28°F. Annual rainfall totals 9.4 inches spread over roughly 73 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

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.