Cost of Living in Panaca, NV

With a cost of living index of 84, Panaca, NV is a very affordable place to live. Living here is 16% cheaper than the national average and 25% below the Nevada state average of 109. Panaca is a small community of 1,272 residents.

Housing costs are the biggest factor in Panaca's cost of living. The median monthly rent is $902 (32% below the US median of $1,319), and the median home value sits at $277,800 (9% below the national median of $304,900). At current prices, the median home costs roughly 4.5x the median household income — a moderately affordable ratio by today's standards.

The median household income in Panaca is $61,935, which is 18% lower than the national median of $75,149. Residents spend roughly 17% 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 Panaca. The area sees an average annual temperature of 50.3°F, with summers averaging 71°F and winters around 31°F. Annual rainfall totals 11 inches spread over roughly 69 days.

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.