Cost of Living in Ellicottville, NY

With a cost of living index of 89, Ellicottville, NY is a very affordable place to live. Living here is 11% cheaper than the national average and 23% below the New York state average of 111. Ellicottville is a small community of 342 residents.

Housing costs are the biggest factor in Ellicottville's cost of living. The median monthly rent is $984 (25% below the US median of $1,319), and the median home value sits at $277,600 (9% below the national median of $304,900). At current prices, the median home costs roughly 3.1x the median household income — a moderately affordable ratio by today's standards.

The median household income in Ellicottville is $88,333, which is 18% 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 Ellicottville. The area sees an average annual temperature of 45.9°F, with summers averaging 65°F and winters around 26°F. Annual rainfall totals 41.9 inches spread over roughly 167 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.