Cost of Living in Forest Home, NY

With a cost of living index of 117, Forest Home, NY is a notably expensive place to live. Living here is 17% more expensive than the national average and 6% above the New York state average of 111. Forest Home is a small community of 1,164 residents.

Housing costs are the biggest factor in Forest Home's cost of living. The median monthly rent is $1,378 (4% above the US median of $1,319), and the median home value sits at $496,900 (63% above the national median of $304,900). At current prices, the median home costs roughly 8.4x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Forest Home is $59,107, which is 21% lower than the national median of $75,149. Residents spend roughly 28% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability.

Climate is another factor for anyone considering a move to Forest Home. The area sees an average annual temperature of 45.2°F, with summers averaging 65°F and winters around 24°F. Annual rainfall totals 41.7 inches spread over roughly 182 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Ithaca, NY (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.