Cost of Living in Highland Falls, NY

With a cost of living index of 119, Highland Falls, NY is a notably expensive place to live. Living here is 19% more expensive than the national average and 7% above the New York state average of 111. Highland Falls is a small community of 3,696 residents.

Housing costs are the biggest factor in Highland Falls's cost of living. The median monthly rent is $1,731 (31% above the US median of $1,319), and the median home value sits at $340,600 (12% above the national median of $304,900). At current prices, the median home costs roughly 3.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Highland Falls is $107,500, which is 43% higher than the national median of $75,149. Residents spend roughly 19% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Climate is another factor for anyone considering a move to Highland Falls. The area sees an average annual temperature of 49.4°F, with summers averaging 70°F and winters around 28°F. Annual rainfall totals 41 inches spread over roughly 145 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Kiryas Joel-Poughkeepsie-Newburgh, NY (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 6 are priced higher 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.