Cost of Living in Ithaca, NY

With a cost of living index of 106, Ithaca, NY is somewhat more expensive than average. Living here is 6% more expensive than the national average and 6% below the New York state average of 111. With a population of 31,792, Ithaca is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Ithaca's cost of living. The median monthly rent is $1,441 (9% above the US median of $1,319), and the median home value sits at $330,100 (8% above the national median of $304,900). At current prices, the median home costs roughly 6.8x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Ithaca is $48,617, which is 35% lower than the national median of $75,149. Residents spend roughly 36% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened.

Climate is another factor for anyone considering a move to Ithaca. 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.