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Cost of Living in Lake Placid, NY

Population: 2,159 | New York

96
Cost of Living Index
US Average = 100

Lake Placid is 4% less expensive than the national average.

73
Housing
122
Home Values
103
Regional Price

Cost of Living in Lake Placid, NY: What You Need to Know

With a cost of living index of 96, Lake Placid, NY is slightly more affordable than average. Living here is 4% cheaper than the national average and 15% below the New York state average of 111. Lake Placid is a small community of 2,159 residents.

Housing costs are the biggest factor in Lake Placid's cost of living. The median monthly rent is $966 (27% below the US median of $1,319), and the median home value sits at $370,700 (22% above the national median of $304,900). At current prices, the median home costs roughly 7.5x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Lake Placid is $49,556, which is 34% lower than the national median of $75,149. Residents spend roughly 23% 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 Lake Placid. The area sees an average annual temperature of 39.7°F, with summers averaging 62°F and winters around 17°F. Annual rainfall totals 36.6 inches spread over roughly 184 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.

Income

Median Household Income
$49,556
vs US Median ($75,149)
-34%

Housing

Median Rent
$966/mo
Median Home Value
$370,700
Median Monthly Housing Cost
$1,030/mo

Climate in Lake Placid

NOAA 30-year normals (1991-2020)

39.7°F
Avg Temperature
36.6"
Rainfall / Year
184d
Rainy Days / Year
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
High °F 25 28 37 50 64 72 77 75 68 54 42 30
Avg °F 14 15 24 38 51 59 64 62 54 43 32 21
Low °F 2 3 12 26 37 46 51 49 41 32 22 11
Rain" 1.9 1.5 2.0 3.1 3.7 4.4 4.1 3.6 3.5 3.9 2.8 2.2

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