Cost of Living in Philmont, NY

With a cost of living index of 85, Philmont, NY is a very affordable place to live. Living here is 15% cheaper than the national average and 26% below the New York state average of 111. Philmont is a small community of 1,575 residents.

Housing costs are the biggest factor in Philmont's cost of living. The median monthly rent is $1,036 (21% below the US median of $1,319), and the median home value sits at $215,700 (29% below the national median of $304,900). At current prices, the median home costs roughly 3.4x the median household income — a moderately affordable ratio by today's standards.

The median household income in Philmont is $62,972, which is 16% lower than the national median of $75,149. Residents spend roughly 20% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Philmont. The area sees an average annual temperature of 46.1°F, with summers averaging 67°F and winters around 25°F. Annual rainfall totals 44.2 inches spread over roughly 161 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.