Cost of Living in Riverside, NY

With a cost of living index of 90, Riverside, NY is slightly more affordable than average. Living here is 10% cheaper than the national average and 21% below the New York state average of 111. Riverside is a small community of 591 residents.

Housing costs are the biggest factor in Riverside's cost of living. The median monthly rent is $1,591 (21% above the US median of $1,319), and the median home value sits at $113,800 (63% below the national median of $304,900). At current prices, the median home costs roughly 1.5x the median household income — well within traditional affordability guidelines.

The median household income in Riverside is $76,071, which is 1% higher than the national median of $75,149. Residents spend roughly 25% 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 Riverside. The area sees an average annual temperature of 48°F, with summers averaging 68°F and winters around 28°F. Annual rainfall totals 32.4 inches spread over roughly 153 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Elmira, 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.