Cost of Living in Wells, NY

With a cost of living index of 80, Wells, NY is a very affordable place to live. Living here is 20% cheaper than the national average and 31% below the New York state average of 111. Wells is a small community of 597 residents.

Housing costs are the biggest factor in Wells's cost of living. The median monthly rent is $763 (42% below the US median of $1,319), and the median home value sits at $252,900 (17% below 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 Wells is $78,047, which is 4% higher than the national median of $75,149. Residents spend roughly 12% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

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.