Cost of Living in Elkins Park, PA

With a cost of living index of 115, Elkins Park, PA is a notably expensive place to live. Living here is 15% more expensive than the national average and 32% above the Pennsylvania state average of 83. Elkins Park is a smaller community of 7,286 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Elkins Park's cost of living. The median monthly rent is $1,625 (23% above the US median of $1,319), and the median home value sits at $366,700 (20% above the national median of $304,900). At current prices, the median home costs roughly 2.8x the median household income — well within traditional affordability guidelines.

The median household income in Elkins Park is $129,773, which is 73% higher than the national median of $75,149. Residents spend roughly 15% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Climate is another factor for anyone considering a move to Elkins Park. The area sees an average annual temperature of 56.4°F, with summers averaging 76°F and winters around 37°F. Annual rainfall totals 45 inches spread over roughly 130 days.

Everyday prices in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (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.