Cost of Living in Penn Farms, PA

With a cost of living index of 92, Penn Farms, PA is slightly more affordable than average. Living here is 8% cheaper than the national average and 9% above the Pennsylvania state average of 83. Penn Farms is a small community of 2,342 residents.

Housing costs are the biggest factor in Penn Farms's cost of living. The median monthly rent is $1,118 (15% below the US median of $1,319), and the median home value sits at $329,200 (8% above the national median of $304,900). At current prices, the median home costs roughly 3.1x the median household income — a moderately affordable ratio by today's standards.

The median household income in Penn Farms is $105,536, which is 40% higher than the national median of $75,149. Residents spend roughly 13% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Altoona, PA (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.