Cost of Living in Ithaca, NY
Housing
The housing market plays a significant role in determining the cost of living in Ithaca, NY.
- Housing Index: 115.0 / 100
- Median Home Price is: $260,000
- Average Rent (2 BR Apartment): $1800 per month
- Average Rent (2 BR House): $1875 per month
Considering a move to Ithaca, NY? The housing index of 115.0 indicates that the overall market is slightly above average. With a median home price of 260000, buying may be more favorable if you plan to stay long-term. Renting options stand at an average of 1800 for apartments and 1875 for houses, reflecting a competitive rental market. It’s important to balance your short-term flexibility with the prospective growth of property values here, as urban areas typically appreciate over time. Assess your lifestyle needs and financial goals thoroughly before making a choice.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Ithaca, NY.
- Electricity Price: $26.08 USD (median by state)
- Natural Gas Price: $18.13 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Ithaca, NY could entail higher utility costs. Electricity costs sit at $26.08, while natural gas is priced at $18.13 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Ithaca is a financially viable option for your relocation.