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Cost of Living in Ithaca

Is it better to rent or buy in Ithaca? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$78,073
$1,373/mo

Median in area: $1,373

$315,505

Median in area: $315,505

$63,101

If you Rent

🔑
$1,555 /mo
Base Rent$1,373
Est. Utilities$182
% of Income23.9%
Pre-tax Residual$4,951

If you Buy

🏠
$2,447 /mo
P&I (6.5%)$1,595
Taxes & Ins$670
Est. Utilities$182
% of Income37.6%
Pre-tax Residual$4,059

Cost of Living FAQs

Is it cheaper to rent or buy in Ithaca?›

Based on median housing data, renting is currently more affordable on a monthly basis in Ithaca. The estimated all-in monthly cost for renting is $1,555, while owning a median-priced home with a 20% down payment is roughly $2,447 per month (a difference of $892).

How much do utilities cost in Ithaca?›

The average monthly utility cost (electricity and natural gas) for a typical home in Ithaca is approximately $182. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Ithaca?›

To comfortably afford the median rent and utilities in Ithaca without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $62,200 per year.