What Is The Cost Of Living In Elmira NY?

Definition of "What is the cost of living in Elmira NY?"

Maria Lourdes Perez real estate agent

Written by

Maria Lourdes Perezelite badge icon

Keller Williams NYC - Queens/Bayside

Find this charming town in Chemung County and the metropolitan statistical area of Elmira, New York! Elmira offers its visitors quaint, unstressful, and calm suburban vibes. The population was 26,500 in 2022, residing on a total area of 7.58 square miles. 

Though Elmira doesn’t quite dazzle visitors with breathtaking spectacles, we still recommend this adorable little town. First and foremost, its calming scenery and low prices make it one of New York’s best places to visit.

The attractive cost of living in Elmira, New York, is an undeniable perk.

Undoubtedly, the highly affordable cost of living makes Elmira such a popular relocation destination in the State of New York. As of late 2021, the living costs in the city were reported to be approximately 25.4 percent lower than the American average and significantly less pricey than the New York state median. 

Individual prices for amenities

Groceries (food costs less by 25 percent), utilities, transportation (more cost-effective by 22 percent), and housing expenses are considerably more affordable than in the rest of the country. Based on statistics, Elmira residents have to pay more for health costs, such as regular doctor’s visits and dental checkups. In addition, energy costs more than the national average by 2.2 percent. 

What does the housing market in Elmira, New York, look like?

Living in Elmira and the local real estate market has one striking thing in common: low prices. 

Rentals in Elmira

You can rent a one-bedroom apartment in Elmira’s city center for about $900. If you wish to live in the suburbs, you’ll have to pay about $1,150 for a one-bedroom unit. Rental prices in the city are 42 percent more affordable than the New York state apartments on average. Therefore, Elmira excels also in the most profitable short-term rentals.

Properties for sale in Elmira

Elmira’s median listing home price was about $100,000 in the second half of 2022. Thus, you can buy real estate at a reasonable price. Actually, it’s a bargain! On average, homes stay on the market for 134 days, so Elmira is currently a buyer’s market

In other words, Elmira properties for sale are approximately 74 percent more reasonably priced than the state average. When New York real estate is absurdly over-priced, you should give buying a home in Elmira a profound thought!

Suppose living in Elmira intrigues you, and you’d like to have expert insight into the affordable housing market. Then, it would be best to contact skilled local real estate agents in Elmira, New York, today!

The local economy in Elmira, New York, is limping.

Unfortunately, the heyday of Elmira’s economy is gone due to the fall of the regional railroad system and manufacturing in the late 1960s. Additionally, many notable companies decided to close shop or move their headquarters to another city. To a certain extent, this unique city still suffers from those economic repercussions.

The unemployment rate in Elmira (9.6 percent) is substantially higher than the national average of six percent. Moreover, predictions for future job growth aren’t too bright either. Elmira’s average monthly net salary is about $2,000, while the average US amount is $2,730 in 2022.

Conclusion

Don’t believe that Elmira has turned into a ghost town! Travelers still come in great numbers to visit this beautiful and cozy town. The place provides many mind-bending and must-see things, such as Mark Twain’s Summer Home, Eldridge Park, the Harris Hill Amusement Park, and the Tanglewood Nature Center & Museum. 

Benefitting from Elmira’s advantages, for example, the low cost of living and inexpensive homes on the market, you can become a successful real estate investor! The city provides plenty of opportunities to extend your investment portfolio, assuming minimum risks. Elmira won’t slumber economically for good.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Questions

Popular Real Estate Glossary Terms

A situation that occurs when borrowed funds cost more than they produce. ...

Same as term graduated lease: A rental stipulation a varying rental rate. Rental rate are determined tied to periodic appraisals or an inflation or an inflation index. The provision is more ...

Land and any existing tenements that are part of a conveyance. For example, upon closing a real estate sale. The seller deeds the premises to the purchaser. ...

Ownership of a real estate in which at least two or more individuals have equal ownership. If a member of the group dies, the property is transferred to the survivor (s), for example, a ...

The difference between the present value of cash inflows generated by real estate and the amount of the initial investment. The present value of future cash flows is computed using the cost ...

Court order to seize and sell property because of the nonpayment of taxes, or foreclosure of property. ...

Wedge-shaped step found on a spiral staircase with a wider tread on its outside portion. ...

The definition of gross sales price in real estate refers to the combined cost of a property or listing before subtracting the real estate agent’s commission, sales tax and other ...

It is an exterior decorative brick surface. The brick is not rendered. Painted, or plastered and is made various brick materials, including clay, to give a desired effect. ...