Olean cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexOleanNew YorkNational
Cost of living index80122100
IndexOleanNew YorkNational
Goods & Services index85112100
Groceries index88103100
Health care index89104100
Housing index49149100
Transportation index117122100
Utilities index101102100
Displayed above is a general overview of the Olean, NY cost of living index. The overall cost of living index in Olean, NY is 80, which is 35% lower than the New York average and 20% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Olean, NY are 24% lower than the New York average and 15% lower than the national average.

Did you know?

  • The cost of living in Olean is 35% lower than the New York average.
  • The cost of living in Olean is 20% lower than the national average.
  • The cost of housing in Olean is 51% lower than the national average.
  • New York general sales tax is 21% lower than the national average.
  • New York state income tax is 80% higher than the national average.

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Compare Olean, NY Cost of living To Other Cities

Salary Calculator

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The salary calculator allows you to compare how much your current salary in Olean, NY would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Olean, NY, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Olean, NY salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$63,403$5,284$1,479$1,902
Renters$24,568$2,047$573$737
One can approximate the cost of living and the housing affordability in Olean, NY by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Olean, NY have a median income of $63,403. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,479 per month to avoid calamity and poverty. The renters in the city have an income of about $24,568, which would make their monthly maximum allowable rental costs $573.

New York Sales Tax

StateGeneral Sales TaxWith Max Surtax
New York4%8.875%

New York Income Tax

StateIncome Tax (Low)Income Tax (High)
New York4%8.82%
The New York sales tax and New York income tax rates should definitely be considered when determining the overall cost of living in Olean, NY. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The New York sales tax is 4% and the maximum surtax is 8.875%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The New York income tax rates range from 4% to 8.82%.

Goods & Services

ItemOleanNational avg.Difference
Haircut $14.78$14.591.3%
Beauty Salon $24.99$34.6827.9%
Toothpaste $1.49$2.4739.8%
Shampoo $0.87$1.0214.9%
Movie $10.62$9.877.6%
Bowling $2.90$4.3934.0%

Groceries

ItemOleanNational avg.Difference
Ground Beef $3.74$4.4816.5%
Fried Chicken $1.14$1.4622.1%
Milk $1.82$2.3622.8%
Potatoes $2.19$3.0628.5%
Pizza $8.00$9.2413.4%
Beer $7.73$8.6310.5%

Health Care

ItemOleanNational avg.Difference
Optometrist $55.25$99.7844.6%
Doctor $80.50$105.0323.4%
Dentist $78.80$88.7011.2%
Ibuprofen $7.98$9.4115.2%
Lipitor $335.79$298.5012.5%

Housing

ItemOleanNational avg.Difference
Home Price $70,700.00$175,700.0059.8%
Avg. Mortgage Payment $1,155.06$1,081.036.8%
Apartment Rent $632.00$920.0031.3%

Transportation

ItemOleanNational avg.Difference
Gasoline $2.74$2.0931.2%
Tire Balancing $35.11$45.2922.5%

Utilities

ItemOleanNational avg.Difference
All Electricity$177.83$170.804.1%
Phone $27.50$28.262.7%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Rew, PA12374-26%
Richburg, NY67076-24%
Eldred, PA74477-23%
Bradford, PA8,66577-23%
Bolivar, NY1,13678-22%
Olean, NY14,23280-20%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Berea, SC14,23092-8%
East Highland Park, VA14,23596-4%
White Center, WA14,22811717%
Highland Park, NJ14,22413232%
Jackson, MO14,22196-4%
Olean, NY14,23280-20%
Source: The Olean, NY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.