Cost of Living in Olean, NY

Population 13,798 · New York · Data vintage 2023

Cost Index
(100 = US avg)

Page updated: April 2026 · Data vintage: 2023 ACS 5-Year

Sources: Census ACS·BLS·NOAA·EPA·Zillow · Methodology

Household incomes in Olean run well below national norms — a median of $47,553 versus the $74,580 US figure. Housing costs partially offset that gap (typical home values around $91,000). At 6.3%, the local unemployment rate runs well above the US figure, pointing to structural rather than cyclical labor-market issues.

Located 60 miles southeast of Buffalo, Olean is far enough out that local conditions diverge meaningfully from the big-metro baseline. Median home values run roughly 41% lower than Buffalo's $152,000.

Cost Overview

Housing 30

Rent 60

Scale: 100 = US national average. Green < 90, Red > 110.

About the Cost of Living in Olean

The median home value in Olean is $90,500 — 70% below the national median of $305,000. Median rent runs $786/month, 40% lower than the national median of $1,314/month. The median household income of $47,553/year is 36% lower than the US median of $74,580. The local unemployment rate is 6.3%, above the national average of 4.8%. New York's top state income tax rate is 10.9% and the combined sales tax is 8.5%. The climate averages highs of 55.8°F and lows of 35.9°F. Overall, Olean has a cost of living index of 42 versus the US average of 100, meaning it is 58% less expensive.

🏠 Housing

Median Home Value

$90,500

70% below avg

Median Rent

$786/mo

40% below avg

Price-to-Rent Ratio

9.6x

Favors buying

Property Tax Rate

1.7%

Effective rate

HUD Fair Market Rents by Bedroom

Studio

$965

1 BR

$1,051

2 BR

$1,302

3 BR

$1,619

4 BR

$1,813

Owner-occupied 54.3%

Renter-occupied 45.7%

💰 Estimated Monthly Budget

Rent median rent

$786

Groceries national estimate

$400

Utilities local estimate

$88

Transportation local gas prices

$126

Estimated Total $1,400/mo

Estimates based on median data and national averages. Actual costs vary.

🛒 Food & Groceries

National BLS average prices (2023). Local prices may vary.

🥚

Eggs (dozen)

$0.548

🍞

White Bread (lb)

$1.912

🥩

Ground Beef (lb)

$5.61

🚗 Transportation

Avg Commute

18.4 min

32% below avg

Gas Price

$3.145/gal

0% below avg

Work From Home

8.5%

Commute Mode

Drove alone

74.7%

Carpooled

8.2%

Public transit

1.6%

Walked

5.1%

Bicycle

1.0%

Work from home

8.5%

⚡ Utilities

Electricity

$0.176/kWh

0% below avg

📋 Taxes

State Income Tax 10.9%

Total Sales Tax 8.5%

State rate 4.0%

Avg local rate 4.5%

Property Tax 1.7%

💼 Income & Employment

Median Household Income

$47,553

36% below avg

Per Capita Income

$29,654

Unemployment Rate

6.3%

31% above avg

Poverty Rate

24.1%

Labor Force Participation

61.1%

🎓 Education

Bachelor's degree+ 15.3%

Graduate degree 13.8%

👥 Demographics

Median Age 38.7

Male median age 38.3

Female median age 40.2

🌤 Climate

NOAA 1991–2020 Climate Normals

Avg High

55.8°F

Avg Low

35.9°F

Annual Precip

41.9"

Month	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
High °F	31	33	42	56	68	75	79	77	70	58	46	35
Low °F	16	16	24	34	43	52	55	54	48	38	30	22
Precip"	2.72	2.08	3.04	3.55	4.21	4.18	4.16	3.91	3.65	3.99	3.20	3.17

🏫 Schools

NCES CCD 2019 — public school district data

82%

4-Year Graduation Rate

12.5:1

Student-teacher ratio

Public schools

2,055

Total enrollment

Frequently Asked Questions

What is the cost of living in Olean, NY?

Olean has a cost index of 42 (100 = national average). It is 58% below the national average.

What is average rent in Olean, NY?

The median gross rent in Olean is $786 per month based on 2023 Census data.

What is the average home price in Olean?

The median home value in Olean is $90,500 according to 2023 Census ACS data.

What is the median income in Olean?

The median household income in Olean is $47,553 per year (2023 ACS 5-year estimates).

What is the sales tax in Olean, NY?

The combined state and local sales tax rate in Olean is 8.5%. The New York state income tax top rate is 10.9%.

Is Olean, NY affordable?

Yes, Olean is generally considered affordable, with a cost of living index of 42 — about 58% below the US national average of 100.

What is the weather like in Olean?

Olean has average high temperatures of 55.8°F and average lows of 35.9°F. Annual precipitation is 41.9". Data from NOAA 1991–2020 Climate Normals.

Olean at a Glance

Population: 13,798
Median Income: $47,553
Home Value: $90,500
Median Rent: $786/mo
Unemployment: 6.3%
Avg High Temp: 55.8°F
Sales Tax: 8.5%

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