Cost of Living in Allegany County, New York
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Allegany County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Allegany County ranks #672 of 3,144 counties for affordability (top 21%)
Data Story
About Cost of Living in Allegany County, New York
Allegany offers rare affordability
Allegany County residents spend just 14.8% of income on rent—significantly below the national average of 17.0% and among the most affordable in the nation. Despite a median household income of $61,233, which trails the national median of $74,755 by $13,522, residents here enjoy housing costs that consume far less of their paychecks.
Most affordable county in New York
Allegany County ranks as one of New York's most affordable places, with a rent-to-income ratio of 14.8%—well below the state average of 17.6%. At just $754 monthly, median rent is $379 cheaper than the state average, making it a rare gem for budget-conscious New Yorkers.
Rural affordability champion
Allegany's $754 rent undercuts neighboring Cattaraugus County by just $5, but both drastically beat the state average and compete favorably with the most affordable rural counties nationwide. Home values of $97,900 represent some of the lowest in the state, offering genuine entry-level homeownership options.
Housing takes minimal income bite
Renters spend 14.8% of the $61,233 median income on a $754 monthly rent, while homeowners dedicate 15.0% to ownership costs ($762/month). Both figures leave substantially more disposable income for other expenses compared to state and national averages.
Seek authentic small-town living
If affordability is your north star and you don't require urban amenities, Allegany County delivers exceptional housing economics—rent and home prices that won't drain your budget. With a median home value under $100,000, first-time homebuyers can build equity without the crushing debt loads of metro areas.
Cost of Living Advisory: Allegany County
Affordability Verdict
Allegany County is affordable for renters, with a median gross rent of $754/month representing approximately 14.8% of median household income. The rent burden (GRAPI) stands at 28.0%.
Rent vs. Own
At $754/month rent versus $762/month in owner costs, renting is roughly $8/month cheaper — a 1% difference.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $30,160/year. For owner costs at the 28% rule, the required income is roughly $32,657/year. With a median household income of $61,233, most households can comfortably afford rent here. Notably, 28.0% of renter households in Allegany County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Allegany County sits 7% less expensive than Herkimer County ($811/month) in terms of median gross rent.
Affordability Calculator
See how your income compares to housing costs in Allegany County
Rent Burden
14.8%
of gross income
Max Housing (28% Rule)
$1,429
per month
Owner Cost Burden
14.9%
of gross income
You can likely afford the median home in Allegany County
Median home value is $97,900. Estimated monthly cost: $782 vs. your max of $1,429.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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