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Ithaca, New York Real Estate and
Cost of Living
Cost of Living: Above the National Average
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Downtown Ithaca sits on a valley floor,
and residential neighborhoods dot the lush hills around
the city. A good variety of working class and
upper-income neighborhoods give new residents many
housing options. Cayuga Heights is the high-end
neighborhood (homes here start in the $650,000s).
Circa 1950s, 2 and 3 bedroom, ranch-style, single family
homes in less prestigious (but very nice) areas of town
start in the mid-$100,000s. Newer, bi-level,
rather average, 2-3 bedroom homes in pleasant, leafy
neighborhoods also start in the mid-$100,000s. |
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In the more affluent area of town known as
South Hill (where Ithaca College is located) lovely, three
bedroom homes (2,100 square feet) on acreage can be had
for $189,000, and $225,000 will fetch a renovated, 1940s,
"Cape Cod"-style home with 2,500 square feet, 4
bedrooms, 2 baths, a double garage and a large wooded lot,
although homes in the $300,000s are common. Town
homes and condos do not seem to be plentiful, but the few
2 bedroom units we found were for sale in the low
$100,000s.
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Ithaca has at least seven manufactured home communities, although
none targeting seniors specifically (there are, however, two
age-restricted mobile home parks in nearby Newfield). At
this writing, we found one mobile home for sale for $29,000 (3
bedrooms, 1 bath). Individual manufactured homes on 7-10
acres outside of town can be found for $63,000
This being a college town, Ithaca has a sizeable
number of apartments for rent, although during the fall and spring
semesters, most of these are rented to students. Buildings
that cater to students tend to have lower rental rates, and in
these, one bedroom units can be found for $500-$550 per month and
2 bedroom units for $625-$675 per month or so. In nicer
buildings, one bedroom units start at about $725 per month, and 2
bedroom units start at around $800 per month.
While Ithaca has a good selection of affordable
single family homes, property taxes are above the national
average. And although it is an affordable city, it is
more expensive than other areas in this part of New York State,
primarily because it is a university town
Places to Live Report
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