Photo: Andre Carrotflower · CC BY-SA 4.0Homes in Olean cost about 1.4 years of local pay, but renters are stretched more than prices suggest
More affordable than 51% of U.S. towns, #232 of 757 in New York.
Census 2020–24 home values, rents, tax bills and cost burden, measured against the median household income of the Olean, NY micro area ($60K). How TownRatings grades cost of living
In dollars, homes in Olean cost less than the New York typical home. But the grade compares costs with what households in the area earn, and Olean-area incomes are lower too ($60K, against $74K for the typical U.S. town). Property tax takes 3.64% of a home’s value a year (New York: 1.55%), and 52% of renters pay 30% or more of income for housing.
In dollars
- $1,040a month for a two-bedroom, utilities includedHUD Fair Market Rent, 2026
In paychecks the grade
- 1.4 yrsof area income buys the typical home; the typical U.S. town: 3.3$60K, Olean-area income
- 16%of area income goes to the median rent; the typical U.S. town: 18%Census 2020–24
- 52%of renters pay 30%+ of income for housing; across New York: 52%Census 2020–24
- 17%of owners do; the typical U.S. town: 20%Census 2020–24
Housing in Olean, in brief
Low tax bills, but a high tax rate
The median tax bill is $3,130, under the New York median of $6,582, because homes cost less. As a share of value, though, it’s 3.64% a year, against 1.55% statewide. On the typical home, that’s about $350 a month. Property taxes ↓
Prices rose faster than New York’s over five years
There’s no Zillow index for Olean, so the page uses the federal house price index for the ZIP code around it, which follows repeat sales of the same homes. It rose 80% over five years, against 52% across New York. Price trend ↓
Owning can cost less than renting
With 20% down at the calculator’s rate, the typical Olean home runs about $960 a month with tax and insurance. A two-bedroom rents for about $1,040. Can I afford it? ↓
Half the homes were built before 1938
Half of Olean’s homes were built before 1938, against 1959 for New York as a whole. Older homes can mean character, and also bigger heating and repair bills, so an inspection matters. Property taxes ↓
Written from the data on this page. There’s no Zillow index for Olean, so the typical value is an estimate: the Census median carried forward with the federal house price index; sales and supply are Redfin’s for September 2026; permits are Census figures through 2025; incomes, rents paid, taxes and ownership come from the Census American Community Survey.
What’s behind Olean’s grade
Measured against what households in the area earn, Olean is more affordable than 51% of U.S. towns, #232 of 757 in New York. Property tax pulls the grade down most; home prices hold it up.
Home prices up 80% in 5 years
The federal house price index for the ZIP code around Olean rose 80% over the past 5 years, faster than across New York (52%). Last year prices rose 15%. Carrying the Census median home value forward with that index puts the typical Olean home at roughly $116,000 today.
Carrying the Census median forward with the index puts a typical home at about $116K.
Federal Housing Finance Agency House Price Index (annual) for the ZIP codes around Olean, weighted by land area. It tracks repeat sales of the same homes, so it shows how prices changed, not what homes cost.
Too few sales to read the market
Only 17 homes sold in September 2026, the latest month in Redfin’s figures: too few to describe the market or quote a median sale price.
A typical home costs 1.4 years of area income
The calculator starts from the area income the grade uses. Switch to Olean’s own median, or type yours.
That covers a typical Olean home, with $53K to spare.
A two-bedroom rents for about $1,040 a month here, $80 more than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Olean’s typical property tax (3.64% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $1,040
Renters already here pay a median of $794, so moving in tends to cost more than staying put.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Cattaraugus County, NY): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
2 new homes permitted in 2025
Builders were permitted 2 new homes in Olean in 2025, all single-family houses. That's 0.1 per 1,000 residents, slower than across New York (1.8). Over the past 10 years, Olean has permitted 79 homes in all.
Between the 2010 and 2020 censuses, Olean's population fell by 515 even though 3 new homes were permitted. Homes are holding fewer people: households are getting smaller, or more homes are used part of the year. Across New York: 2.2 new residents per new home.
Every year as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 1 | 1 | 0 | $235,000 |
| 2025 | 2 | 2 | 0 | $470,000 |
| 2024 | 3 | 3 | 0 | $350,000 |
| 2023 | 16 | 0 | 16 | $3 million |
| 2022 | 42 | 0 | 42 | $10 million |
| 2021 | 14 | 0 | 14 | $7.1 million |
| 2020 | 0 | 0 | 0 | — |
| 2019 | 0 | 0 | 0 | — |
| 2018 | 1 | 1 | 0 | $238,000 |
| 2017 | 0 | 0 | 0 | — |
| 2016 | 1 | 1 | 0 | $150,000 |
| 2015 | 0 | 0 | 0 | — |
| 2014 | 1 | 1 | 0 | $222,000 |
| 2013 | 0 | 0 | 0 | — |
| 2012 | 0 | 0 | 0 | — |
| 2011 | 0 | 0 | 0 | — |
| 2010 | 0 | 0 | 0 | — |
| 2009 | 2 | 2 | 0 | $122,000 |
| 2008 | 1 | 1 | 0 | $120,000 |
| 2007 | 4 | 4 | 0 | $710,000 |
| 2006 | 10 | 3 | 7 | $760,000 |
| 2005 | 7 | 5 | 2 | $1.8 million |
| 2004 | 10 | 8 | 2 | $914,000 |
| 2003 | 5 | 5 | 0 | $345,000 |
| 2002 | 25 | 9 | 16 | $2.3 million |
| 2001 | 0 | 0 | 0 | — |
| 2000 | 2 | 2 | 0 | $131,000 |
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey.
Low tax bills, but a high tax rate
The median bill is $3,130, under the New York median of $6,582, because homes cost less. As a share of value it’s 3.64% a year, against 1.55% statewide.
Census American Community Survey 2020–24: the median real-estate tax bill homeowners report, and that bill ÷ the median home value. Bills include town, school and county taxes. The Census reports bills over $10,000 only as “$10,000+”.
The rest of a budget near Olean
Only figures published free for the whole country, each labeled with the area it covers: New York, or New York. Groceries follow the goods price level; nobody publishes them town by town.
| Cost | Here | Compared with | Area | Source |
|---|---|---|---|---|
| Electricity cents per kWh, homes | 29.9¢ | U.S. 18.3¢ | state | EIA, July 2026 |
Price levels: U.S. Bureau of Economic Analysis, Regional Price Parities 2024 (metro area and state). Electricity: U.S. Energy Information Administration, Electric Power Monthly, table 5.6.A.
Olean vs. its neighbors
Zillow publishes no value for Olean. Allegany and Weston Mills have no Zillow value, so they are in the table only.
Cost next door · one source per column
| Town | Cost | Typical home Zillow, latest | Median value Census 2020–24 | Tax rate bill ÷ value | 2-bed rent HUD 2026 |
|---|---|---|---|---|---|
| Olean | B− | — | $86K | 3.64% | $1,040 |
| Allegany | B | — | $169K | 2.35% | $1,040 |
| Weston Mills | – | — | $155K | 2.18% | $1,040 |
“—” under Zillow: Zillow publishes no value for that town, so it’s left blank rather than mixed with Census figures. “—” under Cost: not graded (too little Census data, or under 1,000 residents).
Questions about the cost of living in Olean
Is Olean expensive to live in?
Measured against what households in the area earn, Olean costs less than 51% of U.S. towns: a B− for cost of living, #232 of 757 in New York. The typical home costs 1.4 years of the median household income of the Olean, NY micro area ($60K).
How much is rent in Olean?
HUD puts a two-bedroom at about $1,040 a month with utilities, the going rate for someone moving in. Renters already here pay a median of $794 (Census 2020–24).
What are property taxes in Olean?
The median bill is $3,130 a year, 3.64% of the median home value (New York: $6,582, 1.55%), from the Census 2020–24.
Neighbors talk housing
What Olean buyers, sellers and renters are saying.
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center, September 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. The calculator is an estimate, not a loan offer. Regional price levels: BEA; electricity: EIA. How TownRatings grades cost of living.