The median income for a household in Phelps was $40,060. Males had a median income of $48,393 versus $36,806 for females. The average hours worked per week was 34.6. 52% of income was from wages, 5% was earned from self-employment, 27% from investments and retirement income, and 16% from social security. This distribution of income sources is similar to that of the county, but compared to the nation as a whole, wages are a significantly smaller percent of Phelps income. Cost of living in the town is mostly similar to the American average. 151 people in Phelps live below the poverty line.