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We all know that the Empire State is one of most expensive states in the country, so trust us when we say that the cities on this list are mind-bogglingly pricey. But where are these extra-expensive cities in New York?
It should come as no shock that one of the most expensive cities in America, New York City, is featured on this list. Equally unsurprising is the inclusion of Long Island's bastions of "old money" on the North Shore, like Manorhaven and Glen Cove. In fact, most places on this list are within spitting distance of NYC. Hey, there's a high price tag on living near one of the most iconic cultural and commercial centers on the planet.
Before moving to any of these places, you'd be well advised to have a good job lined up, because to keep up with the Joneses in New York, you'll want to earn a minimum income of $24,881/year. When you're living next door to Michael Bloomberg, Rupert Murdoch, and 100 some-odd other billionaires, you'd better believe you need to make good money to stay in the neighborhood.
Get ready to drop the platinum card on Fifth Ave, make a killing on Wall Street, and put your name down for an apartment on Billionaires' Row, because we're heading to the most expensive places in New York.
Here are the 10 most expensive places to live in New York for 2023:
What's the most expensive place to live in New York? Well, HomeSnacks crunched the numbers and discovered that Kaser is the most expensive place to live in New York.
So hopefully Ilion (the cheapest place to live in New York) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about New York and the most expensive cities in the country:
The 10 Most Expensive Places To Live In New York For 2023
Rank Last Year: 2 (No Change)
Home Price To Income Ratio: 39.9x (most expensive)
Income To Rent Ratio: 25.4x (2nd most expensive)
More on Kaser: Real Estate | Data
The median income in Kaser comes in at $26,525 and the median home value is $1,057,700 for 2023.
2. North Hills
Rank Last Year: 3 (No Change)
Home Price To Income Ratio: 7.0x (11th most expensive)
Income To Rent Ratio: 47.7x (29th most expensive)
More on North Hills: Real Estate | Data | Photos
The median income in North Hills comes in at $166,908 and the median home value is $1,168,500 for 2023.
3. Kiryas Joel
Rank Last Year: 5 (Up 1)
Home Price To Income Ratio: 14.2x (3rd most expensive)
Income To Rent Ratio: 30.8x (3rd most expensive)
More on Kiryas Joel: Real Estate | Data | Photos
The median income in Kiryas Joel comes in at $39,826 and the median home value is $566,100 for 2023.
4. New Square
Rank Last Year: 4 (Down 1)
Home Price To Income Ratio: 22.2x (2nd most expensive)
Income To Rent Ratio: 17.0x (most expensive)
More on New Square: Real Estate | Data | Photos
The median income in New Square comes in at $24,881 and the median home value is $552,200 for 2023.
5. New York
Rank Last Year: 6 (No Change)
Home Price To Income Ratio: 9.4x (5th most expensive)
Income To Rent Ratio: 44.8x (19th most expensive)
More on New York: Real Estate | Data | Photos
The median income in New York comes in at $70,663 and the median home value is $660,700 for 2023.
Rank Last Year: 7 (No Change)
Home Price To Income Ratio: 6.4x (15th most expensive)
Income To Rent Ratio: 34.2x (5th most expensive)
More on Manorhaven: Real Estate | Data | Photos
The median income in Manorhaven comes in at $89,341 and the median home value is $571,200 for 2023.
7. Glen Cove
Rank Last Year: 8 (Down 1)
Home Price To Income Ratio: 6.6x (14th most expensive)
Income To Rent Ratio: 42.9x (15th most expensive)
More on Glen Cove: Real Estate | Data | Photos
The median income in Glen Cove comes in at $81,693 and the median home value is $535,100 for 2023.
Rank Last Year: 24 (Up 14)
Home Price To Income Ratio: 6.2x (18th most expensive)
Income To Rent Ratio: 52.6x (52nd most expensive)
More on Bronxville: Real Estate | Data | Photos
The median income in Bronxville comes in at $168,917 and the median home value is $1,039,100 for 2023.
Rank Last Year: 18 (Up 7)
Home Price To Income Ratio: 7.4x (8th most expensive)
Income To Rent Ratio: 53.3x (55th most expensive)
More on Cedarhurst: Real Estate | Data
The median income in Cedarhurst comes in at $99,155 and the median home value is $730,800 for 2023.
Rank Last Year: 13 (Up 1)
Home Price To Income Ratio: 6.9x (12th most expensive)
Income To Rent Ratio: 32.8x (4th most expensive)
More on Ithaca: Real Estate | Data | Photos
The median income in Ithaca comes in at $40,973 and the median home value is $282,000 for 2023.
Methodology: How We Determined The Most Expensive Places To Live In The Empire State For 2023
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2017-2021 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in New York to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 166 places in New York that have more than 5,000 people.
The place with the highest cost of living in New York according to the data is Kaser. You can download the data here.
Summary: Taking A Chunk Out Of Your Paycheck In New York For 2023
Well there you have it, the places in New York that have the highest cost of living, with Kaser ranking as the most expensive city in the Empire State.
Here's a look at the most affordable cities in New York according to the data:
For more New York reading, check out:
- Best Places To Live In New York
- Cheapest Places To Live In New York
- Most Dangerous Places In New York
- Best Places To Raise A Family In New York
- Safest Places In New York According To Science
- Worst Places To Live In New York State
Detailed List Of The Most Expensive Cities In New York
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