Cost of living in New York research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means New York is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in New York, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in New York is 162, with 100 being the average.
The cost of living index in New York is 1.6x higher than the national average.
New York ranks as the #287 cheapest in New York out of 340.
New York ranks as the #6,023 cheapest out of 6,412 in the US.
The median home value in New York is $660,700.
The median income in New York is $70,663.
According to the most recent data on the cost of living, New York has an overall cost of living index of 162, which is 1.6x higher than the national index of 100.
Compared to New York, New York has a cost of living index that's 1.3x higher than New York's index of 126.
The standard of living in New York ranks as #287 most affordable out of the 340 places we measured in New York. By definition, that implies New York ranks as the #53 most expensive place in the Empire State.
For more reading on life in New York, check out:
Six factors go into calculating the cost of living index in New York. Here is how it fairs on each of the criteria:
The Services index in New York is 133.
The Groceries index in New York is 146.
The Health index in New York is 112.
The Housing index in New York is 235.
The Transportation index in New York is 132.
The Utilities index in New York is 99.
|Living Expense||New York||New York||National Average|
Housing swings affordability the most between places in New York, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in New York is $660,700.
The Median Rent in New York is $1,579.
The Median Income in New York is $70,663.
The Home Value To Income in New York is 9.4x.
The Rent To Monthly Income in New York is 0.27x.
|Statistic||New York||New York||United States|
|Median Home Value||$660,700||$340,600||$244,900|
|Home Value To Income||9.4x||4.5x||3.5x|
|Rent To Monthly Income||0.27x||0.22x||0.2x|
The cost of living varies in the cities and towns around New York. Here's a quick look at the cost of living in the most populous nearby places:
Hoboken, NJ has a cost of living index of 182, 1.1x New York.
West New York, NJ has a cost of living index of 138, 0.9x New York.
Cliffside Park, NJ has a cost of living index of 152, 0.9x New York.
|City||Population||Cost Of Living||Vs. New York|
|West New York, NJ||52,485||138||0.9x|
|Cliffside Park, NJ||25,515||152||0.9x|
|Port Washington, NY||16,807||185||1.1x|
|North New Hyde Park, NY||15,125||170||1.0x|
|North Merrick, NY||12,392||164||1.0x|