Great Neck Plaza cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexGreat Neck PlazaNew YorkNational
Cost of living index153122100
IndexGreat Neck PlazaNew YorkNational
Goods & Services index151112100
Groceries index121103100
Health care index117104100
Housing index185149100
Transportation index138122100
Utilities index133102100
The above illustration supplies generalized information for the Great Neck Plaza, NY cost of living index. Compared to other cities in New York and cities across the country, the cost of living index in Great Neck Plaza, NY is 153, which is 25% higher than the New York average and 53% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Great Neck Plaza, NY are 34% higher than the average for New York and 51% higher than the rest of the country.

Did you know?

  • The cost of living in Great Neck Plaza is 25% higher than the New York average.
  • The cost of living in Great Neck Plaza is 53% higher than the national average.
  • The cost of housing in Great Neck Plaza is 85% higher than the national average.
  • New York general sales tax is 21% lower than the national average.
  • New York state income tax is 80% higher than the national average.

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Compare Great Neck Plaza, NY Cost of living To Other Cities

Salary Calculator

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The salary calculator is used in order to provide a comparison of your current salary in Great Neck Plaza, NY to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Great Neck Plaza, NY, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Great Neck Plaza, NY salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$81,394$6,783$1,899$2,442
Renters$46,671$3,889$1,089$1,400
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Great Neck Plaza, NY, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Great Neck Plaza, NY has a median income of about $81,394 for people who own homes. Based on that number, a person should spend a maximum of $1,899 on expenses related to housing. Renters have a slightly different median income, which is $46,671. Based on this average, renters should spend no more than $1,089 on all of their rental costs if they want to maintain a non-impoverished standard of living.

New York Sales Tax

StateGeneral Sales TaxWith Max Surtax
New York4%8.875%

New York Income Tax

StateIncome Tax (Low)Income Tax (High)
New York4%8.82%
One thing to keep in mind when considering the cost of living in Great Neck Plaza, NY is the New York sales tax and New York income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The New York sales tax rate is 4% and the maximum surtax that can be charged is 8.875%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The New York income tax rates range from 4% to 8.82%.

Goods & Services

ItemGreat Neck PlazaNational avg.Difference
Haircut $22.50$14.5954.2%
Beauty Salon $70.55$34.68103.4%
Toothpaste $4.04$2.4763.3%
Shampoo $1.14$1.0211.5%
Movie $13.83$9.8740.1%
Bowling $12.33$4.39180.8%

Groceries

ItemGreat Neck PlazaNational avg.Difference
Ground Beef $4.46$4.480.4%
Fried Chicken $1.04$1.4629.0%
Milk $1.92$2.3618.5%
Potatoes $4.37$3.0642.7%
Pizza $11.49$9.2424.3%
Beer $13.09$8.6351.6%

Health Care

ItemGreat Neck PlazaNational avg.Difference
Optometrist $103.33$99.783.6%
Doctor $122.50$105.0316.6%
Dentist $117.50$88.7032.5%
Ibuprofen $10.06$9.416.9%
Lipitor $302.11$298.501.2%

Housing

ItemGreat Neck PlazaNational avg.Difference
Home Price $321,400.00$175,700.0082.9%
Avg. Mortgage Payment $4,902.79$1,081.03353.5%
Apartment Rent $1,738.00$920.0088.9%

Transportation

ItemGreat Neck PlazaNational avg.Difference
Gasoline $2.64$2.0926.2%
Tire Balancing $78.00$45.2972.2%

Utilities

ItemGreat Neck PlazaNational avg.Difference
All Electricity$259.80$170.8052.1%
Phone $30.33$28.267.3%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Greenville, NY5731044%
Guttenberg, NJ11,39714646%
Roosevelt, NY16,55414747%
West New York, NJ51,51114747%
Uniondale, NY24,78714747%
Great Neck Plaza, NY6,82315353%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Cherry Valley, CA6,8231077%
Carmel Hamlet, NY6,82414545%
Yardville, NJ6,82512020%
Ralston, NE6,82689-11%
Madison, SD6,83085-15%
Great Neck Plaza, NY6,82315353%
Source: The Great Neck Plaza, NY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.