Peekskill, NY Cost Of Living

Peekskill 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.
Index	Peekskill	New York	National
Cost of living index	127	119	100
Index	Peekskill	New York	National
Goods & Services index	122	109	100
Groceries index	109	108	100
Health care index	114	99	100
Housing index	151	145	100
Transportation index	115	108	100
Utilities index	112	102	100

Here we can see a simple outline of the cost of living in Peekskill, NY. As you can see, with the average cost of living in Peekskill, NY being 127, that puts it 7% higher than the average of New York and 27% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Peekskill, NY, the price of goods and services are 11% higher than the average of New York as well as 22% higher than the nation's average.

Did you know?

The cost of living in Peekskill is 7% higher than the New York average.
The cost of living in Peekskill is 27% higher than the national average.
The cost of housing in Peekskill is 51% 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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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Use the salary calculator to compare your current salary in Peekskill, NY to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Peekskill, NY, then you would need to earn more income in order to maintain the same standard of living. To use the Peekskill, NY salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$86,979	$7,248	$2,029	$2,610
Renters	$36,158	$3,013	$844	$1,085

The affordability of the housing market in Peekskill, NY as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Peekskill, NY homeowners, the median income is $86,979. This indicates that a monthly maximum of $2,029 should be spent by homeowners on all housing related costs. Renters have a median income of $36,158. This indicates that renters should have a maximum of $844 used for their rent related monthly costs.

New York Sales Tax

State	General Sales Tax	With Max Surtax
New York	4%	8.875%

New York Income Tax

State	Income Tax (Low)	Income Tax (High)
New York	4%	8.82%

One thing to keep in mind when considering the cost of living in Peekskill, 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

Item	Peekskill	National avg.	Difference
Haircut	$19.87	$16.09	23.6%
Beauty Salon	$64.81	$37.33	73.6%
Toothpaste	$3.03	$2.45	23.8%
Shampoo	$0.99	$1.00	0.6%
Movie	$12.69	$10.28	23.4%
Bowling	$7.03	$4.93	42.5%

Groceries

Item	Peekskill	National avg.	Difference
Ground Beef	$4.10	$3.80	7.7%
Fried Chicken	$1.44	$1.40	3.3%
Milk	$1.96	$2.01	2.6%
Potatoes	$3.47	$3.01	15.4%
Pizza	$9.98	$9.89	0.9%
Beer	$10.01	$8.90	12.6%

Health Care

Item	Peekskill	National avg.	Difference
Optometrist	$115.59	$102.16	13.2%
Doctor	$124.71	$108.36	15.1%
Dentist	$112.48	$92.53	21.6%
Ibuprofen	$10.51	$9.28	13.3%
Lipitor	$413.07	$425.82	3.0%

Housing

Item	Peekskill	National avg.	Difference
Home Price	$289,100.00	$184,700.00	56.5%
Avg. Mortgage Payment	$2,408.75	$1,202.44	100.3%
Apartment Rent	$1,324.00	$949.00	39.5%

Transportation

Item	Peekskill	National avg.	Difference
Gasoline	$2.55	$2.24	13.7%
Tire Balancing	$54.89	$46.29	18.6%

Utilities

Item	Peekskill	National avg.	Difference
All Electricity	$200.20	$165.96	20.6%
Phone	$29.17	$28.68	1.7%

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, State	Population	Cost of Living Index	National Avg.
Copake Hamlet, NY	161	109	9%
Newburgh, NY	28,406	111	11%
Maybrook, NY	3,178	111	11%
Mountain Lodge Park, NY	1,726	112	12%
Harriman, NY	2,556	113	13%
Peekskill, NY	23,977	127	27%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Coral Terrace, FL	23,983	115	15%
Searcy, AR	23,969	81	-19%
Rock Springs, WY	23,967	100	0%
Carteret, NJ	23,966	120	20%
Somerset, NJ	23,989	126	26%
Peekskill, NY	23,977	127	27%

Source: The Peekskill, NY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Peekskill, NY Cost of Living