F
31%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
83%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Riverhead New York National
Cost of living131117100
Goods & Services108108100
Groceries99102100
Health care113103100
Housing183145100
Transportation103105100
Utilities133100100

An Overview of Cost of Living in Riverhead, NY

Getting a feel for the cost of living in Riverhead is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Riverhead is 131, which is 31% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

If you value affordability in your search for a new place to live, Riverhead may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Riverhead falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs make up a big chunk of the cost of living in Riverhead, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 82.7% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Riverhead Affordable?

Is Riverhead an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Riverhead is 93.7% higher than the national average, while the average monthly rent prices are 57.2% higher than average. The affordability of any location can also be influenced by median income levels. Riverhead has a median household income of $64,865, which is 17.2% higher than the national average.

What Factors can Influence the Cost of Living in Riverhead?

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Riverhead, the utilities index registers 33.1% higher than the national average.

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Riverhead, the groceries index is 1% lower than the national average.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Riverhead, the transportation index is 3.2% higher than the national average.

Where is the Data From?

The Riverhead cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Riverhead is 12% higher than the New York average
  • The cost of living in Riverhead is 31% higher than the national average
  • Riverhead housing is 83% higher than the national average
  • New York general sales tax is 22% lower than the national average
  • New York state income tax is 77% higher than the national average

Most Affordable Places to Live in and Around Riverhead

See all the best places to live around Riverhead

Compare Riverhead, NY Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$78,493$6,541$1,831$2,355
      Renters$47,254$3,938$1,103$1,418
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Riverhead, NY, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Riverhead homeowners, is $78,493. This would allow for a maximum of $1,831 per month to be spent on housing costs. For renters, the median monthly income is $47,254 which would result in a maximum of $1,103 to be spent on rental 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% 10.9%

      Goods & Services

      Item Riverhead National avg. Difference
      Haircut $39.78$24.2664.0%
      Beauty Salon $69.00$45.5651.4%
      Toothpaste $3.86$3.704.2%
      Shampoo $1.47$1.2814.8%
      Movie $15.07$12.1324.2%
      Bowling $24.00$18.0033.3%

      Groceries

      Item Riverhead National avg. Difference
      Ground Beef $6.28$5.847.6%
      Fried Chicken $1.59$1.571.4%
      Milk $4.83$4.673.3%
      Potatoes $5.03$4.932.0%
      Pizza $13.21$12.099.3%
      Beer $10.53$10.411.1%

      Health Care

      Item Riverhead National avg. Difference
      Optometrist $134.70$125.687.2%
      Doctor $162.26$135.7819.5%
      Dentist $136.03$113.2920.1%
      Ibuprofen $11.26$10.655.7%
      Lipitor $375.63$468.6019.8%

      Housing

      Item Riverhead National avg. Difference
      Home Price $357,700.00$184,700.0093.7%
      Avg. Mortgage Payment $3,730.18$2,346.6959.0%
      Apartment Rent $1,492.00$949.0057.2%

      Transportation

      Item Riverhead National avg. Difference
      Gasoline $3.47$3.460.2%
      Tire Balancing $63.33$59.925.7%

      Utilities

      Item Riverhead National avg. Difference
      All Electricity $296.64$193.9952.9%
      Phone $185.16$192.253.7%
      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 Population Cost of Living Index National Avg.
      Riverside village, NY611946.1%
      Northville village, NY1,0181011.3%
      Calverton, NY5,28011818.2%
      Mastic Beach, NY15,61012120.8%
      Mastic, NY15,06812525.2%
      Riverhead, NY13,87913131.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Moorestown-Lenola, NJ13,87913333.2%
      Collingswood, NJ13,88211414.0%
      Chesterton, IN13,8841054.6%
      Brandermill, VA13,88711414.0%
      Lacombe, AB13,889n/a 
      Riverhead, NY13,87913131.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.