B+
6%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
28%
Housing NAT. AVG.
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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 Schenectady New York National
Cost of living94117100
Goods & Services106108100
Groceries103102100
Health care93103100
Housing72145100
Transportation97105100
Utilities102100100

An Overview of Cost of Living in Schenectady, NY

Understanding the cost of living in Schenectady can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Schenectady cost of living index is 94, which is 6% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

In Schenectady, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Schenectady will resemble that of an average city, contributing to a manageable cost of living.

Is Schenectady Affordable?

Wondering if Schenectady is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Schenectady, for example, the median home price is 38.7% lower than what folks pay nationally, and monthly rent is 3.2% lower than the usual rates. Plus, income levels matter too, with Schenectady boasting a median household income of $47,773, which is 13.6% lower than the national average.

What Factors can Influence the Cost of Living in Schenectady?

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Schenectady, the utilities index stands at 1.7% higher than the national average.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Schenectady, the groceries index is 3.1% higher than the national average.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Schenectady, the standard sales tax rate starts at 4%, and the income tax rates commence at 4%.

Where is the Data From?

The Schenectady cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Schenectady is 20% lower than the New York average
  • The cost of living in Schenectady is 6% lower than the national average
  • Schenectady housing is 28% lower 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 Schenectady

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Compare Schenectady, NY Cost of Living

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      Salary Calculator

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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

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$69,992$5,833$1,633$2,100
      Renters$31,975$2,665$746$959
      To approximate the cost of living and the housing affordability in Schenectady, NY, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Schenectady have a median income of $69,992. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,633 per month to avoid calamity and poverty. The renters in the city have an income of about $31,975, which would make their monthly maximum allowable rental costs $746.

      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 Schenectady National avg. Difference
      Haircut $28.28$24.2616.6%
      Beauty Salon $51.36$45.5612.7%
      Toothpaste $3.74$3.701.1%
      Shampoo $1.28$1.280.3%
      Movie $13.08$12.137.8%
      Bowling $15.96$18.0011.3%

      Groceries

      Item Schenectady National avg. Difference
      Ground Beef $6.06$5.843.7%
      Fried Chicken $1.60$1.571.5%
      Milk $4.85$4.673.9%
      Potatoes $5.09$4.933.2%
      Pizza $14.69$12.0921.5%
      Beer $10.90$10.414.7%

      Health Care

      Item Schenectady National avg. Difference
      Optometrist $132.47$125.685.4%
      Doctor $111.33$135.7818.0%
      Dentist $111.69$113.291.4%
      Ibuprofen $10.90$10.652.3%
      Lipitor $436.57$468.606.8%

      Housing

      Item Schenectady National avg. Difference
      Home Price $113,200.00$184,700.0038.7%
      Avg. Mortgage Payment $2,531.65$2,346.697.9%
      Apartment Rent $919.00$949.003.2%

      Transportation

      Item Schenectady National avg. Difference
      Gasoline $3.55$3.462.5%
      Tire Balancing $50.33$59.9216.0%

      Utilities

      Item Schenectady National avg. Difference
      All Electricity $196.70$193.991.4%
      Phone $195.71$192.251.8%
      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.
      Amsterdam, NY17,8238910.5%
      Green Island, NY2,647954.7%
      Hagaman, NY1,452954.6%
      Mechanicville, NY5,077972.9%
      Scotia, NY7,648972.7%
      Schenectady, NY65,336946.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Sammamish, WA65,265206105.6%
      Medicine Hat, AB65,247n/a 
      Rowlett, TX65,42612019.8%
      Halton Hills, ON65,483n/a 
      Castle Rock, CO65,17613837.7%
      Schenectady, NY65,336946.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.