An Overview of Cost of Living in Syracuse, NY
Understanding the cost of living in Syracuse 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 Syracuse cost of living index is 90, which is 10% 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.
The cost of living in Syracuse aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Syracuse residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.
What Do Locals Say About the Cost of Living in Syracuse?
The most insightful perspective on a city comes from its residents. We recently surveyed 17 locals to gauge their perception of the cost of living in Syracuse. The feedback revealed that 71% of respondents found the cost of living to be reasonable, with prices on the decline, while 29% regarded it as notably expensive with prices that continue to rise.
Is Syracuse Affordable?
Is Syracuse affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Syracuse, the median home price is 48.1% lower than the national average and monthly rent prices are 12.5% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Syracuse boasting a median household income of $38,893, 29.7% lower than the national average.
What Factors can Influence the Cost of Living in Syracuse?
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Syracuse, the healthcare costs are 3.2% higher than the national average.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Syracuse, the transportation index is 7.8% higher than the national average.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Syracuse, the groceries index is 1% lower than the national average.
Where is the Data From?
The Syracuse 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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