C
6%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
25%
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 Watertown New York National
Cost of living94117100
Goods & Services101108100
Groceries99102100
Health care103103100
Housing75145100
Transportation108105100
Utilities105100100

An Overview of Cost of Living in Watertown, NY

Knowing the cost of living in Watertown allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Watertown stands at 94, marking it 6% lower than the national average.

The cost of living in Watertown 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. Watertown 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.

Is Watertown Affordable?

Wondering if Watertown 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 Watertown, for example, the median home price is 29.5% lower than what folks pay nationally, and monthly rent is 13.8% lower than the usual rates. Plus, income levels matter too, with Watertown boasting a median household income of $41,918, which is 24.2% lower than the national average.

What Factors can Influence the Cost of Living in Watertown?

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Watertown, healthcare costs are 3.2% higher than the national average.

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Watertown, the transportation index is 7.8% higher than the national average.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Where is the Data From?

The Watertown 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 Watertown is 19% lower than the New York average
  • The cost of living in Watertown is 6% lower than the national average
  • Watertown housing is 25% 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 Watertown

See all the best places to live around Watertown

Compare Watertown, 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$68,588$5,716$1,600$2,058
      Renters$29,799$2,483$695$894
      The affordability of the housing market in Watertown, NY as well as the overall cost of living can be predicted 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 be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Watertown homeowners, the median income is $68,588. This indicates that a monthly maximum of $1,600 should be spent by homeowners on all housing related costs. Renters have a median income of $29,799. This indicates that renters would have a maximum of $695 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% 10.9%

      Goods & Services

      Item Watertown National avg. Difference
      Haircut $20.03$24.2617.4%
      Beauty Salon $42.39$45.567.0%
      Toothpaste $3.62$3.702.2%
      Shampoo $1.33$1.284.1%
      Movie $13.27$12.139.4%
      Bowling $16.74$18.007.0%

      Groceries

      Item Watertown National avg. Difference
      Ground Beef $5.93$5.841.6%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.71$4.670.8%
      Potatoes $5.13$4.933.9%
      Pizza $14.83$12.0922.7%
      Beer $10.15$10.412.5%

      Health Care

      Item Watertown National avg. Difference
      Optometrist $160.58$125.6827.8%
      Doctor $115.23$135.7815.1%
      Dentist $110.48$113.292.5%
      Ibuprofen $10.49$10.651.5%
      Lipitor $530.04$468.6013.1%

      Housing

      Item Watertown National avg. Difference
      Home Price $130,300.00$184,700.0029.5%
      Avg. Mortgage Payment $2,384.28$2,346.691.6%
      Apartment Rent $818.00$949.0013.8%

      Transportation

      Item Watertown National avg. Difference
      Gasoline $3.59$3.463.8%
      Tire Balancing $69.82$59.9216.5%

      Utilities

      Item Watertown National avg. Difference
      All Electricity $166.89$193.9914.0%
      Phone $194.41$192.251.1%
      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.
      Depauville, NY2241022.4%
      Felts Mills, NY4518911.0%
      Herrings, NY132909.6%
      Lorraine, NY558713.5%
      Dexter, NY7908910.9%
      Watertown, NY25,224945.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Hazelwood, MO25,2228812.3%
      Reading, MA25,23616463.9%
      Lunenburg, NS25,205n/a 
      Collingwood, ON25,244n/a 
      Zanesville, OH25,2468217.7%
      Watertown, NY25,224945.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.