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.
A general overview of the cost of living index for Armonk, NY is displayed above. In Armonk, NY, the overall cost of living index is 215, which is 81% higher than the New York average and 115% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Armonk, NY, the city's goods and services are 11% higher than the New York average and 22% higher than the U.S. average.
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The cost of living in Armonk is 81% higher than the New York average.
The cost of living in Armonk is 115% higher than the national average.
The cost of housing in Armonk is 344% 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.
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
Use the salary calculator to compare your current salary in Armonk, 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 Armonk, NY, then you would need to earn more income in order to maintain the same standard of living. To use the Armonk, 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
Max Budget (28% DTI)
Max Budget (36% DTI)
One can approximate the cost of living and the housing affordability in Armonk, NY by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Armonk, NY have a median income of $209,890. Therefore, the amount that a consumer should spend on housing costs should be no more than $4,897 per month to avoid calamity and poverty. The renters in the city have an income of about $160,926, which would make their monthly maximum allowable rental costs $3,755.
New York Sales Tax
General Sales Tax
With Max Surtax
New York Income Tax
Income Tax (Low)
Income Tax (High)
The New York sales tax and New York income tax rates should definitely be considered when determining the overall cost of living in Armonk, NY. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The New York sales tax is 4% and the maximum surtax is 8.875%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The New York income tax rates range from 4% to 8.82%.
Goods & Services
Avg. Mortgage Payment
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.