A+
10%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
36%
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 Geneva New York National
Cost of living90117100
Goods & Services102108100
Groceries98102100
Health care99103100
Housing64145100
Transportation108105100
Utilities92100100

An Overview of Cost of Living in Geneva, NY

Are you thinking about relocating, but curious about the potential cost of living in Geneva? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Geneva stands at 90, making it 10% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Is Geneva Affordable?

Is Geneva 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 Geneva, the median home price is 45.7% lower than the national average and monthly rent prices are 14% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Geneva boasting a median household income of $42,472, 23.2% lower than the national average.

What Factors can Influence the Cost of Living in Geneva?

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Geneva, the general sales tax rate starts at 4%, and income tax rates begin at 4%.

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 Geneva, healthcare costs are 1.4% lower than the national average.

Where is the Data From?

The cost of living data in Geneva displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Geneva is 23% lower than the New York average
  • The cost of living in Geneva is 10% lower than the national average
  • Geneva housing is 36% 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 Geneva

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Compare Geneva, 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$67,768$5,647$1,581$2,033
      Renters$29,613$2,468$691$888
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Geneva, 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 Geneva homeowners, is $67,768. This would allow for a maximum of $1,581 per month to be spent on housing costs. For renters, the median monthly income is $29,613 which would result in a maximum of $691 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 Geneva National avg. Difference
      Haircut $26.78$24.2610.4%
      Beauty Salon $44.58$45.562.2%
      Toothpaste $3.72$3.700.4%
      Shampoo $1.70$1.2832.6%
      Movie $15.90$12.1331.0%
      Bowling $24.25$18.0034.7%

      Groceries

      Item Geneva National avg. Difference
      Ground Beef $6.04$5.843.5%
      Fried Chicken $1.55$1.571.4%
      Milk $5.16$4.6710.5%
      Potatoes $5.21$4.935.7%
      Pizza $13.16$12.098.9%
      Beer $11.98$10.4115.1%

      Health Care

      Item Geneva National avg. Difference
      Optometrist $124.25$125.681.1%
      Doctor $154.18$135.7813.6%
      Dentist $124.68$113.2910.1%
      Ibuprofen $11.17$10.654.8%
      Lipitor $398.58$468.6014.9%

      Housing

      Item Geneva National avg. Difference
      Home Price $100,200.00$184,700.0045.7%
      Avg. Mortgage Payment $5,235.60$2,346.69123.1%
      Apartment Rent $816.00$949.0014.0%

      Transportation

      Item Geneva National avg. Difference
      Gasoline $3.58$3.463.6%
      Tire Balancing $59.33$59.921.0%

      Utilities

      Item Geneva National avg. Difference
      All Electricity $196.28$193.991.2%
      Phone $200.67$192.254.4%
      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.
      Port Gibson, NY8591010.7%
      Savannah, NY5508515.1%
      Lyons, NY3,3138713.3%
      Romulus, NY4318812.1%
      Ovid, NY4868812.1%
      Geneva, NY12,7209010.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Wickliffe, OH12,720928.5%
      Tehachapi, CA12,71811716.5%
      East Islip, NY12,72214747.1%
      Orangeburg, SC12,7138911.4%
      Port Neches, TX12,729991.0%
      Geneva, NY12,7209010.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.