| Index | Monsey | New York | National |
| Cost of living | 169 | 121 | 100 |
| Groceries | 108 | 106 | 100 |
| Health care | 111 | 110 | 100 |
| Housing | 306 | 144 | 100 |
| Transportation | 110 | 113 | 100 |
| Utilities | 112 | 112 | 100 |
| Lifestyle & Entertainment | 107 | 111 | 100 |
| Household Items | 108 | 106 | 100 |
| Education & Childcare | 120 | 118 | 100 |
Knowing the cost of living in Monsey 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 Monsey stands at 169, marking it 69% higher than the national average.
If you prioritize affordability when seeking a new place to live, Monsey may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Monsey falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs are a major factor in the Monsey cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 205.9% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Wondering if Monsey 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 Monsey, for example, the median home price is 271.3% higher than what folks pay nationally, and monthly rent is 53.1% higher than the usual rates. Plus, income levels matter too, with Monsey boasting a median household income of $60,307, which is 25.9% lower than the national average.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Monsey, the utilities index is 11.8% higher than the national average.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Monsey, the groceries index is 7.9% higher than the national average.
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Monsey, the baseline sales tax rate begins at 4%, and income tax rates start at 4%.
The Monsey cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $121,978 | $10,165 | $2,846 | $3,660 |
| Renters | $48,731 | $4,061 | $1,137 | $1,462 |
| State | General Sales Tax | With Max Surtax |
| New York | 4% | 8.875% |
| State | Income Tax (Low) | Income Tax (High) |
| New York | 4% | 10.9% |
| City | Population | Cost of Living Index | National Avg. |
| Greenville CDP (Greene County), NY | 616 | 106 | 6.1% |
| Greenwood Lake, NY | 3,168 | 118 | 17.7% |
| Paterson, NJ | 149,118 | 122 | 21.5% |
| Mount Ivy, NY | 7,675 | 120 | 20.1% |
| Harriman, NY | 3,112 | 121 | 20.7% |
| Monsey, NY | 24,236 | 169 | 69.1% |
| City | Population | Cost of Living Index | National Avg. |
| Tumwater, WA | 24,235 | 126 | 26.3% |
| Cudahy, CA | 24,233 | 141 | 40.9% |
| South Elgin, IL | 24,226 | 112 | 12.0% |
| Bailey's Crossroads, VA | 24,246 | 136 | 35.6% |
| Pelham, AL | 24,223 | 101 | 0.7% |
| Monsey, NY | 24,236 | 169 | 69.1% |
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