F
Overall 62%
Goods & Services 36%
Housing 134%
Date & Last Updated: This data reflects 2019 and was released from C2ER in January, 2020; 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.
IndexNew YorkNew YorkNational
Cost of living162117100
Goods & Services136108100
Groceries142108100
Health care110101100
Housing234145100
Transportation128102100
Utilities11197100

Key findings

  • The cost of living in New York is 38% higher than the New York average
  • The cost of living in New York is 62% higher than the national average
  • New York housing is 134% 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

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Compare New York, NY Cost of Living

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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 IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      Owners$88,737$7,395$2,070$2,662
      Renters$42,581$3,548$993$1,278
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in New York, NY, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In New York, homeowners have a median income of $88,737. Using that number, a maximum of $2,070 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $42,581, which means there is a maximum of $993 to be spent on the costs of renting a home or apartment.

      New York Sales Tax

      StateGeneral Sales TaxWith Max Surtax
      New York4%8.875%

      New York Income Tax

      StateIncome Tax (Low)Income Tax (High)
      New York4%8.82%

      Goods & Services

      ItemNew YorkNational avg.Difference
      Haircut $23.00$17.4931.5%
      Beauty Salon $60.52$38.1758.5%
      Toothpaste $4.40$2.3289.6%
      Shampoo $1.65$1.0163.1%
      Movie $16.32$10.7252.2%
      Bowling $20.40$13.8647.2%

      Groceries

      ItemNew YorkNational avg.Difference
      Ground Beef $6.45$3.9065.4%
      Fried Chicken $2.44$1.4074.8%
      Milk $2.76$1.9640.7%
      Potatoes $3.24$3.181.8%
      Pizza $12.30$10.3918.3%
      Beer $11.99$9.2329.9%

      Health Care

      ItemNew YorkNational avg.Difference
      Optometrist $108.08$106.341.6%
      Doctor $106.72$115.257.4%
      Dentist $124.43$98.3826.5%
      Ibuprofen $12.90$9.2639.3%
      Lipitor $442.91$466.475.1%

      Housing

      ItemNew YorkNational avg.Difference
      Home Price $508,900.00$184,700.00175.5%
      Avg. Mortgage Payment $7,820.38$1,273.32514.2%
      Apartment Rent $1,294.00$949.0036.4%

      Transportation

      ItemNew YorkNational avg.Difference
      Gasoline $2.81$2.598.4%
      Tire Balancing $80.22$48.9064.1%

      Utilities

      ItemNew YorkNational avg.Difference
      All Electricity$197.50$167.6017.8%
      Phone $186.69$163.4214.2%
      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, StatePopulationCost of Living IndexNational Avg.
      East Orange, NJ64,62111111%
      Roselle, NJ21,50711111%
      Newark, NJ280,13911212%
      Silver Lake, NJ4,00711414%
      Paterson, NJ146,89411515%
      New York, NY8,461,96116262%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Los Angeles, CA3,918,87214848%
      Chicago, IL2,714,01711010%
      New York, NY8,461,96116262%
      Source: The New York, NY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.