| Index | New York | New York | National |
| Cost of living | 179 | 121 | 100 |
| Groceries | 120 | 106 | 100 |
| Health care | 123 | 110 | 100 |
| Housing | 297 | 144 | 100 |
| Transportation | 136 | 113 | 100 |
| Utilities | 121 | 112 | 100 |
| Lifestyle & Entertainment | 136 | 111 | 100 |
| Household Items | 116 | 106 | 100 |
| Education & Childcare | 151 | 118 | 100 |
Understanding the cost of living in New York can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The New York cost of living index is 179, which is 79% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
The cost of living in New York is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, New York falls into this category, which may not be suitable for those seeking an economically favorable living environment.
When it comes to the cost of living in New York, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 196.9% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Household expenses account for 8% of the cost of living index and include the products people rely on every week, from toiletries and detergent to clothing and kitchen essentials. In New York, household essentials are 16.3% more expensive than the U.S. average, which can leave less room in your monthly budget.
The cost of groceries continues to rise at an alarming rate. Over the last two years, grocery prices have increased by more than 10%! Unfortunately, in New York, the news isn't any better as grocery prices are 20.3% higher than the national average.
The most insightful perspective on a city comes from its residents. We recently surveyed 64 locals to gauge their perception of the cost of living in New York. The feedback revealed that 11% of respondents found the cost of living to be reasonable, with prices on the decline, while 89% regarded it as notably expensive with prices that continue to rise.
Is New York an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in New York, the median home price is 258.1% higher than what most folks pay across the country, and monthly rent prices are 54% higher than the usual rates. Income levels in New York come in at $98,495, which is 21.1% higher than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In New York, the utilities index registers at 21.2% higher than the national average.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In New York, the housing index is 196.9% higher than the national average.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In New York, the groceries index is 20.3% higher than the national average.
The cost of living estimates displayed for New York are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
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| Groceries index | |
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| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $156,059 | $13,005 | $3,641 | $4,682 |
| Renters | $78,982 | $6,582 | $1,843 | $2,370 |
| 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. |
| East Orange, NJ | 66,655 | 115 | 15.1% |
| Roselle, NJ | 22,321 | 116 | 15.7% |
| Silver Lake CDP (Warren County), NJ | 326 | 117 | 17.3% |
| Newark, NJ | 290,764 | 120 | 19.8% |
| Paterson, NJ | 149,118 | 122 | 21.5% |
| New York, NY | 8,575,966 | 179 | 78.8% |
| City | Population | Cost of Living Index | National Avg. |
| Los Angeles, CA | 4,130,831 | 181 | 81.2% |
| Toronto, ON | 3,013,752 | n/a | |
| Chicago, IL | 2,804,582 | 114 | 14.0% |
| New York, NY | 8,575,966 | 179 | 78.8% |
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