An Overview of Cost of Living in Yonkers, NY
Knowing the cost of living in Yonkers 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 Yonkers stands at 144, marking it 44% higher than the national average.
If you value affordability in your search for a new place to live, Yonkers may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Yonkers falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs make up a big chunk of the cost of living in Yonkers, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 103.2% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Yonkers goods and services are 26.8% more expensive than the national average, leaving you with less money at the end of the month.
The surge in grocery costs is indeed alarming, especially when groceries make up a large portion of your monthly expenditures. Over the past two years, there has been an inflation of over 10% in grocery prices. Unfortunately, Yonkers does not fare better, with grocery expenses coming in at 13.4% higher than the national average.
Is Yonkers Affordable?
Is Yonkers 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 Yonkers, the median home price is 124.3% higher than what most folks pay across the country, and monthly rent prices are 54% higher than the usual rates. Income levels in Yonkers come in at $69,825, which is 26.2% higher than the national average.
What Factors can Influence the Cost of Living in Yonkers?
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 Yonkers, the general sales tax rate starts at 4%, and income tax rates begin at 4%.
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Yonkers, the transportation index is 15.2% higher than the national average.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Yonkers, the housing index is 103.2% higher than the national average.
Where is the Data From?
The cost of living in Yonkers, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.