F
44%
Overall NAT. AVG.
27%
Goods & Services NAT. AVG.
103%
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 Yonkers New York National
Cost of living144117100
Goods & Services127108100
Groceries113102100
Health care121103100
Housing203145100
Transportation115105100
Utilities102100100

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.

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Cost Of Living Quick Facts

  • The cost of living in Yonkers is 23% higher than the New York average
  • The cost of living in Yonkers is 44% higher than the national average
  • Yonkers housing is 103% higher than the national average
  • New York general sales tax is 22% lower than the national average
  • New York state income tax is 54% higher than the national average

Most Affordable Places to Live in and Around Yonkers

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Compare Yonkers, NY Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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$102,286$8,524$2,387$3,069
      Renters$47,825$3,985$1,116$1,435
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Yonkers, 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 Yonkers, homeowners have a median income of $102,286. Using that number, a maximum of $2,387 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $47,825, which means there is a maximum of $1,116 to be spent on the costs of renting a home or apartment.

      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 Yonkers National avg. Difference
      Haircut $34.94$24.2644.0%
      Beauty Salon $64.07$45.5640.6%
      Toothpaste $3.96$3.707.0%
      Shampoo $1.69$1.2832.3%
      Movie $13.68$12.1312.8%
      Bowling $29.40$18.0063.3%

      Groceries

      Item Yonkers National avg. Difference
      Ground Beef $5.87$5.840.6%
      Fried Chicken $1.46$1.576.9%
      Milk $4.97$4.676.3%
      Potatoes $5.21$4.935.7%
      Pizza $12.57$12.094.0%
      Beer $11.87$10.4114.0%

      Health Care

      Item Yonkers National avg. Difference
      Optometrist $128.97$125.682.6%
      Doctor $162.24$135.7819.5%
      Dentist $149.64$113.2932.1%
      Ibuprofen $11.15$10.654.6%
      Lipitor $402.75$468.6014.1%

      Housing

      Item Yonkers National avg. Difference
      Home Price $414,200.00$184,700.00124.3%
      Avg. Mortgage Payment $6,916.73$2,346.69194.7%
      Apartment Rent $1,461.00$949.0054.0%

      Transportation

      Item Yonkers National avg. Difference
      Gasoline $3.55$3.462.5%
      Tire Balancing $86.43$59.9244.2%

      Utilities

      Item Yonkers National avg. Difference
      All Electricity $201.27$193.993.8%
      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.
      Greenville CDP (Greene County), NY6041066.1%
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      Guttenberg, NJ11,28413231.9%
      Hackensack, NJ44,26613232.1%
      Suffern, NY10,94512424.4%
      Yonkers, NY200,18314444.0%

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      Salt Lake City, UT200,13312221.5%
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      Huntington Beach, CA199,77818787.4%
      Grand Rapids, MI199,417927.7%
      Glendale, CA199,35719190.5%
      Yonkers, NY200,18314444.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.