What is the cost of living in New York?
The cost of living in New York is 22.9% higher than the US average. According to MIT, the required living wage for a family of four with two working parents in New York is $110,255 vs the national average for a family of four with two working parents of $89,744. The median income of a New York household is $71,117.
The average home price in New York is $325,000, which is higher than the US average home price of $229,800. Median rent in New York is $1,315/mo which is higher than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 4.6 to 1. That means it takes roughly 4.6 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, New York has a high cost of living compared to America as a whole.
People Also Ask About New York
Is New York a dangerous state?
No, New York is not a dangerous state as it ranks as the #14 safest state in the United States based on our analysis of the latest FBI Crime Data. The violent crime rate in New York ranks 26th most dangerous in the United States -- 1.63% better than US average violent crime rate. The property crime rate in the Empire State ranks 4most dangerous in the United States -- 27.82% better than US average property crime rate. The latest reporting year from the FBI was 2022.
Is New York, NY a dangerous city?
No, New York is not a dangerous city. New York ranks as the #154 safest out of 328 major cities over 100,000 people in the United States based on our analysis of the latest FBI Crime Data. Keep in mind that are always safe and dangerous parts of any city, so even though New York might be considered safe you still need to be aware of where you are. For example, Ardon Heights is the safest in New York, while Midtown is considered dangerous by many based on recent crime stats.
Compared to other big cities, the violent crime rate in New York ranks 82nd highest in America -- 34.44% worse than US average violent crime rate. The property crime rate in the ranks 204th highest in the United States -- 21.53% better than US average property crime rate. Note the latest reporting year from the FBI was 2022 and that no city in America is "dangerous". Despite the uptick in murders, it's nothing like you'd see in Tijuana or Caracas where the murder rate is 2x any American city.
What county in New York has the lowest cost of living?
The county in New York with the lowest cost of living is Tompkins County. The average living wage in Tompkins County is $101,647 according to MIT data. Tompkins County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to New York as a whole. Childcare costs $20,571 a year in Tompkins County for two children compared to the New York average of $23,262. Housing costs, defined as a blend of the average rent and average mortgage payment, are $15,228 per year in Tompkins County compared to $20,091 on average in New York.
What is the cheapest housing market in New York?
The cheapest housing market in New York is Jamestown. The average home value in Jamestown is $66,400, the lowest in the state. The average home value in New York is $325,000, almost 4.9 times higher than Jamestown.