New York, NY Cost Of Living
Cost Of Living In New York, NY Summary
Cost of living in New York research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means New York is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in New York, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in New York is 169, with 100 being the average.
The cost of living index in New York is 1.7x higher than the national average.
New York ranks as the #294 cheapest in New York out of 341.
New York ranks as the #6,049 cheapest out of 6,489 in the US.
The median home value in New York is $806,834.
The median income in New York is $79,713.
Table Of Contents
New York's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in New York, NY?
According to the most recent data on the cost of living, New York has an overall cost of living index of 169, which is 1.7x higher than the national index of 100.
Compared to New York, New York has a cost of living index that's 1.4x higher than New York's index of 119.
The standard of living in New York ranks as #294 most affordable out of the 341 places we measured in New York. By definition, that implies New York ranks as the #47 most expensive place in the Empire State.
For more reading on life in New York, check out:
In New York
In America
New York Cost Of Living Vs. New York
Six factors go into calculating the cost of living index in New York. Here is how it fairs on each of the criteria:
The Services index in New York is 125.
The Groceries index in New York is 115.
The Health index in New York is 121.
The Housing index in New York is 290.
The Transportation index in New York is 116.
The Utilities index in New York is 103.
| Living Expense | New York | New York | National Average | |
|---|---|---|---|---|
| Overall | 169 | 119 | 100 | |
| Services | 125 | 110 | 100 | |
| Groceries | 115 | 103 | 100 | |
| Health | 121 | 101 | 100 | |
| Housing | 290 | 145 | 100 | |
| Transportation | 116 | 105 | 100 | |
| Utilities | 103 | 99 | 100 | |
New York, NY Housing Cost Breakdown
Housing swings affordability the most between places in New York, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in New York is $806,834.
The Median Rent in New York is $1,779.
The Median Income in New York is $79,713.
The Home Value To Income in New York is 10.1x.
The Rent To Monthly Income in New York is 0.27x.
Median Home Value
Median Rent
Median Income
New York, NY Costs By Category
Detailed New York Services Costs Vs. New York
Detailed New York Groceries Costs Vs. New York
Detailed New York Health Costs Vs. New York
Detailed New York Transportation Costs Vs. New York
Detailed New York Utilities Costs Vs. New York
New York SnackAbility
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Cost Of Living In Cities Around New York
The cost of living varies in the cities and towns around New York. Here's a quick look at the cost of living in the most populous nearby places:
Hoboken, NJ has a cost of living index of 192, 1.1x New York.
West New York, NJ has a cost of living index of 136, 0.8x New York.
Cliffside Park, NJ has a cost of living index of 149, 0.9x New York.
| City | Population | Cost Of Living | Vs. New York |
|---|---|---|---|
| Hoboken, NJ | 58,340 | 192 | 1.1x |
| West New York, NJ | 51,683 | 136 | 0.8x |
| Cliffside Park, NJ | 25,580 | 149 | 0.9x |
| Secaucus, NJ | 21,437 | 155 | 0.9x |
| Woodmere, NY | 18,198 | 194 | 1.1x |
| Port Washington, NY | 17,613 | 194 | 1.1x |
| Edgewater, NJ | 14,544 | 177 | 1.0x |
| North New Hyde Park, NY | 14,354 | 178 | 1.1x |
| North Merrick, NY | 12,544 | 168 | 1.0x |
| Inwood, NY | 11,964 | 148 | 0.9x |
