Average Cost of Living in New York

New York is one of the best places in the United States to live if you want a higher quality of life. With beautiful scenery, excellent schools, and low crime rates, there are many reasons why potential new residents are curious about the cost of living in New York. 

On average, residing in populated urban areas, like New York, will be more expensive than in rural locations. Pair this with the high-quality services available, and you will find a higher cost of living. Although, for many individuals and families, the tradeoff is worth it, and they will gladly pay more to live in an area that can provide a better quality of life. 

There are several factors besides the real estate market that will affect the cost of living in New York. These additional elements include: 

• Bills and Utility Costs
• Transportation Costs 
• Housing Prices
• Food and Shopping 
• Health and Medical Costs 

Real Estate Market in New York 

Residents of this picturesque state are lucky enough to enjoy the amenities of a smaller urban setting while remaining connected to the large bustling center of New York City. There are more than 1.5 million housing units in New York available to both homeowners and renters. We buy houses in New York.

Homeowners make up 66% of the real estate market, while renters are the remainder 33.9%. Overall, the housing market has increased almost 2% from 2019 to 2020, making New York one of the more desirable places to live. As more people balance their home and work life, more individuals turn to outlying areas for permanent homes rather than living in large urban centers. 

Costs of Living in New York

To get a clearer picture of the average cost of living in New York, we explore several elements that help determine how affordable it will be for many individuals. Although it appears that New York is slightly more expensive to live in than the national average of other U.S. states, it can still be quite affordable. 

Bills and Utility Costs 

New York residents pay an average of $440 each month in bills and utility costs when considering their power, gas, water, cable, and internet services. This total makes it the 6th highest location for bill costs across the U.S. since the national average is approximately $398 monthly. 

You can blame the weather for these high utilities. The cold winters and hot summer months can cause more considerable electricity and natural gas bills in New York than in other areas around the United States. This increase is because residents run their furnaces more during colder months and opt for air conditioning units when the summer heat arrives. 

For renters in New York, 87% of them will have to pay utilities on top of their monthly rental fees. There is only a small percentage of rental units that have utilities included in the total rental costs. 

Transportation Costs

Getting around in New York will vary. They have public transportation, including busses, trains, and ferries, along with taxi services. Many residents will own their vehicles to commute to work and back. 

A potential citizen of New York will see higher gasoline prices, vehicle maintenance costs, and more significant licensing and insurance rates when compared to other states. The gasoline tax is responsible for most of this high amount, making residents pay almost 12% more for transportation costs than the national average. 

The increase in gasoline tax is there to help pay for roadway repairs and maintenance, but many individuals believe these roads are not getting the attention they need. 

For a better idea of a comparable location, the transportation costs in New York is approximately 40% higher than that of a resident in Maine, just a few hours north along the coast.  

Housing Prices in New York

With the average home costing approximately $275,500, residents should expect to pay around $60,000 more than the average US citizen. Sell my house fast New York. However, when considering the yearly income of an individual living in New York, mortgage costs occupy 21% of their household income, reaching just over $1,700 per month. 

Housing costs are not the only inflated item you will see for homeowners, unfortunately. New York has exceptionally high property taxes, so before you decide on a home, be sure to check the property tax rate assessment. Avoid house buying scams. Even so, housing prices here will run you significantly less than a comparable home in Boston or New York City. 

The renters in New York have it a little easier by far for affordable housing by only paying approximately $1,180 per month. This amount is only $120 more monthly than other locations in the U.S. In addition, there is no worry about property taxes, and their renter’s insurance will be quite a bit less than homeowner’s insurance. 

Food & Shopping 

Getting groceries and doing your shopping in New York is not as expensive as you may believe. Although many aspects of living in this beautiful location come with a higher price tag, your monthly food bill will only come out approximately 3% higher than an average U.S. citizen. 

There are dozens of ample shopping centers to choose from when traveling through New York. Thankfully, the prices for many goods throughout the state are not too high, allowing residents to shop local rather than traveling to the big city for their purchases. 

You can find a slight increase of up to 15% more for items in the Bridgeport-Stamford-Hartford areas than in other sections of the state. Companies that buy houses in New York. Some may attribute these costs to the population density and frequency of shoppers. 

Average Cost of Living in New York

New York can be your location of choice for many reasons. Whether you are looking for a better quality of life or want to remain on the coast, this beautiful state offers much. Consequently, a better quality of life comes with a higher price tag. 

New York’s average cost of living index will be slightly higher than the national average, but it varies, depending on where you settle in the state. Potential residents should expect anywhere from a 7 to 17% higher cost of living than other U.S. states. 

As a single resident in New York without children, you will need an annual income of just over $33,000 before taxes to live comfortably. For a family with two adults and two children, a combined yearly income of around $94,000 will cover all necessities while residing here. 

Your New Home?

Even though New York seems like a relatively expensive state to live in, the average income of residents exceeds the national average. The more considerable household income helps allow residents the choice of living in this beautiful state, even with slightly higher bills and expenses for a better quality of life.  

New York could be the best choice if you are looking for a terrific place to live on the coast while staying local to major urban centers. Selling a house and moving out of state?