New York, known as the "Empire State", is one of the most expensive states driven by New York City metro costs. Here is everything you need to know about the cost of living in the Empire State — from housing and groceries to taxes, utilities, childcare, and what salary you actually need.
Here is what a typical month costs in New York for a single person earning the median income of $75,900/year:
Each category shows how New York compares to the national average. Green means cheaper, yellow means similar, orange/red means more expensive.
Adjust your salary to see a detailed monthly budget breakdown for living in New York.
Select a state to see how much salary you would need there to maintain the same lifestyle you have in New York.
The most popular cities for residents and newcomers in New York:
Housing is the single biggest expense in New York, as it is everywhere. The median home price in New York is $485,000, and the median rent for a one-bedroom apartment is $1,550/month. With a housing cost index of 167, New York housing is 67% more expensive than the national average.
Housing affordability is a real challenge in New York. Many residents spend well over 30% of their income on housing. Consider looking at suburbs or smaller cities within the state for significantly lower costs.
New York has a state income tax rate of 10.9%. On the median household income of $75,900, you will pay approximately $8,273/year in state income tax ($689/month). This is one of the higher rates nationally and significantly impacts disposable income.
The average single person in New York spends approximately $470/month on groceries. A family of four can expect to spend $1,175-$1,410/month. The food cost index of 106 means groceries in New York are 6% above the national average.
Gas prices in New York average $3.65/gallon. For the average commuter driving 15,000 miles/year at 25 MPG, that is roughly $2,190/year in fuel costs.
New York healthcare costs are 7% above the national average (index: 107). The average annual healthcare cost per person in New York is approximately $6,420 including premiums and out-of-pocket expenses. Employer-sponsored health insurance covers the majority of working adults.
Infant daycare in New York averages $1,600/month ($19,200/year). This is a significant expense that rivals rent in many areas. Many families in New York find that one parent staying home is more cost-effective when two or more children need daycare.
New York is a higher-cost state, but the higher expenses often come with higher incomes, better infrastructure, and more job opportunities. The median household income of $75,900 helps offset the 39% premium on living costs.
See all New York financial calculators:
New York (NY) has a cost of living index of 139, meaning it is 39% more expensive than the US average. Housing is the biggest factor with an index of 167. The median rent is $1,550/month and the median home price is $485,000. New York ranks #48 out of 50 states for affordability (1 = cheapest).
For a single person, a comfortable salary in New York is approximately $98,670/year ($8,223/month). For a family of four, aim for $166,980/year. This covers housing at 30% of income, groceries ($470/mo), transportation, healthcare, and a 15% savings rate. The median household income in New York is $75,900.
The median rent for a one-bedroom apartment in New York is approximately $1,550/month. A two-bedroom averages $2,093/month. Rent varies significantly by city: New York City, Buffalo, Rochester are the most popular metro areas. Housing costs in New York are above average — budget carefully.
New York is a more expensive state (COL index 139), but offers strong job markets and high median incomes ($75,900). Popular areas include New York City, Buffalo, Rochester.
The most affordable areas in New York are typically smaller cities and rural areas away from the major metros. Within New York, costs can vary 20-40% between the most expensive city (New York City metro) and more affordable areas. Syracuse and Albany tend to offer lower costs while still providing good amenities and job opportunities.
The average monthly grocery bill in New York for a single person is approximately $470 ($1,175 for a family of four). New York food costs are 6% above the national average. Shopping at Walmart, Aldi, and local discount stores can reduce this by 15-25%.
The average monthly electric bill in New York is approximately $165. Total utilities (electric, gas, water, internet) average $363/month. New York utilities are 12% above the national average. Utility costs are manageable for most households.
New York has a state income tax rate of 10.9%. On the median household income of $75,900, that is approximately $8,273/year in state income tax. This is among the highest in the nation.