New York cost of living
Moving to a new state offers exciting opportunities and experiences, but it can be an emotional roller coaster. It's important to consider the practical side of things. Then you can work on building new relationships and finding your way around.
There are countless reasons you might consider relocating to New York, but getting a sense of the expected cost of living is a smart move before you make any big decisions. Read on for details.
The median rent in New York is $1,580.42, versus the national median rent of $1,529.01.
Jump to insightResidents in New York spend $266.40 weekly on food at home and $112.87 on food out.
Jump to insightAs of publishing, the average price per gallon of regular gas is $3.61 in New York.
Jump to insightRecent data shows that employees in New York pay $1,892 annually for employee-sponsored health insurance coverage.
Jump to insightHousing costs in New York
According to recent data from Zillow, the median rent in New York is $1,580.42, while the national median rent is $1,529.01.
Data from the U.S. Census Bureau shows rent prices in New York broken down by home size. As of publishing, one-bedroom apartments in New York had a median cost of $1,419 per month, and the two-bedroom median cost was $1,502 per month. Three- and four-bedroom homes had median costs of $1,673 and $1,845, respectively.
As of publishing, the median home price in New York is $488,000, according to Redfin. The U.S. median home price is $436,000.
The median home price in the New York-Jersey City-White Plains metro area was $663,100 in the first quarter of 2024, according to the National Association of Realtors (NAR). The same data showed the median home price in the Buffalo-Cheektowaga-Niagara Falls metro was $229,700.
New York ranks No. 12 for highest effective property tax rates in the nation, according to the most recent Tax Foundation data, at 1.40%.
» COMPARE: Best moving companies
Food costs in New York
According to recent census data, the average spent on food to prepare at home each week in New York is $266.40, compared with the U.S. average of $270.21 at the time. New York residents spend an average of $112.87 weekly on food prepared outside the home, compared with the U.S. average of $109.21.
Transportation costs in New York
According to recent data from AAA, the average price per gallon of regular gas in New York is $3.61, compared with the U.S. average of $3.46.
The most recent National Association of Insurance Commissioners data shows that the average auto insurance premium (liability, collision and comprehensive coverage combined) in New York is $1,634.94, versus the national average of $1,189.50.
Public transportation costs
Public transit opportunities depend on where you live in New York. New York City came in first in our 2024 ranking of cities with the best public transit. The average fare was $1.75 as of 2022. In Buffalo, the average fare was $1.78.
Health care costs in New York
The most recent KFF data shows that, on average, employer-sponsored health insurance cost New York employees $1,892 annually, with employers covering the remaining $7,044 of the $8,936 total cost.
Nationwide, the average employee contribution was $1,637 out of a total premium of $7,590.
Utility costs in New York
According to the most recent data from the Energy Information Administration, the average monthly electric bill in New York is $130.81, versus $135.25 countrywide.
Recent EIA data also shows that natural gas in New York costs $14.75 per thousand cubic feet, compared with $13.25 nationally.
FAQ
How does the cost of living in New York compare with the national average?
New York overall is one of the most expensive states in the U.S. We ranked the state the third most expensive state in our 2023 analysis.
What are the most affordable cities in New York?
According to our 2024 story on income required to live in various cities, it costs quite a bit less to live comfortably in Buffalo or Rochester than in New York City. NAR data from the first quarter of 2024 shows the least expensive metro area for homebuying is Elmira. Binghamton and Syracuse are also significantly less expensive than New York City.
Is New York safe?
We ranked New York the ninth safest state on our 2023 list of safest states.
Article sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
- Zillow, "Housing Data." Accessed May 14, 2024.
- Redfin, "Redfin Data Center." Accessed May 14, 2024.
- Tax Foundation, "Where Do People Pay the Most in Property Taxes?" Accessed May 14, 2024.
- United States Census Bureau, "Week 63 Household Pulse Survey: October 18 - October 30." Accessed May 14, 2024.
- AAA Gas Prices, "State Gas Price Averages." Accessed June 14, 2024.
- National Association of Insurance Commissioners, "2020/2021 Auto Insurance Database Report." Accessed May 14, 2024.
- KFF, "Average Annual Single Premium per Enrolled Employee For Employer-Based Health Insurance." Accessed May 14, 2024.
- U.S. Energy Information Administration, "2022 Average Monthly Bill- Residential." Accessed May 14, 2024.
