New York Cost of Living
Can you afford to live in the Empire State?
+2 more
Thinking about moving to New York means weighing big opportunities against higher everyday costs. Whether it’s for career growth, culture or family, knowing the real cost of living is key to making smart decisions.
Daily life here adds up quickly — from housing and health care to groceries and transportation. Understanding these expenses can help you plan ahead and avoid surprises.
To determine the cost of living in New York, our team reviewed data from the U.S. Bureau of Economic Analysis to understand average spending. We also used recent official sources to gather housing, food, transportation, health care and utility costs for a full picture of everyday expenses.
People in New York spend $63,775 each year on goods and services, on average.
Jump to insightThe median rent in New York is $2,978, versus the national median rent of $1,639.
Jump to insightResidents in New York spend $266.40 weekly on food at home.
Jump to insightAs of August 2025, the average price per gallon of regular gas is $3.16 in New York.
Jump to insightRecent data shows that employees in New York pay $1,854 annually for employee-sponsored health insurance coverage.
Jump to insightThe average cost of living in New York
According to the U.S. Bureau of Economic Analysis (BEA), the average annual per-person spending in New York was $63,775 in 2023. This figure reflects the value of what residents consume each year across housing, health care, food, gas and energy, and other goods and services.
Here’s a breakdown of the largest spending categories in New York:
| Category | Annual per-capita cost in New York |
|---|---|
| Housing and utilities | $11,350 |
| Health care | $11,343 |
| Food and beverages for off-premises consumption | $4,278 |
| Gasoline and other energy goods | $875 |
| All other personal consumption expenditures | $35,928 |
| Total cost | $63,775 |
Housing costs in New York
For most families, housing is the largest monthly expense. According to 2025 data from Apartments.com, the average rent in New York is $2,978, while the national average rent is $1,639. Your housing costs will shift based on location and home size. The U.S. Census Bureau’s 2023 American Community Survey reports the following average monthly rents in New York:
- One-bedroom rent: $1,456
- Two-bedroom rent: $1,556
- Three-bedroom rent: $1,784
- Four-bedroom rent: $1,946
If you plan to buy, the median home price in New York is $605,200, compared with the U.S. median home price of $446,638.
Property taxes are another significant cost. New York ranks No. 9 for highest effective property tax rates in the nation, at 1.26%.
» COMPARE: Best moving companies in New York
Food costs in New York
Food spending in New York can vary a great deal depending on your shopping habits and how often you dine out. The latest U.S. Census data shows the average weekly grocery bill in New York is $266.40, compared with the U.S. average of $270.21.
Eating habits play a big part in your monthly food expenses. People who prepare most meals at home and shop at discount stores or local markets may keep costs down, while frequent restaurant meals — especially in larger cities like New York City — will lead to noticeably higher bills. In contrast, residents in smaller towns or rural areas may find more budget-friendly options and lower prices.
Transportation costs in New York
The average price per gallon of regular gas in New York is $3.16, compared with the U.S. average of $3.13.
The average auto insurance premium (liability, collision and comprehensive coverage combined) in New York is $1,676.31, versus the national average of $1,258.
Health care costs in New York
The average employee contribution for employer-sponsored health insurance in New York is $1,854 annually, with employers covering the remaining $7,319 of the $9,173 total cost.
Nationwide, the average employee contribution was $1,640 out of a total premium of $8,182.
Utility costs in New York
The average monthly electric bill in New York is $125.80, versus $136.84 nationally.
Natural gas in New York costs $14.54 per thousand cubic feet, compared with $12.92 nationally.
FAQ
Does New York have a high cost of living?
Yes, New York has a higher cost of living than the national average. Residents typically pay much more for rent and home purchases in particular.
Is New York a good place to live?
Yes, New York is a good place to live if you value diverse communities, access to world-class amenities and a wide range of job opportunities. The cost of living is higher, but the unique advantages make New York an appealing destination for many.
» RELATED: Best moving companies
Is New York good for renters?
No, New York is not good for renters. Rent is much higher there than in most states. Finding available rental units can also be very challenging. While the state offers some of the strongest tenant protections in the country, affordability and overall quality of life for renters rank low, making it harder for many households to find suitable options.
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:
- Apartments.com, “Rent Trends.” Accessed Aug. 20, 2025.
- Redfin, “Redfin Data Center.” Accessed Aug. 20, 2025.
- Tax Foundation, “Where Do People Pay the Most in Property Taxes?” Accessed Aug. 20, 2025.
- United States Census Bureau, “Week 63 Household Pulse Survey: October 18 - October 30.” Accessed Aug. 20, 2025.
- AAA Gas Prices, “State Gas Price Averages.” Accessed Aug. 20, 2025.
- National Association of Insurance Commissioners, “2021/2022 Auto Insurance Database Report.” Accessed Aug. 20, 2025.
- KFF, “Average Annual Single Premium per Enrolled Employee For Employer-Based Health Insurance.” Accessed Aug. 20, 2025.
- U.S. Energy Information Administration, “2023 Average Monthly Bill- Residential.” Accessed Aug. 20, 2025.
