Cost of living in New York
Everyday prices in New York run 7.9% above the US average, the 47th lowest of 51 states and DC.
By Sol Lakein, founder of Slower Sundays. Updated November 2026.
New York next to New York and the US
New YorkUnited StatesNew York metro
- Everyday prices8% pricier than averageUS average · New York metro 13% pricier
- Housing, rent included22% pricier than averageUS average · New York metro 49% pricier
- 2-bedroom rent$1,729/mo11% more than the USUS $1,563 · New York metro $1,997
- Typical home for sale$605,00044% more than the USUS $419,250 · New York metro $742,000Mortgage $3,325/mo, US $2,304, New York metro $4,078. 20% down, 30-year fixed at 7.32%.
How affordable is New York?
Rent and home prices next to what households earn.6
$86,900
Typical household incomeA year · 24th highest of 51
24%
Of income goes to rentA year of 2-bed rent ($1,729/mo) against median income ($86,900). 48th lowest of 51.
7.0
Years of income to buy a home$605,000 median listing against $86,900 income. 47th lowest of 50.
Are people moving to New York?
137,586 more people left New York for other states than arrived between July 2024 and July 2025 (Census Bureau estimates).
- 2019-20-203,893
- 2020-21-326,190
- 2021-22-284,910
- 2022-23-177,852
- 2023-24-119,231
- 2024-25-137,586
Metro areas in New York
Price levelUS averageShorter bar = cheaper, longer = pricier
- 1Syracuse, NY4% cheaper than average
- 2-bed rent
- $1,221
- Typical home
- $304,894
- Mortgage
- $1,676/mo
- 2Buffalo-Cheektowaga-Niagara Falls, NY4% cheaper than average
- 2-bed rent
- $1,205
- Typical home
- $267,450
- Mortgage
- $1,470/mo
- 3Rochester, NY3% cheaper than average
- 2-bed rent
- $1,428
- Typical home
- $298,350
- Mortgage
- $1,640/mo
- 4Albany-Schenectady-Troy, NYAbout the US average
- 2-bed rent
- $1,548
- Typical home
- $419,975
- Mortgage
- $2,308/mo
- 5New York-Newark-Jersey City13% pricier than average
- 2-bed rent
- $1,997
- Typical home
- $742,000
- Mortgage
- $4,078/mo
New York next to its neighbors
The states that border New York, on the same measures. The number is each state's national rank on everyday prices.1,4,2
- 28Pennsylvania2% cheaper than average
- 2-bed rent
- $1,353
- Typical home
- $309,000
- Net moves
- -2,936
- 29Vermont2% cheaper than average
- 2-bed rent
- $1,452
- Typical home
- $499,450
- Net moves
- -726
- 42Connecticut4% pricier than average
- 2-bed rent
- $1,772
- Typical home
- $522,500
- Net moves
- -5,945
- 45Massachusetts6% pricier than average
- 2-bed rent
- $2,121
- Typical home
- $714,250
- Net moves
- -33,340
Show 2 more
- 47New YorkThis state8% pricier than average
- 2-bed rent
- $1,729
- Typical home
- $605,000
- Net moves
- -137,586
- 48New Jersey9% pricier than average
- 2-bed rent
- $1,990
- Typical home
- $559,500
- Net moves
- -37,428
New York by the numbers
Every figure on this page, as tables
New York next to New York and the US
| Place | Price level | Housing | Typical home | Monthly payment | 2-bedroom rent |
|---|---|---|---|---|---|
| New York | 107.9 | 122.2 | $605,000 | $3,325 | $1,729 |
| United States | 100.0 | 100.0 | $419,250 | $2,304 | $1,563 |
| New York metro | 112.6 | 148.6 | $742,000 | $4,078 | $1,997 |
Metro areas in New York
| Metro | Price level | 2-bedroom rent | Typical home |
|---|---|---|---|
| Syracuse, NY | 95.7 | $1,221 | $304,894 |
| Buffalo-Cheektowaga-Niagara Falls, NY | 95.8 | $1,205 | $267,450 |
| Rochester, NY | 97.0 | $1,428 | $298,350 |
| Albany-Schenectady-Troy, NY | 99.6 | $1,548 | $419,975 |
| New York-Newark-Jersey City | 112.6 | $1,997 | $742,000 |
New York next to its neighbors
| State | Price level | 2-bedroom rent | Typical home | Net moves from other states |
|---|---|---|---|---|
| New York | 107.9 | $1,729 | $605,000 | -137,586 |
| Connecticut | 103.6 | $1,772 | $522,500 | -5,945 |
| Massachusetts | 105.8 | $2,121 | $714,250 | -33,340 |
| New Jersey | 108.8 | $1,990 | $559,500 | -37,428 |
| Pennsylvania | 97.6 | $1,353 | $309,000 | -2,936 |
| Vermont | 98.0 | $1,452 | $499,450 | -726 |
Net moves from other states
| Year (July to July) | Net moves from other states |
|---|---|
| 2019-20 | -203,893 |
| 2020-21 | -326,190 |
| 2021-22 | -284,910 |
| 2022-23 | -177,852 |
| 2023-24 | -119,231 |
| 2024-25 | -137,586 |
States with a similar cost of living to New York
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New York cost of living: questions people ask
What is the cost of living in New York?
Everyday prices in New York run 7.9% above the US average, the 47th lowest of 51 states and DC (BEA, 2024). Housing costs, rent included, index at 122.2 against a US average of 100. The median listed home is $605,000 (Realtor.com, September 2026), about $3,325 a month in principal and interest. The median 2-bedroom rent is $1,729 a month, utilities included (Census, 2025). A $150,000 salary in New York buys the same as $143,814 in New York.
Is New York cheap or expensive to live in?
More expensive than average. New York's regional price parity is 107.9, 7.9% above the US average (BEA, 2024).
How much does a house cost in New York?
The median listed home in New York is $605,000 as of September 2026 (Realtor.com via FRED), against $419,250 nationally. That ranks 45th lowest of 50. With 20% down at 7.32%, principal and interest run about $3,325 a month.
How much is rent in New York?
The median gross rent for a 2-bedroom in New York is $1,729 a month, including utilities the renter pays, against $1,563 for the US (Census American Community Survey, 2025).
What salary in New York equals $150,000 in New York?
About $143,814, using BEA regional price parities for New York (107.9) and the New York metro (112.6), 2024.
Are people moving to New York?
137,586 more people left New York for other states than arrived between July 2024 and July 2025 (Census Bureau estimates).
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Notes on the numbers
- 1Everyday prices, housing costs and price levels: BEA regional price parities via FRED, 2024, where the US average is 100. In ranked lists, 1 is the cheapest.
- 2Homes: the typical home is the median listing price, Realtor.com via FRED, September 2026.
- 3Mortgage: Principal and interest on the median listed home with 20% down, 30-year fixed at 7.32% (Freddie Mac 30-year fixed average, week of October 22, 2026). Excludes taxes, insurance and HOA.
- 4Rent: Census ACS 2025 1-year, median gross rent for 2-bedroom units, including utilities.
- 5Net moves: US Census Bureau population estimates, net domestic migration, July to July.
- 6Affordability: our arithmetic on Census median gross rent (2025), Census median household income (2025) and Realtor.com median listing price (September 2026). Rank 1 is the most affordable.
Sources for this page
- Price level: BEA via FRED NYRPPALL, 2024
- Housing: BEA via FRED NYRPPSERVERENT, 2024
- Median listing: Realtor.com via FRED MEDLISPRINY, September 2026
- Household income: Census via FRED MEHOINUSNYA646N, 2025
- US median listing: Realtor.com via FRED MEDLISPRIUS, September 2026
- Net domestic migration 2024-25: https://planning.maryland.gov/MSDC/Documents/pop_estimate/estimates-post2010/table6.pdf (Census Vintage 2025 estimates via Maryland Dept of Planning Table 6; 2024-25 cross-checked vs https://files.hawaii.gov/dbedt/census/popestimate/2025/state-pop/NST-EST2025-COMP.pdf)
- Mortgage rate: Freddie Mac 30-year fixed average, week of October 22, 2026
- 2-bedroom rent: Census ACS 2025 1-year, median gross rent for 2-bedroom units (rent plus utilities)
- New York metro: Realtor.com via FRED MEDLISPRI35620; BEA via FRED RPPALL35620, 2024
- © Realtor.com, Housing Inventory Core Metrics (median listing price and median listing price per square foot), retrieved from FRED, Federal Reserve Bank of St. Louis