Cost of living index 112.6 · 2024

How Expensive Is New York, NY?

Living in New York is about 13% more expensive than the U.S. average.

Based on official federal data, New York has an overall cost-of-living index of 112.6, where 100 is the national average. That places it 13% above the national average. The typical household earns $79,713 a year and pays a median rent of $1,779 a month.

Cost of Living Index in New York

The index compares local prices to the national average of 100. Here is how New York breaks down by category.

Category	Index (U.S. = 100)	vs. average
Overall	112.6	+13%
Housing (rents)	148.6	+49%
Goods	110.3	+10%
Other services	127.0	+27%

Housing and Rent in New York

The median gross rent in New York is $1,779 a month, and the median home value is $751,700. The table below shows HUD Fair Market Rents by apartment size for the metro area.

Apartment size	Fair Market Rent
Studio	$1,778
1 bedroom	$2,024
2 bedrooms	$2,324
3 bedrooms	$2,835
4 bedrooms	$3,618

Income in New York

The median household income in New York is $79,713 a year. With a local cost-of-living index of 112.6, that income goes less far than it would in an average U.S. city.

Salary Needed to Live in New York

To cover housing and everyday costs at the local price level, a single person needs an estimated $81,000 a year, and a family of four about $113,400. These estimates keep rent at roughly 30% of gross pay and adjust other costs to local prices.

These figures are estimates based on public data (BEA, Census, HUD) and a standard budget model. Actual costs vary by lifestyle.

Compare New York With Other Cities

See how the cost of living in New York stacks up against other U.S. cities, side by side.

New York vs Austin New York vs Charlotte New York vs Chicago New York vs Columbus New York vs Dallas New York vs Denver New York vs Fort Worth New York vs Houston New York vs Indianapolis New York vs Jacksonville New York vs Los Angeles New York vs Miami New York vs Philadelphia New York vs Phoenix New York vs San Antonio New York vs San Diego New York vs San Francisco New York vs San Jose New York vs Seattle

Frequently Asked Questions

Is New York expensive to live in?

New York has a cost-of-living index of 112.6, which is 13% above the national average. It is more expensive than a typical U.S. city, driven mainly by housing.

How much money do you need to live in New York?

A single person needs about $81,000 a year to live comfortably in New York, while a family of four needs roughly $113,400, based on local rents and prices.

What is the average rent in New York?

The median gross rent in New York is $1,779 a month. HUD Fair Market Rent for a one-bedroom in the metro area is $2,024.

Data Sources

Cost-of-living index from the U.S. Bureau of Economic Analysis (Regional Price Parities, 2024). Income, rent, and home value from the U.S. Census Bureau (American Community Survey 5-Year, 2023). Fair Market Rents from the U.S. Department of Housing and Urban Development (FY2026).