Moving to a new state can bring a host of exciting opportunities and experiences, but it’s often accompanied by a whirlwind of emotions. It’s crucial to consider the practical aspects first, so you can then focus on building new relationships and settling in comfortably.
There are plenty of reasons to consider moving to New York, but understanding the potential cost of living is a key factor to address before making any big decisions. Let’s explore the details.
Housing Costs in New York
According to recent data from Zillow, the median rent in New York is approximately $1,580.42, compared to the national median of $1,529.01. The U.S. Census Bureau breaks down rent in New York by home size, revealing that the median cost for a one-bedroom apartment is $1,419 per month, while two-bedroom units typically rent for $1,502. Median rents for three- and four-bedroom homes are $1,673 and $1,845, respectively.
As of the latest available data, Redfin reports that the median home price in New York stands at $488,000, compared to the national median of $436,000. In the New York-Jersey City-White Plains metropolitan area, the median home price was $663,100 in the first quarter of 2024, as per the National Association of Realtors (NAR). In contrast, the Buffalo-Cheektowaga-Niagara Falls metro area had a significantly lower median price of $229,700.
New York also ranks 12th in the U.S. for the highest effective property tax rates, with an average rate of 1.40%, according to the most recent data from the Tax Foundation.
Food Costs in New York
Based on recent census data, New Yorkers spend about $266.40 per week on groceries for home-cooked meals, slightly below the national average of $270.21. When it comes to dining out, New York residents allocate around $112.87 per week, compared to the U.S. average of $109.21.
Transportation Costs in New York
According to recent AAA data, the average cost of regular gas in New York is $3.61 per gallon, slightly higher than the U.S. average of $3.46. Additionally, auto insurance in New York is more expensive than the national average. Data from the National Association of Insurance Commissioners reveals that New Yorkers pay an average of $1,634.94 annually for auto insurance (which includes liability, collision, and comprehensive coverage), compared to the national average of $1,189.50.
Public Transportation Costs
Public transit options in New York vary depending on the location. New York City tops the list in our 2024 ranking of cities with the best public transit, with an average fare of $1.75 as of 2022. In Buffalo, public transportation fares are slightly higher, averaging $1.78.
Health Care Costs in New York
KFF’s latest data shows that employees in New York with employer-sponsored health insurance contribute an average of $1,892 annually, while their employers cover the remaining $7,044 of the total $8,936 premium. Nationwide, employees contribute an average of $1,637 out of a total premium of $7,590.
Utility Costs in New York
Energy costs in New York are slightly lower than the national average in some areas. According to the latest data from the Energy Information Administration (EIA), the average monthly electric bill in New York is $130.81, compared to the U.S. average of $135.25. However, natural gas is more expensive in New York, costing $14.75 per thousand cubic feet versus the national average of $13.25.
When planning a move to New York, understanding these costs is vital to making a smooth transition. Whether you’re moving within the state or from another part of the country, choosing a reliable moving company is just as important as budgeting for your new life. For those looking for the best moving experience, Movers Not Shakers, New York’s No. 1 local moving company, offers professional, eco-friendly, and efficient moving services. As experts in the area, they can help you navigate the complexities of relocating to one of the most vibrant states in the U.S. Visit Movers Not Shakers to learn more about how they can assist with your move and ensure a seamless transition into your new home.
Frequently Asked Questions
How does the cost of living in New York compare to the national average?
New York is considered one of the most expensive states in the U.S. In our 2023 analysis, it ranked as the third most expensive state.
What are the most affordable cities in New York?
Based on our 2024 report on the income needed to live in different cities, the cost of living comfortably in Buffalo or Rochester is notably lower than in New York City. According to NAR data from the first quarter of 2024, Elmira is the most affordable metro area for homebuyers. Additionally, Binghamton and Syracuse are much more affordable than New York City.
Is New York safe?
In our 2023 list of safest states, New York ranked as the ninth safest state.
