Cost of Living in New York
Based on 1 city we track in New York.
Cost of living in New York is shaped mostly by rent across the 1 city we track there. A one-bedroom apartment runs around $1,705 a month — 43% higher than the $1,191 median across the 28 states we track.
Median household income across those cities is $79,713, 11% higher than the $71,716 median across the states we track. New York has a top state income tax rate of 10.90% and a 4% state sales tax.
State Medians
Median 1BR Rent
$1,705
Median Home Value
$751,700
Median Income
$79,713
Avg Temperature
55.0°F
Medians across the New York cities we track — not a statewide population-weighted figure.
State Taxes
State Sales Tax
4%
State Income Tax (top rate)
Up to 10.90%
Cities in New York
Compare New York with
New York cost of living — FAQ
- Is New York expensive to live in?
- New York is among the most expensive of the 28 states we track. Its median one-bedroom rent of $1,705 ranks #3 of 28 and is 43% higher than the $1,191 median.
- What is the average rent in New York?
- Across the 1 city we track in New York, average rent runs a studio around $1,633, a one-bedroom around $1,705, a two-bedroom around $1,781, a three-bedroom around $2,065 per month (US Census ACS).
- What is the median home price in New York?
- The median home value across the cities we track in New York is $751,700 — 136% higher than the $317,950 median across the states we track.
- Does New York have a state income tax?
- Yes — New York's top state income tax rate is 10.90% (most filers pay less than the top rate). Its state sales tax rate is 4%; local jurisdictions may add more.
- How much do you need to earn to live in New York?
- To keep a one-bedroom rent of $1,705 near the recommended 30% of gross income, you'd want to earn roughly $68,000 a year. Median household income across the cities we track in New York is $79,713.
Sources: US Census Bureau, ACS 5-Year; NOAA Climate Normals 1981–2010; Tax Foundation 2026 (state taxes).