Cost of Living in New York
Based on 3 cities we track in New York.
Cost of living in New York is shaped mostly by rent across the 3 cities we track there. A one-bedroom apartment runs around $857 a month — 19% lower than the $1,052 median across the 51 states we track.
Median household income across those cities is $48,050, 28% lower than the $67,043 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
$857
Median Home Value
$152,300
Median Income
$48,050
Avg Temperature
48.3°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
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New York cost of living — FAQ
- Is New York expensive to live in?
- New York is among the more affordable of the 51 states we track. Its median one-bedroom rent of $857 ranks #41 of 51 and is 19% lower than the $1,052 median.
- What is the average rent in New York?
- Across the 3 cities we track in New York, average rent runs a studio around $812, a one-bedroom around $857, a two-bedroom around $1,114, a three-bedroom around $1,240 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 $152,300 — 47% lower than the $287,500 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 $857 near the recommended 30% of gross income, you'd want to earn roughly $34,000 a year. Median household income across the cities we track in New York is $48,050.
Sources: US Census Bureau, ACS 5-Year; NOAA Climate Normals 1981–2010; Tax Foundation 2026 (state taxes).