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Cost of Living in New York

Is it better to rent or buy in New York? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$89,548
$1,952/mo

Median in area: $1,952

$879,091

Median in area: $879,091

$175,818

If you Rent

🔑
$2,183 /mo
Base Rent$1,952
Est. Utilities$231
% of Income29.3%
Pre-tax Residual$5,279

If you Buy

🏠
$5,385 /mo
P&I (6.5%)$4,445
Taxes & Ins$709
Est. Utilities$231
% of Income72.2%
Pre-tax Residual$2,077

Cost of Living FAQs

Is it cheaper to rent or buy in New York?›

Based on median housing data, renting is currently more affordable on a monthly basis in New York. The estimated all-in monthly cost for renting is $2,183, while owning a median-priced home with a 20% down payment is roughly $5,385 per month (a difference of $3,202).

How much do utilities cost in New York?›

The average monthly utility cost (electricity and natural gas) for a typical home in New York is approximately $231. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in New York?›

To comfortably afford the median rent and utilities in New York without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $87,320 per year.