State profile
New York Cost of Living Comparison
New York's 2024 price level is 107.921, 7.92% above the national level; it has the highest other-services prices in the country (104.067) and the second-highest goods prices (107.254).
Updated
107.921New York all-items price level, U.S. = 100 · rank 47 of 51, lowest first
| Measure | New York | New Jersey | First − second |
|---|---|---|---|
| All-items price level | 107.921 | 108.805 | −0.884 points |
| Rent price level | 122.168 | 134.292 | −12.124 points |
| Home value | $423,800±$1,627 | $454,400±$1,150 | −$30,600 |
| Two-bedroom gross rent | $1,620±$10 | $1,804±$9 | −$184 |
| Household income | $85,974±$402 | $103,556±$513 | −$17,582 |
| Real estate taxes paid | $6,582±$21 | $9,590±$25 | −$3,008 |
$4,000 of monthly spending in New York scales to $4,033 in New Jersey at the 2024 all-items price ratio.
Open the full New York vs New Jersey page
BEA 2024 and ACS 2020–2024; ± marks the Census 90% margin. How to read a gap
New York: one state, two very different markets
A statewide figure blends New York City with upstate, and that shows in the housing medians. The two-bedroom gross-rent median of $1,620 ranks only 11th, below Massachusetts ($1,876) and New Jersey ($1,804), and the median home value of $423,800 ranks 11th as well. The rent parity of 122.168 ranks 44th. Anyone comparing a specific city should treat these statewide medians as a floor for the metro area and a ceiling for much of the rest of the state.
Where New York is truly expensive is everything else. Other services rank 51st, goods 50th and utilities (134.370) 45th; together they keep the all-items parity high even where rents are moderate.
Ownership carries heavy local taxes. Owners pay the fourth-highest property taxes in the country, a median $6,582 a year, so even a paid-off home costs $958 a month at the median. Census records no state property tax: those bills belong to counties, towns and school districts.
The state government collected $131.28 billion in fiscal 2025, $6,563 per resident (rank 8). Individual income tax supplied 46.6%, or $3,060 per resident, and corporate income tax 20.4%, the third-highest corporate share of any state. The graduated income tax has top rates from 9.65% to 10.90% through 2032, and New York City adds its own tax. The state sales tax is 4%, with local rates and 0.375% in the Metropolitan Commuter Transportation District on top.
Incomes are high after the price adjustment: real per capita personal income is $64,153, rank 11. The relative price level has fallen from 110.130 in 2020 to 107.921 in 2024, a change of minus 2.209 points. New Jersey (108.805) is the nearest price level nationally.
Category price levels in New York
| Category | Parity | Rank, low first | vs U.S. |
|---|---|---|---|
| All items | 107.921 | 47 | 7.92% above |
| Goods | 107.254 | 50 | 7.25% above |
| Housing (rents) | 122.168 | 44 | 22.17% above |
| Utilities | 134.370 | 45 | 34.37% above |
| Other services | 104.067 | 51 | 4.07% above |
| Real income per person, 2017 $ | $64,153 | 11 | U.S. $59,195 |
All items by year: 2020 110.130 · 2021 109.564 · 2022 107.557 · 2023 107.842 · 2024 107.921 (−2.209 since 2020). How to read categories and trends
Monthly housing costs
- Owners with a mortgage
- $2,555±$9 · rank 6, high first
- Owners without a mortgage
- $958±$5 · rank 5
- Renters: gross rent / income
- 31.2%±0.3 · rank 10
New York state tax collections, FY2025
$131.28 billion in total, $6,563 per resident. Scope of these figures
| Tax | FY2025 | Share | Per resident |
|---|---|---|---|
| Individual income | $61.20 billion | 46.6% | $3,060 |
| General sales | $20.40 billion | 15.5% | $1,020 |
| Property | not levied | ||
| Motor fuel | $1.55 billion | 1.2% | $77 |
| Other selective sales | $13.48 billion | 10.3% | $674 |
| Corporate income | $26.79 billion | 20.4% | $1,339 |
| Licenses | $1.93 billion | 1.5% | $96 |
| Severance | not levied | ||
| Other taxes | $5.94 billion | 4.5% | $297 |
New York income tax on wages
New York taxes income on a graduated schedule. The Department of Taxation and Finance's fiscal 2027 tax expenditure report says an additional 0.2-percentage-point cut for taxable income up to $215,400 ($323,200 for joint filers) phases in over tax years 2026 and 2027, and that for 2021 through 2032 the top rates are 9.65% from $1,077,550 (single) to $5 million, 10.30% from $5 million to $25 million and 10.90% above $25 million. New York City residents also pay a separate city income tax.
Read : New York Department of Taxation and Finance: personal income tax expenditure estimates. Price parities exclude income taxes.
New York sales tax
New York's state sales and use tax rate is currently 4%; cities, counties and school districts add local rates, and an extra 0.375% applies to taxable sales in the Metropolitan Commuter Transportation District, so combined rates vary by county.
Read : New York Department of Taxation and Finance: sales tax rates.
Working in New York as a nonresident
New York taxes residents on all income wherever earned and nonresidents on New York-source income, which includes pay for work performed in the state and income from New York real property. Nonresidents of New York City owe no city personal income tax.
If your primary office is in New York and you telecommute from another state, New York counts the telecommuting days as days worked in New York unless your employer has established a bona fide employer office at your home location. A New York resident taxed by another state on income sourced there claims a nonrefundable resident credit on Form IT-112-R.
Read : New York Department of Taxation and Finance: residency and nonresident FAQs.
New York beside its neighbours
| Jurisdiction | All items | Rents | Goods | 2BR rent |
|---|---|---|---|---|
| New York | 107.921 | 122.168 | 107.254 | $1,620 |
| Connecticut | 103.610 | 117.048 | 97.330 | $1,584 |
| Massachusetts | 105.757 | 128.068 | 98.820 | $1,876 |
| New Jersey | 108.805 | 134.292 | 107.066 | $1,804 |
| Pennsylvania | 97.572 | 85.068 | 99.357 | $1,245 |
| Vermont | 97.958 | 86.502 | 97.274 | $1,384 |
Before you budget a move
A New York sales-tax comparison must use the delivery address. The state component is 4%, with local tax and an additional 0.375% in the Metropolitan Commuter Transportation District where applicable. That state component cannot stand in for the total tax on a specific purchase.
New York City, another New York destination and a cross-border commute need separate housing and tax inputs. The statewide rent median does not quote one borough, neighborhood or dwelling. Compare actual compensation, approved annual liabilities and lease utilities before interpreting the price-parity ratio as personal savings.
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