Cost of Living in New York City, NY
New York City has a cost of living index of 187 (100 = national average), making it significantly more expensive than the national average. The median household income is $74,694 and the median home price is $740,000.
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New York City at a Glance
Population
8,258,035
Cost of Living Index
187
Median Income
$74,694
Median Home Price
$740,000
Property Tax Rate
0.89%
Sales Tax Rate
8.88%
Rent Index
210
State
New York
Living in New York City
New York City is one of the more expensive cities in the United States. Housing costs are a major factor, with the median home price at $740,000. However, the median household income of $74,694 partially offsets the higher costs.
The combined sales tax rate in New York City is 8.88%, and the effective property tax rate is 0.89%. Property taxes are close to the national average.