Despite the fact that New York state’s population recently declined for the first time in 10 years, it’s still home to approximately 20 million people.
Unlike many states in which the economic landscape is similar throughout, the same doesn’t hold true for New York. Here’s why: there’s a big difference between living in New York City and living in any other part of the state.
If you’re interested in moving to New York – regardless of the location within the state – it’s important to fully understand the cost of living.
Let’s examine some of the average costs associated with living in New York.
According to Zillow, the median price of homes currently listed in the state is $339,900.
While this is reasonable when compared to prices in other states, things change for the worse when you take your search to New York City.
Get this: the average price per square foot for real estate in Manhattan is $1,773, which is by far the highest in the country. For comparison’s sake, San Francisco sits in second at $1,185/square foot.
The cost of housing in New York can be affordable, but don’t expect this to be the case in and around the Big Apple.
There is more to owning a home in New York than paying a mortgage or rent. You also have to consider maintenance, utilities, and other ongoing expenses.
As noted by SmartAsset, the average cost of utilities (basic package) for a 915 square foot home in New York City is $127.02/month. This includes: garbage, water, heating, and electricity.
Believe it or not, this is roughly 14 percent lower than the United States average.
Note: utilities are one of the few things that are as cheap (or cheaper) in New York City as they are in other parts of the state.
Public transportation is available in most parts of New York, especially larger cities such as New York City, Buffalo, and Syracuse.
For those who want to drive their own vehicle, the cost of gas always comes into play.
According to AAA, the national average gas price on October 10, 2017, was $2.485/gallon for regular grade.
In New York, the average gas price is slightly higher, checking in at $2.698/gallon.
In the Buffalo area, the average price is $2.699/gallon. However, when you make your way to New York City, it jumps all the way up to $2.821/gallon.
New York is not one of the better places to live if you want to save money on taxes. Here’s a quick overview of what to expect if you’re a resident of the state:
- State income tax: 4% to 8.82% spanning eight tax brackets
- New York City income tax: 2.907% to 3.876 percent, which is paid in addition to state income tax
- Property tax: 1.5% average effective rate
- Sales tax: 7% to 8.875%
- State business income tax: default tax rate for Entire Net Income of 7.1% (can be more or less based on revenue)
Using a Personal Loan for the Move
With New York City being one of the most expensive places to live in the country, you may have some large costs associated with moving there.
A personal loan could be a viable option to help afford moving costs, setting up your new place or paying for additional expenses as you possibly transition into a new job and figure out how to budget for your new city.
Read More: The Cost of Living in Hawaii