New York State’s Least and Least Affordable Cities

24/7 Wall St. Perspectives

• Nationally, the cost of living tends to be higher in cities than in places outside major metropolitan areas
• However, consumer prices can vary considerably from one city to another, and some metropolitan areas of New York State are more affordable for a wider range of incomes than others.
• Also: 2 Dividend Legends to Keep Forever

The overall cost of living has risen at a historic rate in recent years, and the impact on American families has been both financial and psychological. A recent survey by the US Census Bureau found that more than 57% of Americans reported difficulty meeting their usual household expenses in the past week, and that more than 93% of US adults experienced stress related to higher prices in the last two months. .

right Consumer price indexthe inflation rate began to rise in early 2021 and peaked in June 2022, when prices of goods and services were 9.1% higher than they were a year earlier. While inflation has declined steadily in recent months, the CPI remains above the Federal Reserve’s 2 percent target rate.

While no corner of the country has been exempt from rising consumer prices, in relative terms, the overall cost of living varies considerably across the United States. In New York state, for example, goods and services were about 7.6 percent more expensive, on average, than they were nationally in 2022 — the latest year of data available. Likely due to the higher cost of living, 57.7 percent of New York households had trouble paying household expenses in the past week, and 93.5 percent of adults in the state reported stress from rising prices. (Here’s a look at the most expensive states to live in.)

In general, Americans living in large cities face a higher cost of living than those in smaller, rural communities. According to the Bureau of Economic Analysis, goods and services are about 11.4 percent more expensive in U.S. metropolitan areas than outside metropolitan areas.

According to this model, goods and services are about 8.8% more expensive than the average in all 13 New York metro areas and 9.7% less expensive in non-metro areas. However, the overall cost of living can vary significantly from one New York State city to another. In the least expensive metropolitan area of ​​New York, consumer prices are about 10.4% lower than the national average. Meanwhile, in the state’s most expensive city, prices are 13.0% higher than average. (Here’s a look at the most affordable city in each state.)

Consumer prices tend to rise when the demand for goods and services exceeds the supply. Because the cost of living is closely related to consumer spending, it’s no coincidence that more affluent areas are typically more expensive places to live than lower-income communities. While there are exceptions, the median household income in some of the most expensive cities on this list is higher than the comparable statewide median income of $79,557.

This is the cost of living in each New York State metro area, ranked.

Why it matters

Inflation, as measured by the Consumer Price Index, hit a multi-decade high in 2022, and as of July 2024, the CPI remains well above the Federal Reserve’s 2% target. Even though prices tend to be much higher in cities than in rural communities, the vast majority of Americans—80 percent according to the U.S. Census Bureau—live in an urban area. However, consumer prices can vary considerably from one city to another, and some New York metropolitan areas are more affordable for a wider range of incomes than others.

13. Utica-Rome, NY

• Total cost of living, 2022: 10.4% lower than the US average
• Median household income, 2022: $64,203 ($15,354 less than the statewide average)
• Median home value, 2022: $165,800 ($234,600 less than statewide average)
• Population of the metropolitan area: 288,668

12. Binghamton, NY

• Total cost of living, 2022: 8.0% lower than the US average
• Median household income, 2022: $63,427 ($16,130 less than statewide average)
• Median home value, 2022: $149,300 ($251,100 less than statewide average)
• Population of the metropolitan area: 244,889

11. Glens Falls, NY

• Total cost of living, 2022: 7.6% lower than the US average
• Median household income, 2022: $69,145 ($10,412 less than statewide average)
• Median home value, 2022: $232,300 ($168,100 less than statewide average)
• Population of the metropolitan area: 126,440

10. Elmira, NY

• Total cost of living, 2022: 7.3% lower than the US average
• Median household income, 2022: $55,845 ($23,712 less than statewide average)
• Median home value, 2022: $130,700 ($269,700 less than statewide average)
• Population of the metropolitan area: 81,426

9. Syracuse, NY

• Total cost of living, 2022: 6.6% lower than the US average
• Median household income, 2022: $68,304 ($11,253 less than statewide average)
• Median home value, 2022: $171,700 ($228,700 less than statewide average)
• Population of the metropolitan area: 653,633

8. Watertown-Fort Drum, NY

• Total cost of living, 2022: 6.2% lower than the US average
• Median household income, 2022: $56,423 ($23,134 less than statewide average)
• Median home value, 2022: $177,700 ($222,700 less than statewide average)
• Population of the metropolitan area: 116,637

7. Buffalo-Cheektowaga, NY

• Total cost of living, 2022: 6.1% lower than the US average
• Median household income, 2022: $68,698 ($10,859 less than statewide average)
• Median home value, 2022: $219,300 ($181,100 less than statewide average)
• Population of the metropolitan area: 1,161,192

6. Rochester, NY

• Total cost of living, 2022: 4.8% lower than the US average
• Median household income, 2022: $69,580 ($9,977 less than statewide average)
• Median home value, 2022: $190,900 ($209,500 less than statewide average)
• Population of the metropolitan area: 1,081,152

5. Albany-Schenectady-Troy, NY

• Total cost of living, 2022: 3.4% lower than the US average
• Median household income, 2022: $80,970 ($1,413 more than statewide average)
• Median home value, 2022: $269,600 ($130,800 less than statewide average)
• Population of the metropolitan area: 904,617

4. Ithaca, NY

• Total cost of living, 2022: 1.3% lower than the US average
• Median household income, 2022: $74,034 ($5,523 less than statewide average)
• Median home value, 2022: $283,000 ($117,400 less than statewide average)
• Population of the metropolitan area: 104,777

3. Kingston, NY

• Total cost of living, 2022: 0.6% lower than the US average
• Median household income, 2022: $80,372 ($815 more than statewide average)
• Median home value, 2022: $337,100 ($63,300 less than statewide average)
• Population of the metropolitan area: 182,319

2. Poughkeepsie-Newburgh-Middletown, NY

• Total cost of living, 2022: 10.0% higher than the US average
• Median household income, 2022: $89,826 ($10,269 more than the statewide average)
• Median home value, 2022: $373,100 ($27,300 less than statewide average)
• Population of the metropolitan area: 703,486

1. New York-Newark-Jersey City, NY-NJ-PA

• Total cost of living, 2022: 13.0% higher than the US average
• Median household income, 2022: $91,562 ($12,005 more than the statewide average)
• Median home value, 2022: $578,800 ($178,400 more than the statewide average)
• Population of the metropolitan area: 19,617,869

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