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We all know that the Empire State is one of most expensive states in the country, so trust us when we say that the cities on this list are mind-bogglingly pricey. But where are these extra-expensive cities in New York?
It should come as no shock that one of the most expensive cities in America, New York City, is featured on this list. Equally unsurprising is the inclusion of Long Island's bastions of "old money" on the North Shore, like Manorhaven and Glen Cove. In fact, most places on this list are within spitting distance of NYC. Hey, there's a high price tag on living near one of the most iconic cultural and commercial centers on the planet.
Before moving to any of these places, you'd be well advised to have a good job lined up, because to keep up with the Joneses in New York, you'll want to earn a minimum income of $20,102/year. When you're living next door to Michael Bloomberg, Rupert Murdoch, and 100 some-odd other billionaires, you'd better believe you need to make good money to stay in the neighborhood.
Get ready to drop the platinum card on Fifth Ave, make a killing on Wall Street, and put your name down for an apartment on Billionaires' Row, because we're heading to the most expensive places in New York.
What's the most expensive place to live in New York? Well, HomeSnacks crunched the numbers and discovered that Kaser is the most expensive place to live in New York.
So hopefully Ilion (the cheapest place to live in New York) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about New York and the most expensive cities in the country:
The 10 Most Expensive Places To Live In New York For 2020
Coordinates: 4107N 7404W 41.117; -74.067
The median income in Kaser comes in at $20,102 and the median home value is $1,083,300 for 2020.
The median income in Manorhaven comes in at $89,492 and the median home value is $582,800 for 2020.
Sleepy Hollow is a village in the town of Mount Pleasant, in Westchester County, New York. The village is located on the east bank of the Hudson River, about 30 miles north of New York City, and is served by the Philipse Manor stop on the Metro-North Hudson Line. To the south of Sleepy Hollow is the village of Tarrytown, and to the north and east are unincorporated parts of Mount Pleasant. The population of the village at the 2010 census was 9,870.
The median income in Sleepy Hollow comes in at $65,510 and the median home value is $633,300 for 2020.
Kiryas Joel is a village within the town of Monroe in Orange County, New York, United States. The majority of its residents are Yiddish-speaking Hasidic Jews who belong to the worldwide Satmar Hasidic sect.
The median income in Kiryas Joel comes in at $31,925 and the median home value is $454,500 for 2020.
The City of New York, often called New York City or simply New York, is the most populous city in the United States. With an estimated 2016 population of 8,537,673 distributed over a land area of about 302.6 square miles, New York City is also the most densely populated major city in the United States. Located at the southern tip of the state of New York, the city is the center of the New York metropolitan area, one of the most populous urban agglomerations in the world with an estimated 23.7million residents as of 2016. A global power city, New York City has been described as the cultural, financial, and media capital of the world, and exerts a significant impact upon commerce, entertainment, research, technology, education, politics, and sports. The city's fast pace defines the term New York minute. Home to the headquarters of the United Nations, New York is an important center for international diplomacy.
The median income in New York comes in at $60,762 and the median home value is $570,500 for 2020.
New Square is an all-Hasidic village in the town of Ramapo, Rockland County, New York, United States. It is located north of Hillcrest, east of Viola, south of New Hempstead, and west of New City. As of the 2010 census, it had a population of 6,944. Its inhabitants are predominantly members of the Skverer Hasidic movement who seek to maintain a Hasidic lifestyle disconnected from the secular world.
The median income in New Square comes in at $23,578 and the median home value is $376,400 for 2020.
Great Neck is a region on Long Island, New York, that covers a peninsula on the North Shore of Long Island, which includes the villages of Great Neck, Great Neck Estates, Great Neck Plaza, and others, as well as an area south of the peninsula near Lake Success and the border territory of Queens. The incorporated village of Great Neck had a population of 9,989 at the 2010 census, while the larger Great Neck area comprises a residential community of some 40,000 people in nine villages and hamlets in the town of North Hempstead, of which Great Neck is the northwestern quadrant. Great Neck has five ZIP Codes, and one school district.
The median income in Great Neck comes in at $94,153 and the median home value is $815,100 for 2020.
Glen Cove is a city in Nassau County, New York, United States, on the North Shore of Long Island. As of the United States 2010 Census, the city population was 26,964.
The median income in Glen Cove comes in at $78,066 and the median home value is $498,500 for 2020.
Port Chester is a village in Westchester County, New York, United States. The village is part of the town of Rye. As of the 2010 census, Port Chester had a population of 28,967. Port Chester borders on the State of Connecticut to the east. The village name is pronounced with the same syllable stress pattern as that of the county which contains it, i.e., "PORT ches-ter", not "Port CHES-ter".
The median income in Port Chester comes in at $65,317 and the median home value is $441,700 for 2020.
Nyack is a village located primarily in the town of Orangetown in Rockland County, New York, United States. Incorporated in 1872, it retains a very small western section in Clarkstown. It is an inner-suburb of New York City lying approximately 19 miles north of the Manhattan boundary near the west bank of the Hudson River, situated north of South Nyack, east of Central Nyack, south of Upper Nyack.
The median income in Nyack comes in at $71,474 and the median home value is $460,100 for 2020.
How We Determined The Most Expensive Places To Live In The Empire State For 2020
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2014-2018 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in New York to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 166 places in New York that have more than 5,000 people.
The place with the highest cost of living in New York according to the data is Kaser. You can download the data here.
Taking A Chunk Out Of Your Paycheck In New York For 2020
Well there you have it, the places in New York that have the highest cost of living, with Kaser ranking as the most expensive city in the Empire State.
Here's a look at the most affordable cities in New York according to the data:
For more New York reading, check out:
- Best Places To Live In New York
- Best Counties To Live In New York
- Cheapest Places To Live In New York
- Best Places To Raise A Family In New York
- Best Places To Retire In New York
- Richest Cities In New York
- Safest Places In New York According To Science