BEA Regional Price Parity 2024 · Census ACS 2023
Cost of Living in New York 2026
New York has a Regional Price Parity (RPP) of 107.9 in BEA's 2024 dataset, which means goods and services in New York cost 7.9% more expensive than the US average. The state ranks #5 of 51 for cost of living. Median household income in New York is $84,578 per Census ACS 2023, which translates to $78,370 in US-average purchasing power after adjusting for the local price level.
Key numbers
RPP
107.9
7.9% above US avg
Rank
#5
of 51 for COL
Median Income
$84,578
Census ACS 2023
Adjusted Income
$78,370
In US-avg dollars
Housing costs
Median Rent
$1,576
/ month, gross
Median Home Value
$403,000
Owner-occupied
Homeownership
54.3%
Of occupied units
Housing accounts for the single largest share of cost-of-living variation between states. The RPP figure above already incorporates rent differences alongside other goods and services.
Metro areas in New York by cost of living
New York cost of living vs. similar states
| State | RPP | vs US avg |
|---|---|---|
| New Jersey | 108.8 | +8.8% |
| Washington | 107.0 | +7.0% |
| District of Columbia | 109.9 | +9.9% |
| Hawaii | 110.0 | +10.0% |
| Massachusetts | 105.8 | +5.8% |
| California | 110.7 | +10.7% |
Sorted by RPP closeness to New York. For a side-by-side comparison of any two states across 18 demographic and economic metrics, visit the comparison page.
About this data
BEA Regional Price Parities are the federal government's official cost-of-living index, used by the Bureau of Labor Statistics, Bureau of Economic Analysis, and IRS for benefits adjustments. Index value 100 is the US national average, so a state RPP of 110 means goods and services cost 10% more than the US average, and an RPP of 90 means 10% less. Some demographic aggregators use composite indices like MERIC instead of the federal BEA RPP — the two disagree on roughly half the states because they weight rent, groceries, healthcare, and transportation differently. We use the federal index because it is methodologically transparent and standard across federal benefits programs.
For more on how we compare to common alternative aggregators, see Is WorldPopulationReview Accurate? You can verify any RPP figure directly at BEA.gov, or download our full dataset at /data.
Frequently Asked Questions
New York has a Regional Price Parity (RPP) of 107.9 in BEA's 2024 dataset, which means goods and services in New York cost 7.9% more expensive than the US average. The state ranks #5 of 51 for cost of living. Median household income in New York is $84,578 per Census ACS 2023, which translates to $78,370 in US-average purchasing power after adjusting for the local price level.
New York is 7.9% more expensive than the US average, ranking #5 of 51 US states. Higher costs concentrate in housing and transportation. BEA Regional Price Parities are the federal government's official cost-of-living index — used by the Bureau of Labor Statistics, Bureau of Economic Analysis, and IRS for benefits adjustments.
New York's RPP of 107.9 compares to a US national average of 100. A dollar of income in New York buys less than the same dollar would on average across the United States. To convert nominal income to real (cost-of-living-adjusted) purchasing power, multiply by 100 and divide by the state RPP.
New York's median rent is $1,576 per Census ACS 2023. Median home value is $403,000. Homeownership rate is 54.3%. Housing typically accounts for the largest single component of cost-of-living differences across states.
In BEA's 2024 Regional Price Parities release, the highest-RPP metro in New York is New York (RPP 112.6). Metro areas typically vary 5–15 points above and below the state average, with the urban core costing more than smaller cities and rural areas in the same state.
Cost-of-living figures on this page come from the Bureau of Economic Analysis Regional Price Parities (RPP) series, the federal government's official cost-of-living index. Income, rent, and home-value figures come from the US Census Bureau American Community Survey (ACS) 2023 5-Year estimates. Both are public-domain federal data; the RPP vintage is 2024. Last refreshed April 12, 2026.
BEA Regional Price Parities (RPP) measure the price level of an area relative to the US national average (=100). RPP is computed from the same Consumer Price Index inputs the BLS uses, recombined geographically. Income, rent, and home-value figures from US Census ACS 2023 5-Year estimates. Adjusted income = (median income × 100) ÷ state RPP. Last refreshed April 12, 2026.