Living in New York is expensive. You may be expected to give your arm, leg, and first-born child just to afford the rent in some places around New York State. And of course, it's only getting worse, not better. Inflation is increasing the cost of everything, except wages! I think the real question is WHY? Why is living in New York so expensive?
2 Counties In New York State Are Among Top 5 Highest Property Tax Rates
Two counties in New York landed in the top 5 for the highest property taxes in America.
According to U.S. Census Bureau, the average American household spends $2,690 on property taxes on their homes. Vehicle property taxes in 26 states costs on average another $444. National Tax Lien Association says that $14 billion in property taxes are not paid each year.
Realtor.com released a list of the counties in America with the highest property taxes. Two from New York State were in the top 5, one actually topped the list. Before we get to the counties with the highest property taxes, let's take a look at where New York lands as a state.
Surprisingly, New York is not in the #1 spot. Homeowners in New Jersey paid the most property taxes last year. The average was $9,527 in 2022.
2. Connecticut - $7,671
3. Massachusetts - $7,044
4. New Hampshire - $6,855
5. New York - $6,673
When it comes to counties, though, two are in the top 5, with one topping the list.
1. Homeowners in New York County, NY, which includes Manhattan, had the highest property tax bills, at an average of $42,627 a year.
2. Marin County, CA - $14,415
3. Essex County, NJ - $13,168
4. Bergen County, NJ - $13,115
5. Nassau County, NY - $12,890
The Cost Of Living Is The Highest In These 5 Counties
According to 247WallSt.com, New York takes the cake when it comes to the cost of living,
Living in New York is more expensive than it is on average across the U.S. as a whole. According to data from the Bureau of Economic Analysis, goods and services in the state cost 16.4% more than they do on average nationwide. Compared with all other states, New York has the second highest overall cost of living.
The website points to housing as one of the main reasons living in New York is so expensive. Yes, there are tons of rural areas around the state, but many people choose to congregate in urban areas - increasing demand with a limited supply. People in New York pay more for their houses or pay more for rent than the U.S. average. That's in addition to the increasing costs of food, medical and dental care, taxes, transportation, child care, and utilities, which can break the bank during New York's cold winters.
When it comes to the counties that cost the most to live in, these are the top 5 in New York State for a family of 4):
5. Rockland County - $135,580.47
4. Putnam County - $138,750.36
3. Suffolk County - $138,766.55
2. New York County - $139,791.09
1. Nassau County - $140,425.16
In New York, Nassau County, home to the village of Hempstead, has the highest overall cost of living for a family of four at $140,425 per year, well above the statewide average of $115,993 per year.
If you're looking for the cheapest option in New York State,
Chautauqua County is the least expensive place in New York. The average annual cost of living for a family of four in the area is just $75,790, $40,203 less than it is across the state as a whole. Jamestown is the most populous community in Chautauqua County.
Top 7 Smallest Places With The Highest Violent Crime In New York State
Top 10 Safest Places To Live In New York State