What is Cost of Living?
The cost of living is the amount of money necessary to sustain a certain standard of living by affording basic expenses, such as housing, food, taxes, transportation, and healthcare. This type of information is useful for those who are planning moving to another city, as it provides a reliable means of comparing the cost of living in one’s current city compared to the new location that is being considered.
Agencies determine the cost of living of a particular
location by checking the prices of a representative sample of goods and
services then taking into account how much of an individual’s budget would be
consumed by these items within a year. The cost of each item is weighted to
account for its importance to a typical family’s budget. For example, a gallon
of milk might cost less than an item of clothing but, over a year, one’s total
consumption of milk would cost more than the total amount paid for buying this
particular piece of clothing.
The cost-of-living index, on the other hand, shows the
percentage difference in the cost of living between two or more locations.
Since it’s an index, the cost of living in the primary location is always set
at 100, while the figures of the locations being compared to it may be higher
or lower than 100, depending on whether the cost of basic expenses there are
more expensive or cheaper.
2019 Cost of Living Index in Long
If you are considering moving to Long Island, New York, it would be best for you to know the cost of living index in this city, as this would help you determine whether your relocation would be financially viable or not. The Economic Policy Institute’s budget calculator is a handy tool for learning the cost of living for a household comprised of two adults and two children in a particular county, state, or metro area. If you do a search for New York and select the Nassau/Suffolk metro area, you will get these monthly cost estimates:
- Housing: $1,878
- Food: $874
- Child Care: $2,889
- Transportation: $1,277
- Health Care: $1,214
- Other Necessities: $1,110
- Taxes: $2,387
All these expenses would total
$11,629 a month – or $139,545 a year. So, in order to live comfortably, the
household income should be at least this amount.
The table below compares the cost of living in Long Island, NY with the rest of the country. In this table, the primary location is the United States, so all of the values under this is set at 100, while the values under Long Island would vary, based on the actual costs of basic expenses in this area.
Cost of Living in Long Island, NY
|Index||Long Island, NY||United States|
|Food and Groceries||104.3||100|
From the table above, you can see that the overall cost of living index
in Long Island, NY is 37.4 points higher than the national index, with housing
as the highest expense at 221.3. Transportation and healthcare, though, are
relatively cheaper here, at 91.8 and 98.6, respectively.
Cost of Food and Groceries in
Long Island, NY
A meal at an inexpensive restaurant in Long Island would cost around $19.50,
while the national average is $14.50. For a mid-range restaurant, the average
bill for a three-course meal for two would be $77. Coffee lovers would be
paying $4.20 for a regular cup of cappuccino, only a few cents higher than the
national average which is $4.06.
For grocery items, a litre of milk costs $1.00, slightly higher than
the national average, $0.82. A loaf of white bread (500g) costs $2.66; a kilo
of white rice, $3.30; a dozen tray of regular eggs, $1.91; a kilo of boneless,
skinless chicken breasts, $7.57; and a kilo of beef round, $11.02.
Cost of Goods and Services in Long
Long Island is a great place to stay fit and live an active lifestyle.
The average monthly fee for a fitness club is $34.67, lower than the national
average of $36.13. If you love outdoor activities, you can rent a tennis court
for just $5 per hour on a weekend. The national average is triple this amount,
at $15.17. For entertainment, going to the movies costs slightly higher than
the national average of $12, at $14 a ticket.
Long Island, NY Housing Costs
For those in the market for buying a home in Long Island, the median price here is twice as much as the national average of $226,800. But considering the wonderful environment, the convenient access to beaches and so many other places where you can experience nature, its close proximity to New York City, and so much more, you won’t have to think twice about the price of the home you’ll be buying.
As of February 2019, the median home price for Long Island, NY was
$455,500. The highest median home price was from Queens, at $560,000 – a 2% increase
from the same month last year which was at $549,000. Median home selling price in
Nassau County was at $505,000 – the same value for the same period the previous
year. In Suffolk County, the median home price was at $380,000 – showing a 7.0%
increase year-over-year from $355,000.
If you prefer to rent in the meantime, the average monthly rent for a
1-bedroom apartment in the city center is $1,733.33, outside the center, the
rent ranges between $1,200 to $1,800. For a 3-bedroom apartment in the city
center, the monthly rent averages $3,200, and $2,678.33 outside the center.
New York Taxes
The combined sales tax rate for both Nassau and Suffolk County, New York is 8.625%, which is comprised of the state sales tax rate (4%), county sales tax rate (4.25%), and special tax rate (.375%). In terms of property taxes, Long Island residents pay some of the highest property taxes in the country. The effective property tax rate is 1.88% Nassau County and 1.90$ in Suffolk. Based on a recent property tax analysis report by ATTOM, Nassau County is one of the few counties in the United States where the average property tax amount is over $10,000, at $11,415 average annual property tax.
Moving to Long Island, NY
If you are planning to move to Long Island, New York, the cost of
living information we have provided in this article can help you assess how your
relocation may affect your budget. Once you have decided to relocate and would
want to buy a house in this lovely community, we can show you all the wonderful
properties available for you in Long Island. Feel free to give us a call at our
office phone 800.350.9795 or mobile 646.854.5398. You may also send us an email
at [email protected] if you
have any questions or if you would like to schedule an appointment, and we will
get back to you the soonest possible time.