Introduction to New York’s Most Expensive Places
If you thought Westchester was the most expensive place to live in New York State, think again. A new study has ranked the Empire State suburbs with the highest cost of living for essentials — and 15 of the top 20 are on Long Island.
Methodology of the Study
The study determined the most expensive places by analyzing monthly costs for essentials: mortgage payments, groceries, utilities, healthcare, and transportation. The company compiled data from sources such as the US Census American Community Survey, the Bureau of Labor Statistics, and the 2023 Consumer Expenditure Survey to arrive at its findings.
The Most Expensive Town in New York State
Sands Point, the small, chic waterfront village on Long Island, was considered the most expensive town in New York State. The average monthly cost of essentials is a staggering $17,400, including a mortgage repayment of $14,787. The average price of a property in Sands Point is a whopping $2.98 million.
Other Expensive Places in New York
Nearby Old Westbury was found to be the second most expensive place to live in the Empire State, with monthly expenses for essentials totaling $15,889. Muttontown, a small, chic village with just 3,500 residents, came in third place. Larchmont was identified as the Westchester suburb with the highest monthly cost, coming in eighth place, just behind Southampton and Montauk.
Westchester Suburbs on the List
Bronxville, Armonk, Chappaqua, and Pelham were the four other Westchester cities on the top 20 list. In each of these expensive places, the cost of essentials tops out at more than $9,000 per month.
Conclusion
The study provides a comprehensive look at the most expensive places to live in New York State, with a focus on the cost of essentials. The full study can be found online, providing more detailed information on the methodology and findings.
