New York State is a popular destination for people looking to experience the hustle and bustle of city living. The 2 bedroom rent in New York State is $1,960, which is higher than the US average of $1,430. In addition to this, food costs are also higher in New York State as the grocery cost index is 104 versus the US's 100. Despite these high costs, New York State remains attractive to many due to its abundance of employment opportunities and cultural attractions. Companies such as Goldman Sachs, JPMorgan Chase & Co., and Time Warner Cable are just a few of the large corporations located in New York State that provide quality jobs and help sustain the local economy.
New York has an unemployment rate of 8.5%. The US average is 6.0%.
New York has seen the job market increase by 0.7% over the last year. Future job growth over the next ten years is predicted to be 27.5%, which is lower than the US average of 33.5%.
Tax Rates for New York
- The Sales Tax Rate for New York is 8.5%. The US average is 7.3%.
- The Income Tax Rate for New York is 6.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for New York
- The average income of a New York resident is $32,829 a year. The US average is $28,555 a year.
- The Median household income of a New York resident is $75,157 a year. The US average is $69,021 a year.