Cost of Living for NYC Residents Falls to Lowest Level Since 2008

Although for at least the last 15 years the cost of living in New York City hasn’t been cheap but recent data released by the Bureau of Economic Analysis indicates that while the metro area rate of 12.5% remains above the 2023 national average, it’s the lowest since at least 2008. The relative cost of living in New York ranged 13% to 15.5% above the U.S. average from 2008 to 2022. The impact of widespread pandemic-era inflation shock across the country was also highlighted revealing that areas such as Florida, Arizona, Georgia and the Carolinas that became more attractive destinations during the pandemic, saw the fastest increases in prices in recent years. Among the cost-of-living categories, the city’s “relative cost of living suffers in particular from high goods prices — a category that includes food and fuel, ranking second in the country behind the San Francisco metro area, while New York’s services costs and housing costs ranked the 6th highest and 14th highest respectively.

Source:    https://www.crainsnewyork.com/economy/nyc-cost-living-drops-lowest-2008