NYC Relative Cost of Living Drops to Lowest Since at Least 2008
- America’s biggest city cheapens compared to West Coast metros
- Goods and services in particular remain expensive in New York
NYC’s relative cost of living suffers in particular from high goods prices — a category that includes food and fuel — according to the BEA data.
Photographer: Shelby Knowles/BloombergThis article is for subscribers only.
It hasn’t been this cheap to live in New York City in at least 15 years — that is, when you compare it to the rest of the country.
The cost of living in the NYC metro area was 12.5% above the national average in 2023, according to new data published this week by the Bureau of Economic Analysis. That’s the lowest since at least 2008, when the BEA began publishing the data. From 2008 to 2022, the relative cost of living in NYC ranged from 13% to 15.5% above the US average.