Cities have become expensive but potentially lucrative for buyers and sellers. One of the most popular housing markets in the United States right now is upstate New York, which is loosely defined as cities and suburbs north of the New York metropolitan area. Low mortgage rates and people who want to escape big cities through quieter, less crowded towns and neighborhoods have contributed to the boom. Visit a quote page and the tickers you've seen recently will be displayed here.
Living in New York City is more expensive than living anywhere else in New York State. But how much more expensive is it to live north of the New York metropolitan area? To find out the cost of living in New York City off upstate New York, we compared Manhattan, the most iconic part of the state, with Albany, the state capital. Manhattan's cost of living is 135.5% more expensive than Albany. Let's take a closer look at each of the basic expenses that make up this considerable difference in affordability.
Housing is often the biggest determinant of an area's cost of living. It's certainly what makes the average cost of living and rent in Manhattan so excessive even though the property tax is lower. Manhattanites tend to spend 396.4% more than those living in Albany to put a roof over their heads. The cost of seeing health professionals and buying over-the-counter or prescription drugs varies by area of the country, making some places more expensive to live than others.
Given how expensive Manhattan is in most spending categories, it may be surprising that healthcare is only 7.7 percent more expensive in the New York district than in Albany. The amount residents must spend to get to work is yet another factor in a place's cost of living. To get around, people in Manhattan pay 31.5% more than people in Albany. The state capital of New York is 150 miles north of Manhattan and is also located along the Hudson River.
As a small city, Albany may not experience the hustle and bustle of the city that never sleeps, but it does have beautiful historic architecture along with several universities, as well as a large university. Although the cost of living is only 7% higher than the national average, the salaries of Albany residents are actually 27% lower than those of the average American, and homes in Albany tend to cost about 40.5% more than the national average. If you're interested in the area, check out Albany real estate listings.