Cost of Living: New York, NY vs Phoenix, AZ
A detailed side-by-side comparison of the cost of living, housing prices, income levels, and overall affordability between New York, NY and Phoenix, AZ.
New York
NY
Population: 8,258,035
Phoenix
AZ
Population: 1,650,070
Cost of Living Index Comparison
National average = 100. Higher values indicate a more expensive area.
Side-by-Side Comparison
| Metric | New York, NY | Phoenix, AZ | Difference |
|---|---|---|---|
| Cost of Living Index | 150 | 100 | +50.0% |
| Median Home Price | $680,000 | $380,000 | +78.9% |
| Property Tax Rate | 0.88% | 0.62% | +41.9% |
| Median Household Income | $74,694 | $62,055 | +20.4% |
| Population | 8,258,035 | 1,650,070 | +400.5% |
Cost of Living Breakdown
Phoenix, AZ is 50.0% cheaper to live in than New York, NY, based on the overall cost of living index.
Home Price Difference
$300,000
Phoenix, AZ is cheaper by 78.9%
Income Difference
$12,639
New York, NY earns more by 20.4%
Housing Affordability
Price-to-income ratio: median home price divided by median household income. A lower ratio indicates more affordable housing.
New York, NY
9.1x
$680,000 / $74,694
Phoenix, AZ
6.1x
$380,000 / $62,055
The Bottom Line
Overall, Phoenix, AZ is the more affordable city to live in. With a cost of living index of 100 compared to 150, a median home price of $380,000, and a price-to-income ratio of 6.1x, Phoenix, AZ offers better value for residents looking to stretch their dollar further. However, the median household income in New York, NY ($74,694) is higher, which may offset some of the cost differences.